Cloud-based storage provides a budget-friendly way to keep business data accessible and secure without maintaining servers on-premise. As PEOs shifted from servers to the cloud, they can often provide better analytics, higher-quality support, and enhanced data safety measures.
FREMONT, CA: Professional employer organizations are still new to the marketplace. Over the past few years, PEOs have flourished from a few small startups to a budding industry meeting the requirements of various businesses. Over those decades, technological developments have led to new capabilities within the PEO framework, enabling streamlined processes and efficient services to clients.
Let us look at some PEO trends:
Budget-Friendly Cloud-Based Storage
Cloud-based storage provides a budget-friendly way to keep business data accessible and secure without maintaining servers on-premise. As PEOs shifted from servers to the cloud technology, they can often provide better analytics, higher-quality support, and enhanced data safety measures.
Many tasks that priorly involved manual entry or person-to-person interactions can now be automated, driving greater efficiency. Most PEOs provide a virtual portal where employees can get information about their benefits, check handbooks and safety information, and get answers to frequently asked questions. Besides enhancing productivity and decreasing time invested in back-office tasks, automated processes allow employees to be in full control of their benefits management and keep them updated about procedures and policies.
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In the upcoming years, PEOs are expected to provide Fortune 500 level benefits to small businesses and their employees. These benefit packages cover some items the business might not be able to offer in other ways, including vision and dental plans, disability insurance, retirement plans, 529 plans, and flexible spending accounts.
Higher Client Growth
A few years back, the National Association of Professional Employer Organizations (NAPEO) revealed that PEO clients experienced a 9 percent growth in employment rate as opposed to 5 percent growth experienced by the entire economy. This stark difference highlights the client company’s capability of focusing on business management while handing over tasks like workers’ compensation, compliance, and benefits management to the PEO.
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