International PEO Services Statistics


Steve Goldstein
Steve Goldstein
Business Formation Expert
Steve Goldstein runs LLCBuddy, helping entrepreneurs set up their LLCs easily. He offers clear guides, articles, and FAQs to simplify the process. His team keeps everything accurate and current, focusing on state rules, registered agents, and compliance. Steve’s passion for helping businesses grow makes LLCBuddy a go-to resource for starting and managing an LLC.

All Posts by Steve Goldstein →
Business Formation Expert  |   Fact Checked by Editorial Staff
Last updated: 
LLCBuddy™ offers informative content for educational purposes only, not as a substitute for professional legal or tax advice. We may earn commissions if you use the services we recommend on this site.
At LLCBuddy, we don't just offer information; we provide a curated experience backed by extensive research and expertise. Led by Steve Goldstein, a seasoned expert in the LLC formation sector, our platform is built on years of hands-on experience and a deep understanding of the nuances involved in establishing and running an LLC. We've navigated the intricacies of the industry, sifted through the complexities, and packaged our knowledge into a comprehensive, user-friendly guide. Our commitment is to empower you with reliable, up-to-date, and actionable insights, ensuring you make informed decisions. With LLCBuddy, you're not just getting a tutorial; you're gaining a trustworthy partner for your entrepreneurial journey.

International PEO Services Statistics 2023: Facts about International PEO Services outlines the context of what’s happening in the tech world.

LLCBuddy editorial team did hours of research, collected all important statistics on International PEO Services, and shared those on this page. Our editorial team proofread these to make the data as accurate as possible. We believe you don’t need to check any other resources on the web for the same. You should get everything here only 🙂

Are you planning to form an LLC? Maybe for educational purposes, business research, or personal curiosity, whatever the reason is – it’s always a good idea to gather more information about tech topics like this.

How much of an impact will International PEO Services Statistics have on your day-to-day? or the day-to-day of your LLC Business? How much does it matter directly or indirectly? You should get answers to all your questions here.

Please read the page carefully and don’t miss any words.

Top International PEO Services Statistics 2023

☰ Use “CTRL+F” to quickly find statistics. There are total 29 International Peo Services Statistics on this page 🙂

International PEO Services “Latest” Statistics

  • About 80% of the firms polled reported having introduced or extended universal work-from-home policies, and 67% anticipate that they will stay in place either permanently or for the long term.[1]
  • The number of worksite workers engaged in the PEO business increased from around 1.8 million to 3.7 million between 2008 and 2017 at a compound annual rate of 8.3%.[1]
  • Employment at SMBs utilizing PEOs has increased between 7% and 9% faster over the last 15 years than small to midsize firms.[1]
  • 85% of business managers expect remote work to become the new standard. According to 74% of employees, working remotely makes them less inclined to desire to quit the firm.[2]
  • According to a Gartner poll, when businesses actively pursued true connections with their employees, the number of workers who reported improved mental health increased by 23%.[2]
  • Over 50% of a company’s overhead is often accounted for by payroll, making it the single biggest expense for international corporations.[3]
  • The National Association of Professional Employer Organizations claims that small firms collaborating with PEOs see lower employee turnover rates of 10% to 14% than independent enterprises.[4]
  • Company owners without a PEO devote over 25% of their time to handling employee paperwork.[4]
  • 22% of freelancers began their careers after losing their jobs, while 32% began in school or after finishing their schooling.[5]
  • 33% of freelancers said there is a handicap living in their home, and 44% say they are also caregivers.[5]
  • According to 49% of gig workers, the most crucial aspect of working in the gig economy is the opportunity to choose one’s hours.[5]
  • 50% of freelancers provide professional employment, such as in marketing, consulting, or computer programming.[5]
  • 56% of gig economy employees said they accept side jobs to supplement their primary source of income with more money.[5]
  • In the U.S., 57% of sole entrepreneurs operate in the professional services industry. Both personal and repair services, retail, administrative, and construction services.[5]
  • Uber or Lyft in North America and Ola or Go-Jek in the Asia Pacific are examples of ridesharing or transportation services that generate 58% of global gig economy income.[5]
  • 59% of independent contractors think they earn more money this way than they would in a typical job.[5]
  • 75% of recent freelancers said they were doing it to maintain their financial security amid a downturn.[5]
  • Compared to typical employment, 84% of freelancers live their desired lifestyle, as compared to 54% of them.[5]
  • According to 86% of freelancers who believe the best days are still to come for their sector, the gig economy will continue to grow.[5]
  • 86% of independent contractors believe that the greatest days for contractors are yet to come.[5]
  • 52% of employees would have worked independently throughout their careers by the end of 2023.[5]
  • With 22% of people there engaged in gig labor, Florida has the greatest percentage of gig workers, followed by California with 20%.[5]
  • The percentage of employees in the UK that did distance online digital jobs increased from 4.9% to 11.9% between 2016 and 2021.[5]
  • Only 33% of independent full-time employees stated they were concerned about finding employment in the future.[5]
  • The industry with the biggest year-over-year rise in freelancer spending from 2019 to 2020 was data science and analytics, increasing by 115%.[5]
  • Delivery driving increased by 350%, domestic services by 166%, errand running by 200%, and remote digital web jobs by 100% between 2016 and 2021 in England and Wales.[5]
  • The worldwide freelancing market is expected to expand at a compound annual rate of 15%.[5]
  • The national association of PEOs claims that customers that use a PEO have 20% lower employee turnover.[6]
  • According to research, businesses that use PEOs save an average of $177 per employee year and have up to 14% reduced employee turnover.[7]

Also Read

How Useful is International Peo Services

One of the main advantages of using an international PEO service is the ability to navigate the complex legal and regulatory environments of different countries. This can be a daunting task for any company looking to expand abroad, as laws and regulations can vary significantly from one country to another. International PEO services have the expertise and resources to help companies comply with all the necessary legal requirements, from employment contracts to tax laws.

Moreover, international PEO services can also provide companies with access to a pool of talent in different countries. This can be particularly beneficial for companies looking to hire local employees who understand the local culture, language, and market dynamics. By partnering with an international PEO service, companies can tap into this global talent pool and enhance their international workforce.

In addition, international PEO services can help companies save time and money when expanding internationally. Setting up a physical presence in a foreign country can be a time-consuming and expensive process, involving tasks such as finding office space, hiring local staff, and setting up payroll and benefits. By partnering with an international PEO service, companies can bypass these administrative tasks and focus on growing their business in the new market.

Furthermore, international PEO services can also help companies mitigate risks associated with international expansion. Doing business in a foreign market brings a host of new risks, including legal, financial, and operational risks. International PEO services have the expertise to help companies navigate these risks and ensure compliance with local regulations, thus minimizing the chances of costly mistakes.

Despite all these advantages, it is important for companies to carefully consider whether international PEO services are the right fit for their specific needs and circumstances. While these services can provide numerous benefits, they may not be suitable for all companies or situations.

Some companies may prefer to establish their own presence in a foreign market in order to have more control over their operations and maintain a direct relationship with their employees. In such cases, international PEO services may not be the most appropriate solution.

In conclusion, international PEO services can be a valuable resource for companies looking to expand their operations internationally. These services offer numerous benefits, including expertise in navigating complex legal environments, access to global talent, time and cost savings, and risk mitigation. However, it is important for companies to carefully weigh the pros and cons of using international PEO services and determine whether they align with their specific business goals and objectives.

Reference

  1. genesishrsolutions – https://genesishrsolutions.com/peo-blog/peo-industry/
  2. globalpeoservices – https://globalpeoservices.com/top-international-hr-trends-for-growing-companies/
  3. nhglobalpartners – https://nhglobalpartners.com/payroll-data/
  4. nhglobalpartners – https://nhglobalpartners.com/what-is-a-peo/
  5. velocityglobal – https://velocityglobal.com/blog/gig-economy-statistics/
  6. paychex – https://www.paychex.com/peo
  7. rippling – https://www.rippling.com/peo

Leave a Comment