International PEO Services Statistics


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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 🙂

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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

The primary benefit of using international PEO services is the time and cost savings they offer. Setting up a new entity in a foreign country can be a lengthy and complex process, requiring significant resources and expertise. By partnering with a PEO, companies can streamline the entire process and avoid the time-consuming administrative tasks involved in compliance with local labor laws, payroll processing, and employee benefits management.

Moreover, international PEO services provide businesses with flexibility and scalability in their international expansion plans. Companies can quickly and easily enter new markets without the long-term commitment and financial risk associated with setting up a permanent presence in a foreign country. This allows businesses to test the viability of a new market and explore growth opportunities without having to make a significant upfront investment.

Additionally, by outsourcing HR responsibilities to a PEO, companies can focus on their core business activities and strategic objectives. With the burden of compliance and administrative tasks lifted off their shoulders, businesses can allocate more resources to increasing productivity, driving innovation, and improving customer satisfaction.

International PEO services also help companies navigate the complexities of international employment laws and regulations. With experts in global HR compliance onboard, businesses can ensure that they are conducting business in full compliance with local labor laws, minimizing the risk of costly fines and legal penalties. This expertise is particularly valuable in countries with strict labor regulations and cultural nuances that may be unfamiliar to foreign businesses.

Furthermore, international PEO services enable companies to access a global talent pool, allowing them to recruit top talent from around the world. By offering a competitive benefits package and creating a positive work environment for employees, businesses can attract and retain skilled workers who can drive growth and success in their international operations.

In conclusion, international PEO services are a valuable tool for businesses looking to expand their operations into new markets quickly and efficiently. By providing comprehensive HR solutions, flexibility, scalability, expertise in global compliance, and access to a global talent pool, PEOs enable companies to focus on their core business activities and achieve strategic growth objectives. In a globalized business environment where speed and agility are key to success, international PEO services have become an essential partner for companies seeking to navigate the complexities of international expansion.

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

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