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 🙂

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.

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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

One of the key advantages of using an international PEO service is the ability to quickly and cost-effectively enter new markets. Instead of spending months navigating foreign regulations and setting up a local entity, businesses can partner with a PEO to start operating in a new country within a matter of weeks. This can be particularly beneficial for smaller companies or startups that may not have the resources or expertise to handle international expansion on their own.

Additionally, international PEO services help businesses stay compliant with local labor laws and regulations, which can be complex and vary significantly from country to country. By partnering with a PEO that has expertise in the local market, businesses can avoid costly fines and legal complications that can arise from non-compliance. This can give companies peace of mind knowing that they are operating in accordance with local regulations and are not putting their employees or business at risk.

Moreover, international PEO services offer access to a global network of talent, which can be invaluable for businesses looking to hire employees in new markets. PEOs can help recruit, onboard, and manage employees on behalf of their clients, making it easier to build international teams and scale operations globally. This can be particularly beneficial for businesses looking to tap into new markets or enter emerging economies where talent may be scarce.

Another key benefit of using an international PEO service is the ability to streamline payroll processing and benefits administration across borders. PEOs can manage all aspects of payroll, from calculating taxes and deductions to processing payments in local currencies, which can save businesses time and resources. Additionally, PEOs can help administer benefits programs and provide support to employees, which can improve retention and satisfaction among international staff.

In conclusion, international PEO services can be a valuable resource for businesses looking to expand globally. From streamlining payroll processing and ensuring compliance with local labor laws to providing access to a global network of talent, PEOs offer a range of benefits that can make international expansion easier and more cost-effective. By partnering with a reputable PEO, businesses can focus on growing their operations overseas without the headaches of managing HR and legal complexities themselves.

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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