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

One of the key benefits of utilizing international PEO services is the ability to quickly and easily onboard employees in a new country. Rather than going through the complex process of setting up a legal entity, obtaining work permits, and complying with local employment laws, businesses can simply partner with a PEO to handle all of these tasks on their behalf. This streamlined approach saves both time and money, allowing companies to focus on their core business objectives.

Additionally, international PEO services offer flexibility and scalability to businesses operating in multiple countries. As companies expand into new markets, their needs for local staff may fluctuate. By partnering with a PEO, businesses can easily scale their workforce up or down as needed, without the constraints of long-term commitments or legal obligations.

Another advantage of international PEO services is their ability to mitigate risk for businesses entering unfamiliar territories. Navigating the complexities of foreign labor laws, tax regulations, and employment practices can be daunting for companies without prior experience in a particular country. PEOs are well-versed in these matters and can ensure compliance with local regulations, reducing the likelihood of legal disputes or financial penalties.

Furthermore, international PEO services can also help businesses attract top talent in foreign markets. Employees are often more inclined to join a company that can provide a seamless and efficient hiring process, especially when working abroad. By leveraging the expertise of a PEO, businesses can demonstrate their commitment to providing a smooth and professional experience for prospective employees.

While international PEO services offer numerous advantages, it is essential for businesses to carefully select a reputable and experienced provider. Working with a reliable PEO can ensure a smooth and successful expansion into new markets, while partnering with an inexperienced or untrustworthy provider can result in costly mistakes and reputational damage.

In conclusion, international PEO services have emerged as a valuable resource for businesses seeking to grow and diversify their workforce on a global scale. By providing a comprehensive solution to the challenges of international hiring, these services offer businesses the flexibility, scalability, and risk mitigation needed to succeed in an increasingly interconnected world. As more companies look to expand their operations abroad, the demand for international PEO services is likely to continue growing, solidifying their place as a vital component of global business strategy.

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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