Professional Employer Organizations (PEOs) Play a Critical Role in Helping Small and Mid-Size Businesses Survive and Thrive
May 22, 2023; Tulsa, Oklahoma– Thrive PEO is joining with hundreds of other Professional Employer Organizations (PEOs) around the country in celebrating the inaugural National PEO Week May 21-27, in recognition of the industry’s important contributions to the US economy through its support of small and mid-size businesses.
PEOs provide payroll, employee benefits, compliance assistance, and HR services to hundreds of thousands of small and mid-sized businesses that employ more than 4 million people nationwide. Over the last 10 years, the industry has quadrupled in size as more and more businesses turn to PEOs for back-office assistance so that they can focus on the core mission of their business, profitability, and growth. Studies by noted economists Laurie Bassi and Dan McMurrer show that businesses that use a PEO grow 7-9% faster, have employee turnover that is 10-14% lower, and are 50% less likely to go out of business.
PEOs are particularly key to the success of their clients during challenging times. In the dark days of the COVID-19 pandemic, PEOs ensured that their clients stayed afloat by securing PPP loans and loan forgiveness, managing employee leave, and applying for available tax credits. In fact, businesses that partner with a PEO were nearly 60 percent less likely to have permanently closed than those that did not use a PEO during the pandemic
Thrive PEO, founded in March of 2020, is based in Tulsa, Oklahoma; and has been voted "Tulsa's Best HR Outsourcing Company" for the past two years. Thrive PEO also holds the distinction of being Oklahoma's fastest growing Professional Employer Organization. “We are proud to be a part of the growing and vibrant PEO industry and are proud of what we do every day to support the small and mid-size businesses that are the backbone of the US economy,” said Jon Scoggins, President, Thrive PEO.
National PEO Week has been officially recognized in the federal Congressional Record and by the National Day organization, which approves only 30 requests for official designations out of the 25,000 applications it receives each year. It will be celebrated the 3rd week in May annually.
For more information on the PEO industry and National PEO Week, visit PEOWeek.com.
To learn how your business could benefit by partnering with a PEO, contact Thrive PEO today at: thrive@thrivepeo.com or: (918) 794-2200.