90% of Respondents Anticipate Growth Over Next 12 Months
ALEXANDRIA, Va., May 31, 2022 /PRNewswire/ -- A new survey by the National Association of Professional Employer Organizations (NAPEO) shows the PEO industry is optimistic about the future despite broader economic challenges. Ninety percent of PEO industry executives surveyed anticipate growth over the next 12 months.
The quarterly survey, conducted in April of 2022 by Industry Insights, also showed that PEO revenues, gross profits, and the number of clients increased in the first quarter of 2022, compared to the first quarter of 2021.
"These results show that the PEO industry is resilient and growing," said NAPEO President & CEO Pat Cleary. "PEOs provide HR services, tools, and expertise that small businesses recognize as absolutely necessary to grow even through challenging economic times."
Based on this survey, the typical PEO client has 23 worksite employees. Survey respondents indicated the following:
1st quarter revenue increased somewhat when compared to 1st quarter 2021.
The annual wage per worksite employee increased somewhat.
The average number of worksite employees (WSEs) stayed about the same.
Gross profit for the 1st quarter increased somewhat.
Operating income for the 1st quarter increased somewhat.
Number of internal employees stayed about the same.
Number of clients increased somewhat.
Number of workers' comp claims reported to carriers remained about the same.
Complete PEO Pulse Survey results.
The National Association of Professional Employer Organizations (NAPEO) is The Voice of the PEO Industry™. NAPEO has some 200 PEO members that provide payroll, benefits, and other HR services to 173,000 businesses employing 4 million people. An additional 200 companies that provide services to PEOs are associate members of NAPEO. For more information, please visit www.napeo.org.
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SOURCE National Association of Professional Employer Organizations (NAPEO)