If I were a small business owner and I found an article that started like this, I would certainly take the time to finish it:
“What if there were one simple thing you could do to boost your growth rate by 7 to 9 percent, reduce employee turnover by 10-14 percent, and cut your risk of going out of business in half? And what if, as an added bonus, that one simple thing could also free up a big chunk of your time, time that you could then devote to important strategic issues or spend with key clients and vendors?”
That’s how the article Power From Your People from Inc. Magazine opens. It is the issue that lists this year’s Inc. 500, which identifies the fastest-growing privately held companies in the country. Not surprisingly, a few are Professional Employer Organizations (PEOs), which is exactly what this article is all about.
In recent years, the PEO industry has experienced significant growth. Why? More and more small and mid-sized business are partnering with PEOs to help foster growth, reduce turnover, and increase chances for survival.
Included in the article is a list of suggestions from The National Association of Professional Employer Organizations (NAPEO), which shows some good advice for business owners considering a PEO partnership.
Moreover, the article speaks to the value of the Employer Services Assurance Corporation (ESAC), referring to it as the “gold standard” for PEO accreditation and one of three “paths to accreditation.” The second is compliance with state licensing and registration requirements. The third path comes as a result of passage of the Small Business Efficiency Act of 2014, which requires the IRS to establish a voluntary certification program for PEOs. In July 2016, the IRS began accepting applications from PEOs.
At Genesis HR Solutions, we are pleased Inc. Magazine has provided our industry the exposure it rightly deserves. More importantly, we’re happy for what all of this means to the clients we at Genesis serve in New England and the many more who are considering a PEO partnership. Consider the following:
- Genesis HR Solutions is duly licensed and registered to do business in 40 states.
- Since 1996, Genesis has been continually accredited by the ESAC. Only three PEOs have been accredited longer.
- Our IRS application to be recognized as a Certified Professional Employer Organization (CPEO) has been submitted, and we remain hopeful that we will be among the first PEOs to be certified.
And speaking of the Inc. 500, we know a little bit about that as well. In 1996, Genesis HR Solutions (formerly known as Genesis Consolidated Services) made the list as the third fastest growing company in the country.
Knowing what I know about our industry, I’ve often said that if I were a small business owner, I would run to a PEO. From the sounds of it, the editorial staff at Inc. Magazine seems to agree.