See How PEOs Empower Your Business During National PEO Week!
Nextep is elated to join forces with countless professional employer organizations (PEOs) across the nation to commemorate the inaugural National PEO Week, taking place from May 21 to 27, 2023.
This week aims to recognize the remarkable contributions of PEOs to the US economy, specifically their unwavering support for businesses.
PEOs are the driving force behind hundreds of thousands of thriving enterprises, providing invaluable services such as seamless payroll management, comprehensive employee benefits, expert compliance assistance, and top-notch HR solutions. With a staggering growth rate over the past decade, this dynamic industry has enabled businesses to channel their energy into their core mission of driving profitability and fostering growth.
The Proof is in the Numbers
Distinguished economists Laurie Bassi and Dan McMurrer have revealed that businesses partnering with a PEO experience accelerated growth rates of 7-9%, remarkable reductions of 10-14% in employee turnover, and are 50% less likely to face the daunting prospect of closure.
Especially during adversity, PEOs emerge as vital catalysts for their clients’ success. Throughout the darkest days of the COVID-19 pandemic, PEOs were the guiding beacons that steered their clients toward stability by securing PPP loans and loan forgiveness, managing employee leave, and facilitating access to available tax credits. In fact, businesses that wisely chose to partner with a PEO were nearly 60% less likely to experience permanent closure compared to those that did not seize this invaluable opportunity during the crisis.
A Proud Legacy
Founded in 1997, Nextep stands proudly as a prominent PEO based in Norman, Oklahoma, and serving businesses throughout the United States. As we eagerly embrace National PEO Week, we are thrilled to share our unwavering dedication to supporting businesses—the very lifeblood of the US economy.
Brian Fayak, President and CEO of Nextep, expressed his pride in being an integral part of the thriving and dynamic PEO industry. “Nextep takes immense pride in the daily impact we make, upholding and championing the growth of businesses.”
Acknowledging the significance of National PEO Week, this occasion has earned official recognition in the federal Congressional Record and by the esteemed National Day organization. Out of the 25,000 applications it receives annually, the National Day organization has selectively approved only 30 requests for official designations, underscoring the importance of this event. Moving forward, this celebration will take place annually during the third week of May.
For a deeper understanding of the PEO industry and to explore how Nextep serves businesses, visit nextep.com/services/peo.