PEO companies, also known as Professional Employer Organizations, offer comprehensive HR outsourcing solutions to businesses. Technology reigns supreme in 2023, which means software for services such as EOR, payroll, and employee benefits are paramount for efficient HR. Fortunately, there are many options for business leaders looking for services they can tailor to their organization’s specific needs.
In this article, we’ll learn more about PEOs and their benefits and provide a list of the best PEO companies on the market.
How to choose the best PEO
Utilizing PEO companies can be a game-changer for your business. From managing payroll and tax compliance to providing employee benefits and HR services, a PEO can take a significant load off your shoulders. But with numerous options in the market, how do you choose the best PEO for your business? Here are some key factors to consider:
1. Understand your needs
Before exploring different PEO providers, it’s crucial to understand your specific needs. Are you looking for help with payroll management, compliance, employee benefits, or all of these? Identifying your requirements will help you narrow down potential PEOs that offer those services.
2. Consider your business size and industry
PEOs cater to businesses of all sizes and industries. Some specialize in serving small businesses, while others are better equipped to handle the needs of larger organizations. Similarly, certain PEO companies may have expertise in specific industries. Choose a PEO that understands your business size and industry.
3. Check their service offering
Not all PEOs are created equal. Some offer a broad range of services, while others may focus on specific areas of HR. When choosing a PEO provider, ensure that they offer the services your business needs. These may include payroll processing, tax administration, employee benefits, risk management, and HR consulting.
4. Evaluate the technology
In today’s digital world, having a user-friendly technology platform is essential. The best PEOs offer robust software that simplifies HR tasks such as payroll, time tracking, benefits administration, and reporting. Ensure the PEO’s technology is intuitive, reliable, and meets your business’s needs.
5. Review the pricing structure
PEOs use various pricing models, including flat per-employee rates and percentage of payroll costs. Understand the pricing structure of each PEO, what services are included, and any additional fees that may apply. This will allow you to compare costs effectively and choose a PEO with the best value.
No matter the location, embrace the advantages of the best PEO services
Top PEO companies
The following is a list of top PEO companies in 2024. These companies vary regarding services provided, size, and target market. So, it’s always worth researching to ensure your business has the services and support required from a PEO provider.
1. Multiplier
Multiplier is a prominent PEO and Employer of Record company operating across 150 countries. This platform empowers you to hire and onboard employees effortlessly while seamlessly managing their payments, benefits, and compliance obligations in one solution. With Multiplier, you can access payments in over 120 currencies, ensuring global convenience.
Our dedicated team of experts diligently navigates complex regulations, mitigating risks so you can focus on your core business. Also, our cutting-edge software guarantees data protection, reinforcing your peace of mind.
Key Features:
- Global Payroll
- Benefits management
- Multi-country compliance
- Employment risk coverage
- Multi-lingual compliant contracts for your employees
Benefits:
- Affordable pricing as you scale
- Easy-to-use technology
- Round-the-clock support
Pricing:
- Employer of Record (EOR): Starting from $400 per month
- Independent contractors: Starting from $40 per month
- Global payroll: Contact sales
- Immigration: Contact sales
2. Papaya Global
Papaya Global is another of the leading PEO companies, providing end-to-end employment solutions across numerous countries. Focusing on payroll and benefits management, they offer extensive services to streamline international operations. It’s worth noting that Papaya Global supports payments in 12 different currencies, ensuring flexibility and convenience for their clients.
Key Features:
- Unified global payroll
- Multi-country compliance
- Benefits management
Pricing: Starting from $650 per month per employee.
3. Globalization Partners
Globalization Partners provides a seamless solution for companies to expand their workforce across many countries without establishing costly branch offices or subsidiaries. Their suite of services ensures compliant global hiring processes, empowering organizations to scale and grow in the global marketplace.
Key Features:
- Global hiring and payroll
- Benefits management
- Contract generation
- Risk management
Pricing: Globalization Partners doesn’t publish pricing information online. Instead, you’ll need to get in touch for a quote.
4. Justworks
Justworks is an all-in-one platform designed to assist businesses in seamlessly managing their payroll, benefits, compliance, and various other HR requirements—allowing companies to focus more on their vital operations and less on administrative tasks.
Key Features:
- Payroll management
- Compliance support
- Access to benefits
Pricing: Justworks offers four pricing plans: Basic, Plus, Growth, and Enterprise. Basic starts at $59 per month.
5. TriNet
TriNet provides effective HR solutions for small and medium-sized businesses (SMBs). As a Professional Employer Organization (PEO), TriNet offers a range of services to help businesses manage their HR needs, including payroll, benefits administration, compliance, and risk management.
Key Features:
- Full-service HR
- Payroll administration
- Risk mitigation
Pricing: Trinet has information regarding pricing structures on their website, but you’ll need to contact their sales team for costs.
6. Rippling
Rippling’s software provides Employer of Record (EOR) services in addition to its payroll and benefits features. Each solution is designed to be streamlined and user-friendly, ensuring a seamless experience for all users. It allows businesses to manage and support various aspects of their workforce efficiently and in one place.
Key Features:
- Automated payroll
- Benefits administration
- App management
Pricing: Rippling starts at £7 a month per user. However, this is their most basic offering. For more information, they provide custom quotes based on your requirements.
7. Paychex PEO
Paychex PEO is an HR solution that assists businesses in managing various aspects of human resource management, including employee benefits, payroll, compliance, and HR tasks. It assumes full responsibility for processing employee wages, benefits, and withholdings.
Key Features:
- Payroll processing
- HR outsourcing
- Insurance services
Pricing: Paychex PEO pricing depends on the specific needs of the company. You’ll need to visit their website to request pricing and a quote.
8. FoxHire
FoxHire is a global EOR platform designed to streamline hiring processes for recruiters, staffing firms, and corporate HR departments. They manage many aspects of HR, including payroll, taxes, benefits, and compliance. FoxHire’s user-friendly portal enables businesses to manage their workforce in one place.
Key Features:
- EOR services
- HR tasks management
- Compliance
Pricing: Recruiters and staffing professionals use Foxhire’s online quote tool to determine the cost of each contract placement.
9. Insperity PEO
Insperity is another of the PEO companies that provides full-service HR solutions for businesses of all sizes. With decades of HR experience, Insperity offers a wide range of services to help companies manage their human resources, payroll, benefits, and compliance needs.
Key Features:
- HR solutions
- Payroll processing
- Benefits administration
Pricing: Insperity provides custom pricing based on the company’s specific needs, but you will need to contact sales for a breakdown of their pricing structure.
10. Deel
Deel is another great Employer of Record and one of the largest PEO companies, facilitating seamless talent employment in over 100 countries while ensuring compliance and data security. Similar to Multiplier, Deel offers efficient solutions for benefits and payroll management. However, it’s worth noting that Deel does not provide risk management solutions.
Key Features:
- International payroll
- Tax filing
- Compliance
Pricing: Starting at $599 per month per employee.
Step up your game with the best PEO companies
Leading companies require reliable and innovative HR solutions. It’s simply non-negotiable and will be the standard in 2024. Businesses can effortlessly hire and onboard employees by utilizing PEO platforms while alleviating compliance, benefit management, and payroll optimization concerns.
Multiplier provides a unified, intelligent platform that equips you with all the tools necessary to expand your business globally. Our pricing is scalable and affordable, ensuring maximum value for your investment. Talk to our experts today.
Frequently Asked Questions (FAQs)
1. “How do I know if my business needs PEO services?”
It’s vital to thoroughly assess your business needs and evaluate the benefits of partnering with a PEO. Consulting with HR professionals or PEO providers can help determine if PEO services align with your business requirements.
2. “What is the average cost of PEO solutions?”
The average cost of PEO solutions varies depending on factors such as the services included and the size of your company. It’s essential to consult with PEO providers directly to get accurate pricing information tailored to your company’s needs. Some PEO companies have this information on their website, whereas others require you to contact sales representatives.
3. “Can PEOs help with global expansion?”
Global PEO companies ensure expansion by providing crucial compliance and risk management support and comprehensive HR services. They can also increase the speed and agility of global expansion, which aids businesses looking to tap into the global hiring market.
4. “What should I consider when comparing PEO providers?”
When comparing PEO companies, there are several important factors to consider. Here are some key considerations to keep in mind:
- Services Included
- Global Reach and Expertise
- Client References and Track Record
- Cost Structure
- Technology and Integration
- Customer Support
- Scalability
5. “Do PEO companies handle payroll and benefits administration?”
Absolutely, PEO companies manage a company’s payroll by distributing checks, monitoring work time, and keeping company records. They also administer employee benefits like health insurance, retirement plans, and more.
