Like practically every other industry, the Professional Employer Organisation (PEO) industry has also been forced to reinvent itself amidst the COVID-19 Pandemic. Despite the hardships presented by the pandemic, PEOs everywhere have still been able to value-add to their clients by helping them find solutions to Human Resource (HR) related challenges. As with all other industries, changes in the workforce can and will lead to new changes and trends in the way PEO functions. As we look at the remainder of 2021 and beyond, here are some of the up-and-coming trends that have shaped the way PEO works.
For the uninitiated, cloud storage stores data on the Internet through a cloud computing provider that manages and operates data storage as a service. It eliminates buying and managing your own data storage infrastructure while ensuring the security of all a company’s important data. An increasing number of PEOs are making the switch from traditional servers to online cloud systems, and for good reason as well. Cloud-based storage not only provides a more robust security system, but also better analytics and an overall higher quality service. As many services have gone online, this has not only helped the PEO industry improve the quality of services provided, but has also helped it keep up with the changing times.
Gone are the days when every single task requires human interaction, or the manual keying in of data. This has only been further encouraged along by the COVID-19 pandemic, which required many employees to work remotely. Along with cloud-based storage, most PEOs now also offer online portals on which employees and HR can carry out key work functions. Tasks which were previously time-consuming can now be performed with a few clicks of a button. Not only does this save time, but also ensures higher accuracy levels in the tasks performed. Automation not only increases the productivity levels and improves the quality of work produced. Thus, making it unsurprising that this is one of the biggest up-and-coming trends in the PEO industry.
A key prospect of business ownership is compliance to the country’s laws and regulations. This includes areas such as payroll, tax contributions and employee rights. Employers can find it challenging to stay on top of all these regulations, especially since they are dynamic, unpredictable and ever-changing. With many employees working remotely at this time, it is pertinent that businesses still follow regulations. Even with the uncertainties surrounding the pandemic, PEOs are still well-equipped to deal with any compliance issues that may arise, and give organisations sound advice.
Some Closing Words
As with every other industry, PEO has to go through consistent upgrades to meet the transforming demands of the new workforce. So many trends have come and gone, and there will be many more as the workforce evolves. As the future of work evolves, the PEO industry will evolve along with it in order to meet ever-changing needs.
For more information on PEO services, please visit us at https://ayp-group.com/peo/. If you are looking to provide top-notch employee experience, onboard employees easily, automate payroll and manage employees across Southeast Asia, please email us at firstname.lastname@example.org for a free consultation.