Barrett bullish, GoGlobal Ukraine office, EOR Israel, and Key Risk readies for growth

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EOR PEO latest Feb 27 2023 week

In times of a downturn, it is incredible how the sentiment in the EOR PEO market continues to be strong.

Barrett Business Services also reports strong Q4 2022 numbers

The NASDAQ-listed Barrett Business services reported an 8.8% y-o-y growth for Q4 in its PEO business. Staffing had a negative growth of -6%. Since staffing accounted for less than 10% of the overall revenues, it did not matter that much.

Barrett’s growth in the PEO business is in line with the overall strong growth that the EOR and PEO market is witnessing.

Here is the news we picked up.

GoGlobal EOR / PEO opens in Ukraine

This news piece came in through a PR network. Nevertheless, it is very happy news. For the war-torn country, GoGlobal launching operations in Ukraine is one more step in helping Ukraine’s talent-finding market across the world.

If you did not know Ukraine is one of the leading exporters of goods and services to the world. The war impaired existing weak global supply chains. We see these signs all around us. High inflation, increasing interest rates, layoffs, and poor business conditions. This step by Goglobal will be a small step in the right direction.

EOR Israel, anyone?

Are you thinking of starting a permanent business establishment in Israel? Or are you just contemplating taking employer of record services to get started quickly with your Israel business?

The Barlaw team has put together a nice 1-page primer on what routes you can look at to get started with your business in Israel.

If you are sure about taking an EOR approach in Israel, you may want to watch out for some risks.

  • Tax implications
  • Misclassification of service providers as employees

If your business is fresh in Israel, it might make sense to take legal advice from a trusted network partner.

Key Risk prepares to capitalize on PEO industry growth

A few weeks ago this column wrote about 1st commercial credit’s diversification into the EOR / PEO business. Today, we have another interesting development to grow capacity in the fast-growing EOR PEO industry. This time, it isn’t diversification. But, a partnership focused on technology and processes will increase the capacity of Key Risk – a workers’ compensation insurance service provider – to service the PEO industry.

Key Risk is partnering with MIS, a ReSourePro Company. MIS will bring its solid back office technology to the strong underwriting and risk management capabilities Key Risk has. This will allow Key Risk to service enterprise-level complexities with large PEOs.

Here is the news we picked up.

We expect players across sectors to explore such collaborations to boost capacity.

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