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PEOs provide payroll, employee benefits, HR, workers’ compensation, and risk management services to small and mid-sized businesses that might otherwise not offer certain benefits to their employees. (Photo: Shutterstock)

If there’s one segment of the economy that’s experiencing explosive growth, it’s professional employer organizations. In fact, according to the National Association of Professional Employer Organizations, such companies—which provide payroll, benefits and other HR services to client companies—are seeing employment growth that is 14 times higher than the growth rate in the U.S. economy overall.

Marlene Satter

Marlene Y. Satter has worked in and written about the financial industry for decades.

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