Here we are, almost to the end of 2020-- can you believe it? The unprecedented nature of COVID-19 certainly made this year one that will never be forgotten. And although 2020 had its share of challenges, we here at ScalePEO would like to take a minute to reflect on some of the good things that happened this year.
Following are the ScalePEO 2020 highlights.
100% Client Business Survival and 98% Retention Rate
At a time when so many businesses had to shutter their doors, we are so, so very happy and proud to report that not a single ScalePEO client went out of business in 2020. According to a recent report by Laurie Bassi and Dan McMurer with McBassi & Company, "Compared to other small businesses, PEO clients are 119% more likely to have received PPP loans, 72% more likely to have received PPP loans in Round 1, 91% less likely to still be temporarily closed, and 60% less likely to have been permanently closed."
In addition to this amazing fact, we are also ecstatic to report that we saw a 98% retention rate amongst our groups at renewal. Our mission at ScalePEO is to provide small and midsized organizations with an easier way to run and grow their business so seeing such a high retention rate we feel good knowing that we are making good on our promise.
COVID-19 Support and Resources
We always say our clients can lean on our HR and Compliance experts for support, and perhaps never before has this been as true as it was for 2020. We explained the CARES Act, answered questions on the Families First Coronavirus Response Act (FFCRA), provided tips on bolstering employees mental health during COVID-19, and so much more. We are thankful to have been able to provide guidance our clients could depend on in a time of such great uncertainty.
ScalePEO became accredited by Employer Services Assurance Corporation (ESAC). This accreditation demonstrates our commitment to protecting our clients, employees, insurers and regulators and to promoting integrity and financial responsibility within the PEO industry. Around only 5% of PEOs have earned this distinction.
This year we added some impressive names to our list of Scale partners, and enhanced our product offerings. Most notably, we partnered with international innovator and a recognized industry leader MetLife to offer valuable new benefit solutions including: Basic & Supplemental Term Life & AD&D, Dental PPO & Managed Care (HMO), Vision, Short Term Disability (STD), and Long Term Disability (LTD). In addition, we began offering a Commuter Transit and Parking Program from WageWorks. This benefit allows employees the opportunity to use pre-tax dollars to pay for expenses related to commuting to and from work, as well as parking.
As part of ScalePEO's commitment in taking affirmative steps toward putting an end to racism, injustice and inequality, Juneteenth became a company holiday. All team members had the day off and were encouraged to use the day as an opportunity to have a conversation with family and friends, educate themselves about the history of racism in America and/or volunteer with a civil rights organization.
Staying Connected Despite Social Distancing
This year in particular we were very thankful for technology and its ability to help us stay connected to our employees, clients, and colleagues. Like so many organizations, ours too had to rapidly shift to a 100% remote arrangement. The Scale team quickly, and efficiently transitioned to working from home and continued providing the same high level of service that our clients and partners have come to expect.
While 2021 likely has its own share of unique challenges in store, we remain hopeful and optimistic for what lies ahead. We especially look forward to helping our clients transition from working from home to bringing people back to the office. As companies begin growing again we are ready and excited to provide the tools, technology, information, trainings, and documents needed for a successful recruiting, hiring and onboarding process.
Overall, we are incredibly thankful for our team, our clients, and our partners and are ready to adapt and succeed together in the new year.