During the past 30-plus years in Florida, Professional Employer Organizations (PEOs), like most business segments, have had to adapt to a variety of challenges. The roller coaster ride on Wall Street, legislative changes, and new privacy regulations have all impacted the industry's results.
Also, there has been a lingering reluctance by employers to embrace PEO services. Part of that reluctance stemmed from the fact that for many years the industry was known as “employee leasing,” and the images that term conjured up were not attractive to many business owners.
To address the issue, the industry re-branded itself as PEOs. However, according to Frank Crum, Jr., president and CEO of Frank Crum in Clearwater, a name change takes time to filter through. “In Florida the PEO industry is still referred to as employee leasing in Chapter 468 of the Florida Statutes. That's not how it works really, but that's still in the statutes.”
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