TriNet HR Services
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| Type | Private |
|---|---|
| Industry | Professional Employer Organization |
| Founded | San Leandro, California, USA (1988) |
| Headquarters | San Leandro, California, USA |
| Key people | Burton M. Goldfield, President & CEO |
| Employees | 950 (2010) |
| Website | www.trinet.com |
TriNet (TriNet Group, Inc.) is a professional employer organization (PEO) headquartered in San Leandro, California. It provides HR outsourcing services, including payroll, health benefits, and human capital management for small business owners. The company specializes in high-wage industries such as technology, financial services and professional services, including venture capital firms, CPAs, community banks, and medical and law offices.[1]
TriNet began as a typical PEO, offering cafeteria plan, dental coverage, life and disability insurance, and guidance handling aspects of employment law.[2] By adding more employees to its network, TriNet gave smaller companies the ability to access benefits packages.[3]
Although still operating as a PEO, over the years TriNet added more sophisticated payroll services, a larger and more complete series of benefits, 401(k) guidance, worker's compensation, liability insurance, and HR administration support. It also provides online tools such as web-hosted management portals for manager and employee self-service.[4]
Due in part to its online tool set, TriNet’s services are particularly attractive to companies employing workers at high compensation levels. The average employee salary at companies served by the PEO industry is $31,000, whereas TriNet clients' average salary is closer to $100,000.[5]
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[edit] History
TriNet was founded in 1988 by Martin Babinec (incorporated November 1 of that year). Babinec led TriNet through several acquisitions of smaller PEOs, including John Parry & Alexander and The Outsource Group of Walnut Creek, Calif.; E3 Group Inc. of Dallas, ALTRES (Alternative Resources for Business) of Honolulu, Hawaii; and Boston-based HR Logic Holdings, Inc.[6]
At the same time, the company went through its own rounds of equity financing, including an investment by U.K.-based staffing firm Select Holdings, LLC (later renamed as Vedior). In 2004, Vedior sold its minority interest in TriNet to General Atlantic, a private equity firm.[7]
In May 2008, Burton M. Goldfield joined the company as President and CEO. Babinec remains associated with the company as its Chairman.[8] Although a private company, TriNet reported that it was on track for $100 million in revenue in 2008. The company also reported that it had recorded a 24 percent increase in clients during the first half of 2008 as compared to the same period a year ago, or 360 new companies. It also had a 30 percent increase in the number of people employed by those clients.[9]
On June 1, 2009, TriNet completed its acquisition of Gevity (NASDAQ: GVHR), an HR outsourcing company based in Bradenton, Florida. The all-cash transaction was valued at approximately $98 million.[10] The combined company is now one of the largest HR outsourcing providers in the country, and currently has 7,000 clients and 118,500 work site employees nationwide.
[edit] Recognitions and Certifications
TriNet is a member of the Inc. 500 Hall of Fame for five consecutive listings on the magazine’s ranking of fastest growing, privately held American companies (#12 in 1995, #79 in 1996, #166 in 1997, #319 in 1998 and #381 in 1999).(The 1995-99 listings are under "TriNet Employer Group" and 1999's is under "TriNet VCO".)[11] In 2008, TriNet ranked #3369 in the Inc. 5000,[12] as well as #13 in the East Bay Business Times list of fastest growing, privately held companies.[13] TriNet repeated the Inc. 5000 honor in 2009, with a #2185 listing,[14] and in 2010, at #1601.
TriNet has been accredited by the Employer Services Assurance Corporation (ESAC) since 1995. ESAC certification validates the solid financial performance of PEOs, and the assurance of their employer-compliant operations and services, continually monitoring them for adherence to important financial, ethical, and operational standards.[15]
[edit] References
- ^ David Goll, "Human resources outsourcer TriNet gets second CEO in 20 years," East Bay Business Times.
- ^ Jonathan Marshall, "The Ultimate in Outsourcing," San Francisco Chronicle.
- ^ Diane Taylor, "Employee Benefits: Keeping the Good People," Tradeshow Week.
- ^ Gary N. Bowe, "All-Encompassing SMB HR Outsourcing Engagement a Success Since ’92," Outsourcing Journal.
- ^ Greg Barr, "Growing California PEO will open Houston office in Texas expansion," Houston Business Journal.
- ^ California Firm buying LMC Resources," Denver Business Journal.
- ^ Vedior to sell stake in U.S. business process outsourcing co for 43 mln usd," Forbes.
- ^ David Goll, "Human resources outsourcer TriNet gets second CEO in 20 years," East Bay Business Times.
- ^ David Goll, "TriNet says still on track for record year," East Bay Business Times.
- ^ "TriNet Closes Acquisition of Gevity", press release
- ^ “Inc. 500 Hall of Fame”, Inc.com
- ^ "Inc 5,000 company profile – TriNet," Inc.com.
- ^ "East Bay’s fastest-growing companies recognized," East Bay Business Times.
- ^ "Inc. 5000 2009 list", Inc.com.
- ^ ESACcorp.org, “Accredited PEOs by State.”
[edit] External links
- Official website
- Company History
- Silicon Valley/San Jose Business Journal article about how a PEO's co-employment brings about cost savings when it comes to health care
