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Barrett Business Services Inc (BBSI) |
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Description of Barrett Business Services Inc's Business Segments
Barrett Business Services Inc. (BBSI) stands as a premier provider of integrated business management solutions, primarily tailored for small to medium-sized enterprises across various industries. With over two decades of experience, BBSI has established itself as a leading player in the professional employer organization (PEO) sector in the United States. By offering a diverse range of services, BBSI enables its clients to streamline their business operations, improve efficiency, and focus on their core competencies.
Segments
BBSI operates through two main segments: Professional Employer Services (PEO) and Staffing Services. Each of these segments caters to different aspects of business management, allowing companies to choose solutions that best fit their needs.
1. Professional Employer Services (PEO):
- HR Outsourcing: BBSI handles various human resource functions, relieving businesses from the administrative burden associated with HR management.
- Payroll & Tax Administration: This service includes managing payroll processing, withholding taxes, and ensuring compliance with tax regulations, allowing clients to avoid penalties and maintain accurate payroll records.
- Employee Benefits Administration: BBSI offers tailored employee benefits packages, including health insurance, retirement plans, and other perks that help attract and retain talent.
- Risk Management: This encompasses assessing potential risks and implementing strategies to mitigate them, which includes the management of workplace injuries and the associated costs.
- Workers' Compensation: BBSI provides clients with workers' compensation insurance, handles claims efficiently, and offers support in establishing a safety-oriented workplace culture.
- Regulatory Compliance: Clients benefit from BBSI's expertise in navigating complex federal and state employment laws, ensuring adherence to regulations such as the Fair Labor Standards Act (FLSA), the Occupational Safety and Health Administration (OSHA) guidelines, and various labor laws.
2. Staffing Services:
- Temporary Staffing: BBSI supplies businesses with qualified temporary employees, allowing them to meet fluctuating labor demands without long-term commitments.
- Temp-to-Perm Staffing: This service allows clients to evaluate temporary employees on-the-job before deciding to offer them permanent positions, reducing the risk associated with hiring.
- Direct-Hire Services: BBSI facilitates the recruitment of full-time employees directly into client companies, providing comprehensive support from job postings to candidate selection.
- Recruitment Solutions: BBSI aids businesses in creating effective job postings, conducting resume screenings, coordinating interviews, and performing thorough background and skills checks on candidates.
Products and Services
BBSI offers a comprehensive suite of products and services that enhance the operational efficiency of its clients, which include:
1. Payroll, Tax, and Accounting Services:
- Customized payroll processing, tax filing, and the generation of financial statements and reports ensure businesses can maintain accurate financials without intensive internal resources.
2. HR Administration:
- BBSI's HR administration services encompass employee relations, onboarding processes, performance management, compliance issues, and development of employee handbooks, ensuring organizations maintain a productive workforce.
3. Workers' Compensation Services:
- Besides insurance coverage, BBSI assists in claims management and implements loss control programs that minimize workplace injuries and related costs, fostering a safer work environment.
4. Recruitment and Staffing Solutions:
- This includes everything from consultation on staffing needs to the execution of the recruitment process, ensuring that clients find the right candidates efficiently.
5. Compliance and Regulatory Services:
- BBSI keeps clients updated on relevant regulations and provides tools and guidance for maintaining compliance, which helps in avoiding costly legal repercussions.
6. Employee Benefits:
- Tailored employee benefit plans, including options for health, dental, and retirement plans, are structured to meet both the demands of businesses and the expectations of their employees.
Conclusion
Barrett Business Services Inc. offers a holistic approach to business management by blending traditional HR services with innovative staffing solutions. The breadth of services provided ensures that businesses can depend on BBSI as a strategic partner in enhancing productivity, regulatory compliance, and overall employee satisfaction. With a commitment to personalized service and a dedicated team of professionals, BBSI continues to uphold its position as a trusted advisor and provider for businesses navigating the complexities of modern workforce management.
(Sep 30 2023) three months ended Q3
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| Business Segments |
Revenues
(in millions $) |
Income
(in millions $) |
%
(Profit Margin) |
| Total |
272.33 |
18.22 |
6.69 % |
(Sep 30 2023) three months ended Q3
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| Revenue Growth rates by Segment |
Y/Y Revenue
% |
Q/Q Revenue
% |
| Total |
-0.55 % |
3.14 % |
(Sep 30 2023) three months ended Q3
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| Income Growth rates by Segment |
Y/Y Income
% |
Q/Q Income
% |
| Total |
4.48 % |
7.07 % |
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