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TriNet Group, Inc. (NYSE: TNET) is a leading provider of comprehensive human resources solutions tailored for small and medium-sized businesses (SMBs). Founded over 30 years ago, TriNet offers an array of industry-specific HR services through its Professional Employer Organization (PEO) model, which includes payroll management, employee benefits, risk mitigation, compliance, and R&D tax credit services. The company also provides advanced human resources information systems (HRIS) via the TriNet Cloud platform, enabling seamless integration of HR functions.
TriNet's core business revolves around delivering bundled HR products that simplify the administrative and regulatory burdens of HR, allowing businesses to focus on growth and innovation. By entering a co-employment arrangement, TriNet acts as the employer of record for administrative purposes, thereby enabling clients to leverage its scale and expertise to access competitive employee benefits, share employment risk, and ensure compliance with complex regulations.
In recent years, TriNet has expanded its service offerings and market reach through strategic acquisitions, such as the purchases of Zenefits and Clarus R+D in 2022. These acquisitions have diversified TriNet's revenue streams, with a notable portion now coming from self-service HCM software and R&D tax credit services.
TriNet's latest initiatives include product enhancements aimed at adapting to the needs of an increasingly distributed and agile workforce. Key enhancements include support for managing global workforces, paying independent contractors, and offering a modernized learning management system powered by AI-driven course recommendations. Additionally, TriNet has forged a strategic partnership with Healthee to provide AI-powered digital solutions that enhance health and wellness experiences.
Financially, TriNet has demonstrated robust performance, achieving significant milestones such as strong earnings, prudent expense management, and successful capital allocations, including stock buybacks and bond offerings. The company’s commitment to innovation and customer-centric services has led to high customer retention and satisfaction scores.
TriNet continues to be a trusted HR advisor to thousands of SMBs across various industries, empowering them to navigate HR complexities, stay compliant, and focus on core business functions.
For more information, visit TriNet.com or follow TriNet on social media platforms like Twitter, Facebook, LinkedIn, and Instagram.
TriNet (NYSE: TNET) announced its participation in the Stifel 2021 Virtual Cross Sector Insight Conference on June 9, 2021, featuring President and CEO Burton M. Goldfield and Executive Vice President and CFO Kelly Tuminelli. The session is scheduled for 8:20 am PT (11:20 am ET). A live webcast and replay will be accessible on the Investor Relations section of TriNet's website. TriNet provides comprehensive HR solutions for small and medium-sized businesses, emphasizing expertise, compliance, and technology to support growth.
TriNet has announced its recognition with two 2021 "Top Rated" awards from TrustRadius in the HR Management and Payroll categories, based on customer feedback. The company received an impressive rating of 8.3 from over 850 reviews, highlighting its user-friendly products and excellent customer support. TriNet aims to empower small and medium-sized businesses (SMBs) by offering comprehensive HR solutions tailored to their needs. The awards, established since 2016, reflect unbiased evaluations of B2B technology products directly from users.
TriNet announced key changes to its board of directors, effective May 27, 2021. Myrna Soto joins the board, bringing over 30 years of experience in management and advisory roles across various sectors, including technology and finance. Soto's extensive expertise is expected to enhance TriNet's support for small and medium-sized businesses (SMBs). Concurrently, Shawn Guertin will leave the board to take on a new role as Executive Vice President and Chief Financial Officer at CVSHealth. This leadership transition may signify a shift in strategic direction for TriNet.
TriNet announces a webinar titled Recruiting and Onboarding in a Virtual or Hybrid Environment, scheduled for May 26, 2021, at 11 a.m. PT / 2 p.m. ET. The session will feature TriNet HR experts discussing the evolving landscape of recruitment amidst a stronger shift toward remote work. Key topics include effective candidate screening, onboarding infrastructure, employee engagement, and agile practices for improving the overall candidate experience. This initiative aims to help businesses adapt their hiring processes to remain competitive in a changing work environment.
TriNet has appointed Jonathan LeCompte as the new Senior Vice President and Chief Sales Officer, effective immediately. LeCompte, previously with Verizon Communications for over 27 years, brings extensive sales leadership experience, having managed a $14 billion organization. Reporting to Burton M. Goldfield, CEO, he aims to enhance TriNet's sales function and support small and medium-size businesses with comprehensive HR solutions. LeCompte is optimistic about working with the team to drive growth for TriNet and its clients.
TriNet is hosting the third part of its webinar series titled 'Working in the New Normal', focusing on common wage and hour issues affecting California employers. The event will address key topics such as worker classification, expenses, minimum wage, and final pay, providing practical advice amidst ongoing remote work challenges. Scheduled for May 11, 2021, at 10 a.m. PT, the webinar features insights from TriNet executives and the California Labor Commissioner's Office. Employers can register to gain valuable knowledge relevant to their operations.
TriNet Group, Inc. (TNET) reported a 1% increase in total revenues to $1.1 billion for Q1 2021. Net Service Revenues rose 9% to $309 million, and net income increased to $101 million ($1.51 per diluted share). Adjusted Net Income climbed to $111 million, or $1.66 per diluted share. Adjusted EBITDA reached $163 million, with a margin of 53%. Despite these gains, Total Worksite Employees decreased by 3%, highlighting challenges in workforce size. The company is optimistic about economic recovery, providing guidance for Q2 and full-year 2021 with anticipated revenue growth of 9%-14%.
TriNet announced its second webinar in a three-part series, titled 'Working in the New Normal,' focusing on wage and hour issues for employers in California. Scheduled for April 27, 2021, this session will cover critical topics including worker compensation, expense reimbursement, worker migration, and work hours. Industry experts, including Samantha Wellington and Von Boyenger, will provide insights aimed at helping small and medium-size businesses navigate compliance challenges related to remote workforces.
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