Profile: TriNet Group Inc (TNET.N)
18 Aug 2017
TriNet Group, Inc. (TriNet), incorporated on January 26, 2000, is a provider of human resources (HR) solutions for small to medium-sized businesses (SMBs). The Company's HR solutions include services, such as multi-state payroll processing and tax administration, employee benefits programs, including health insurance and retirement plans, workers' compensation insurance and claims management, employment and benefit law compliance, and other services. The Company provides an HR technology platform with online and mobile tools that allow its clients and their worksite employees (WSEs) to store, view and manage their HR-related information and conducts a range of HR-related transactions anytime and anywhere. The Company's clients are distributed across a range of industries, including technology, life sciences, not-for-profit, professional services, financial services, property management, retail, manufacturing and hospitality.
The Company delivers a suite of products and services, which allow its clients and their WSEs to administer and manage HR-related compensation and benefits, including payroll, health insurance and worker's compensation programs, through its technology platform. The Company's HR technology platform, with online and mobile tools allows its clients and WSEs to store, view and manage HR information and administer a range of HR transactions, such as payroll processing, tax administration, employee onboarding and termination, compensation reporting, expense management, and benefits enrollment and administration. The Company's HR products and solutions include capabilities, such as technology platform, HR expertise, benefits and compliance.
The Company uses the collective insights and experience of its teams of HR, benefits, risk management and compliance professionals to help clients mitigate many of the administrative, regulatory and practical risks associated with their responsibilities as employers, including talent management, recruiting and training, performance management, employee onboarding and terminations, benefits enrollment and support, claims administration and employment practices risk management. Its HR teams provide access to templates, handbooks, process guidelines, employee relations consultation, investigation support and employee communications. Each of its clients and WSEs have access to varying levels of service and support from its HR experts ranging from call center support for basic questions to pooled specialized resources and to onsite consulting and services, depending on the needs of the client and their WSEs. In addition, its teams of in-house HR professionals can also provide additional, incremental consulting and other services upon request. The Company's product, TriNet Technology, is specifically targeted to help support the talent recruiting, equity compensation and foreign employee immigration needs with applicant tracking systems, immigration services for employees requiring work visas and online tools to help clients manage equity compensation plans that SMBs in other industries do not face. It also offers specific product offerings, such as TriNet Technology, TriNet Financial Services, TriNet Life Sciences and TriNet Nonprofit.
The Company offers its clients and WSEs access to a range of TriNet-sponsored benefit and insurance programs. Its insurance services offerings include plan design and administration, enrollment management, and WSE and client communications relating to its sponsored benefits and insurance programs. It pays premiums to third-party insurance carriers for WSE insurance benefits and reimburses the insurance carriers and third-party administrators for claims payments made on the Company behalf within its insurance deductible layer, where applicable. It sponsors and administers various fully-insured, risk based employee benefit plans, including group health, dental, vision and life insurance as an employer plan sponsor. It also offers other benefit programs to its clients and WSEs, including flexible spending accounts, retirement plans, Consolidated Omnibus Budget Reconciliation Act (COBRA) benefits, individual life insurance, a legal services plan, commuter benefits, home insurance, critical illness insurance, pet insurance and auto insurance. The Company provides fully-insured workers' compensation insurance coverage for its clients and WSEs through insurance policies that the Company negotiates with its third-party insurance carriers. Additionally, the Company helps clients manage their risk by providing risk management services, including performing workplace assessment, safety consultation, accident investigation and other risk management services at its client locations to help prevent workplace accidents that could lead to claims. It also provides services to help remediate such claims when they occur.
The Company provides Employment Practices Liability Insurance (EPLI) coverage for its clients through insurance policies that the Company obtains from its third-party EPLI insurance carrier. These policies provide coverage for certain claims that arise in the course of the employment relationship, such as discrimination, harassment, and certain other employee claims with a per-claim retention amount. For its clients, the retention amount is split between the client and TriNet, with the client paying its portion of the retention amount first. For claims covered by its EPLI insurance, actual litigation defense is conducted by outside employment law firms with whom the Company and its EPLI carriers have previously negotiated rates, established billing guidelines and invoice review processes. It has also developed a case management protocol to defend such claims.
The Company products and services are designed to help its clients comply with local, state and federal employment and benefit laws. The Company monitors employer-related developments and assist clients in complying with changing regulations and requirements at all levels, from changes in local minimum wage and family leave ordinances to sweeping reforms, such as the Patient Protection and Affordable Care Act (ACA).
The Company competes with Automatic Data Processing, Inc. and Insperity, Inc.
TriNet Group Inc
1100 San Leandro Blvd Ste 400
SAN LEANDRO CA 94577-1670