ARC CONSULTANTS HR STATISTIC REVIEW
Check out ARC Consultants HR related statistics:
Statistic # 1 – 47% of business owners are concerned with Cash Flow.
Statistic # 2 – 56% of business owners are burdened by administrative tasks.
Statistic # 3 – 44% of business owners are concerned with finding and retaining talent.
Statistic # 4 – 70% of businesses are out of compliance with the Department of Labor.
Statistic # 5 – 50% of the businesses are not prepared to deliver programs that align with their business needs.
Statistic # 6 – Only 37% of employers identified the impact of healthcare reform on their 2014 health-plan costs.
Statistic # 7 – 57% of businesses view employee retention as a problem.
Statistic # 8 – 22% of new hires leave their jobs within 45 days of being hired.
Statistic # 9 – The costs of employee turnover range from 30% to 150% of the employee’s salary.
Statistic # 10 – Business that use a PEO grow 7-9% faster compared to business that do not use a PEO.
Statistic # 11 – 46% of small business owners wear 3 to 4 hats a day.
Statistic # 12 – 60% -80% of an employer’s time is spent on non-profit administration.
Statistic # 13 – Negligent hiring cases have had verdicts costing up to $40 million.
Statistic # 14 – The average settlement of a negligent hiring lawsuit is nearly $1 million.
Statistic # 15 – Companies that partner with a PEO have 23-32% lower employee turnover – the average overall employee turnover rate in the USA was approximately 42% per year in 2012 data. It is 28-32% for companies that use a PEO for at least four quarters.
Statistic # 16 – EEOC’s scrutiny on discrimination claims resulted in $365,400 in 2012.
Statistic # 17 – Employers have lost more than 79% of negligent hiring cases!!
Statistic # 18 – It costs $7,000 to replace a salaried employee, $10,000 to replace a mid-level employee, and $40,000 to replace a senior executive.
Statistic # 19 – Over 250,000 businesses use PEO.
Statistic # 20 – 2013 survey – 6 most common reasons why businesses are increasingly partner with a PEO: 1) Save money 2) Focus on strategy 3) Improve compliance 4) Improve accuracy 5) Gain access to HR expertise 6) Take advantage of technology.
Statistic # 21 – According to a recent Small Business Association study, the average small business owner spends up to 25% of their time handling employee-related paperwork. This range can easily shoot up to the 35 to 45% range when time spent on other HR tasks, such as recruiting, hiring, and training is added to the mix.
Statistic # 22 – Approximately 6,000,000 people obtaining healthcare through a PEO.
Statistic # 23 – The U.S. Chamber of Commerce estimates that 3-7% of a company’s payroll hours are spent on administrative, non-core activities.
Statistic # 24 – The PEO industry increased by 25% in 2014.
Statistic # 25 – The IRS penalizes each year 1 out of every 3 businesses for payroll errors.
Statistic # 26 – The Affordable Care Act (ACA) Legislation is 2409 pages long.
Statistic # 27 – 67% of employers say that controlling employee benefit costs is # 1 challenge.
Statistic # 28 – Only 31% of employers surveyed have calculated the financial impact of health-care reform on their organizations.
Statistic # 29 – 83% of CEOs believe that the workforce is the single largest expense for their businesses.
Statistic # 30 – 49% of CEOs are concerned that a shortage of qualified workers could limit the growth of their company in the year ahead.
ARC Consultants is a PEO consulting firm, we broker out PEO services for all the leading PEO companies. We have exceptional knowledge in the industry, and all the latest products. With our expertise and knowledge we are able to better understand our client’s needs and concerns and assist them in navigating through the complexities of making the correct decision in partnering with a PEO. We assist our clients in finding them the PEO that best suits their specific needs. We as well, negotiate on their behalf and service them throughout our relationship. We maintain exceptional relationships with our PEO providers and thereby we have the ability to service our client’s needs and advocate on their behalf.
Reach out to ARC Consultants now, so we can start assisting you in finding the solution that’s just right for you…… www.arcpeo.com
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