ARC CONSULTANTS HR STATISTIC REVIEW #2
Check out ARC Consultants HR related statistics:
Statistic # 31 – Negligent hiring cases have had verdicts costing up to $40 million.
Statistic # 32 – More than 25% of employed individuals chose employment based on better health benefits.
Statistic # 33 – Businesses spend over 1.7 billion hours on tax compliance annually.
Statistic # 34 – There are 3,348 Federal Regulations in the pipeline, with nearly a 1/3 impacting businesses directly.
Statistic # 35 – 60% of companies over 1000 employees are not prepared for penalty management under ACA.
Statistic # 36 – On average business owners spend $7,000 per employee per year on regulations and tax compliance.
Statistic # 37 – 30% of executives say motivating their employees is their toughest challenge.
Statistic # 38 – 46% of new hires leave their jobs within the first year.
Statistic # 39 – Over the last 20 years, employee-initiated lawsuits have risen by a whopping 400%!!
Statistic # 40 – Only 17% of small companies are confident that they understand ACA.
Statistic # 41 – 33% of businesses get fined by the government every year for payroll and compliance mistakes.
Statistic # 42 – About 95% of business are NOT in compliance with ERISA regulations.
Statistic # 43 – 63% of small businesses say they are concerned about their company’s ability to provide a benefits package that will attract and retain employees
Statistic # 44 – Nearly two-thirds of employers recognize that cutting benefits will just undercut outcomes.
Statistic # 45 – The Small Business Association estimates that it costs $1,469.00 per year per employee to handle human resources in-house.
Statistic # 46 – In 2014, the Equal Employment Opportunity Commission (EEOC) received 88,778 discrimination charges.
Statistic # 47 – 75% of midsized business owners lack confidence their organization understands all of the ACA regulations that apply to their businesses.
Statistic # 48 – The top 3 concerns for midsized businesses and executives are: 1) Cost of health coverage and other benefits 2) Complexities of the ACA 3) Level and volume of government regulations.
Statistic # 49 – 70% of jury trials are decided in favor of the employee. And many of the jury awards are worth at least $1 million, if not more. And that doesn’t even include the legal fees you’ll incur.
Statistic # 50 – 64% of midsized companies have multiple people in different roles working together to make ACA decisions.
Statistic # 51 – 80% of startups shut down within the first 18 months.
Statistic # 52 – 49% of small business say they cannot attract and retain top quality employees without offering competitive health benefits.
Statistic # 53 – 23% of midsized companies reduced their number of insurance lines to manage their ACA costs.
Statistic # 54 – 26% of Potential qualified employees want benefits that your business does not provide.
Statistic # 55 – 32% of midsized companies reduced the number of their medical plan options to manage their ACA costs.
Statistic # 56 – 56% of small business owners say they feel as if they can never be away from their company.
Statistic # 57 – 51% of small business owners say they don’t have time to focus on themselves.
Statistic # 58 – 43% of small business owners cite that the most difficult aspect of running a business is wearing so many hats.
Statistic # 59 – 82% of employers say compliance with the law has led to increased costs this year.
Statistic # 60 – 33% of employers believe the largest jump in compliance costs will take place in 2016.
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