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Now You Know!!

ARC CONSULTANTS HR STATISTIC REVIEW #3

Check out ARC Consultants HR related statistics:

Statistic # 61 – Did you know?? 71% of employers believe the costliest years of complying with PPACA lie ahead.

Statistic # 62 – In response to ACA challenges 70% of midsized employers are shifting costs to employees.

Statistic # 63 – 19% of surveyed employers think general administrative costs will be the top compliance-related cost-drivers in the years to come.

Statistic # 64 – Only 12% of employees are extremely satisfied with their benefits, and only 14% believe their benefits package meets their current family needs extremely well.

Statistic # 65 – According to a recent study by the DOL 90% of business are not in compliance.

Statistic # 66 – The U.S. Department of Labor estimates that approximately 70 percent of employers violate the FLSA’s classification requirements.

Statistic # 67 – Last year, employers paid out $18 million in penalties to 19,000 misclassified workers. Under federal law, an employee’s specific job duties and salary must meet all the requirements of the Department of Labor’s regulations.

Statistic # 68 – 96% of employers plan to continue to offer employer sponsored health care coverage, despite the fact that they feel #ACA has had a negative impact on their organization.

Statistic # 69 – 27% of employers believe the largest cost increase under #ACA will occur in 2018, when the Cadillac tax kicks in.

Statistic # 70 –  50% of employers believe their current plan would trigger the Cadillac tax, but only 3% say they plan to pay it in.

Statistic # 71 –  70% of midsized and 80% of large businesses, are shifting costs to employees, by changing or increasing employee co-pays due to #ACA challenges.

Statistic # 72 – 29% of midsized companies capped part time hours to manage their ACA costs.

Statistic # 73 – 54% of midsized and 49% of large businesses are not prepared to manage IRS annual ACA health care reporting.

Statistic # 74 –  30% of midsized companies reported unexpected expenses – such as fines, penalties and lawsuits – in the past 12 months as a result of noncompliance.

Statistic # 75 – 47% of employees surveyed stated that improving their benefits packages is one thing their employers could do to keep them in their job.

Statistic # 76 – Companies that join a #PEO have a 21% savings on HR Administration.

Statistic # 77 – According to a new report by the DOL, every 3.5 seconds a labor law changes.

Statistic # 78 – 97% of companies that partnered with a #PEO through ARC Consultants had a significant savings with their Workers’ Compensations costs.

Statistic # 79 –  A recent survey finds that 70% of business leaders are concerned about their access to employees with key skills to grow the business, and 53% of these business leaders report that their HR department is not prepared to find, develop, and source new talent.

Statistic # 80 – A recent survey finds 75% of surveyed companies are currently in the process of researching ACA solutions options.

Statistic # 81 – A recent survey finds that only a little over 15% of companies are confidently prepared for the ACA reporting mandates.

Statistic # 82 – The PEO industry is growing by over 15% annually.

Statistic # 83 – 59% of businesses with fewer than 1,000 employees, and 60% of businesses with fewer than 100 employees plan to invest in human resources technology this year.

Statistic # 84 – There are roughly 900 PEO companies in the US today.

Statistic # 85 – HR tasks can cost up to 8.5% of your annual gross payroll.

Statistic # 86 – 75% of companies are struggling to attract and recruit the top people they need.

Statistic # 87 – 88% of employees do not have a passion for their work.

Statistic # 88 – 30% of small business owners wear 5 to 6 hats a day.

Statistic # 89 – PEO clients are 28% more satisfied with their selection of healthcare benefits.

Statistic # 90 – Affordable Care Act (ACA) administration and compliance costs an average of $15,000 per year.

 

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

For more statistics and the latest in the PEO industry follow us on LinkedIn.

Now You Know!!!

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

Now you know!!!

 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

For more statistics and the latest in the PEO industry follow us on LinkedIn.