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
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