Annual survey of business and HR decision makers reveals HR priorities and workforce trends for an evolving workplace
Rochester, NY, January 18, 2023 /PRNewswire/ — Paychex, Inc., a leading provider of human resource technology solutions for human resources, payroll, benefits and insurance services, today released the results of its fifth annual Priorities for Business Leaders survey. The 2023 findings—which reflect the sentiments of 450 businesses employing between five and 500 employees across the United States—highlight the topmost issues for leaders in today’s complex economic, regulatory and labor environment.
According to the survey, 85% of business leaders said they expect year-over-year growth in their revenue. However, he pointed out that the challenges of the last three years have contributed to the ongoing tensions. The survey found that:
- Inflation (72%) is the number one business concern regardless of company size. followed by the economy (57%) and interest rates (44%).
- Staffing (46%) is the top operational challenge, along with keeping the supply chain (38%) and technology current (33%).
- With roughly half of leaders at businesses with 10-500 employees expecting to attract and retain top talent over the next 12 months, managing employee development, operational efficiencies and the hiring process is also becoming increasingly challenging.
- Twenty-three percent of leaders find it extremely or very challenging to maintain legal or regulatory compliance. One in four (25%) business leaders expect it to be more challenging in the coming year.
“We regularly conduct research like this annual Business Priorities Survey to identify the top challenges that are keeping business leaders up at night and the trends affecting the workforce that evolve to provide solutions Those can really make an impact on the American businesses we support,” he said. maureen lallyVice President of Marketing paychex, “The 2023 survey results confirmed that access to funds due to economic factors will continue to challenge business and HR leaders in the new year. With our solutions, such as Paychex Employee Retention Tax Credit (ERTC) Service and our HR consultant support, paychex is well positioned to help businesses access the funding and tools they need to succeed in 2023.”
Human Resource Outsourcing Results in Fewer Mistakes
The report revealed that leaders who choose to outsource HR administration in 2022 benefit from improved accuracy, increased productivity, more reliable analytics and reporting, improved compliance and lower costs. The number one benefit for leaders outsourcing HR administration was making fewer mistakes, cited by 51% of respondents. More than half of leaders (55%) said they would not outsource HR processes in 2022, and 38% said they are likely to explore alternatives in 2023 for HR functions, including payroll administration, benefits, recruiting and onboarding , and maintaining regulatory compliance.
employee retention and engagement strategy
Survey respondents said they plan to optimize their recruiting and retention strategies in the coming year. To boost retention, companies say they:
- salary increase (45%).
- Create policies that encourage a healthy work-life balance among employees (36%).
- Improve their profit offerings (35%).
They also indicated that they plan to prioritize communication, provide opportunities for skill development, invest in new technology, and conduct live interviews in an effort to retain top performers in 2023.
For more information from the survey, please view the full research report.
Paychex 2023 Priority for Business Leaders survey was conducted through an online survey 23 august , September 1, 2022, among 450 business and human resource decision-makers at US companies with five to 500 employees. The survey is designed to assess business concerns, people management, leadership and personal challenges and outsourced HR among business leaders.
Paychex, Inc. (Nasdaq: PAYX) is a leading provider of integrated human capital management solutions for human resources, payroll, benefits and insurance services. By combining innovative software-as-a-service technology and mobility platforms with dedicated, personalized service, Paychex empowers business owners to focus on growing and managing their businesses. Backed by 50 years of industry expertise, Paychex serves over 730,000 payroll customers to date. May 31, 2022in America and europe, and pays one in every 12 American private sector employees. Learn more about Paychex paychex.com stay connected Twitter And linkedin,
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SOURCE Paychex, Inc.