Press Releases

California Biotechnology and Technology Firms Seeing Continued Job Gains While Hiring Stalls at New York-Based Finance Companies

TriNet Member Companies Now Creating Jobs at Rate Equal to Eight Times National Average

SAN LEANDRO, Calif. (January 22, 2013) – TriNet's SMBeat, a detailed analysis of trends in key human capital economic indicators for small businesses, reports that net TriNet employment levels grew 0.95 percent in December, or more than eight times the national average. The rate is up slightly from November's growth rate of 0.27 percent.

On a regional basis, in December, employment levels at Southern California biotechnology firms saw a net job increase of 1.24 percent, and San Francisco Bay Area saw a net job increase of 1.2 percent, while net jobs at finance companies in New York City decreased 2.79 percent.

The U.S. Bureau of Labor Statistics announced the creation of 155,000 new jobs for the US economy in December. Translated to percentage terms, this represented only a 0.12 percent increase over November employment levels. By contrast, TriNet member company employment levels increased 0.95 percent in December, or more than eight times the national average.

Hiring rates at TriNet companies climbed 24 percent to a total of 3.42 percent in December, with terminations decreasing slightly to 2.5 percent, split between 1.25 percent voluntary quits and 1.25 percent involuntary discharges, resulting in net improved job growth in December.

The complete SMBeat report is available here.

About SMBeat

SMBeat provides a detailed analysis and a predictive forecast for trends in key human capital economic indicators for small businesses. All reported statistics are seasonally adjusted unless otherwise indicated. All reported months begin 7 days prior to the beginning of the current calendar month and end 7 days prior to the beginning of the next calendar month. TriNet generates payroll information by tracking real-time movements within its base of approximately 5,000 entrepreneurial businesses whose employees earn approximately $100,000 in annual base salary. These companies fall primarily into three broad industry segments: technology, professional services, and financial services. SMBeat aggregates and reports data reflecting compensation, hiring and retention (both involuntary terminations and voluntary resignations), and also provides ongoing analysis of contributing factors to these trends, including regional, industry and seasonal variables. Additional details can be found on the company's SMBeat web page. Technical questions can be submitted via email to smbeat@trinet.com.

About TriNet

TriNet is a trusted strategic HR partner to small businesses, providing critical HR-related services on an outsourced basis. TriNet's solutions help contain costs, minimize employer-related risks, and relieve administrative burden to keep an entrepreneur's focus on their core business functions. From employee benefits service and payroll processing to high-level human capital consulting, TriNet's professional employer organization (PEO) expertise is integrated with every facet of a client's business. TriNet specializes in serving fast-moving companies in fields such as technology and financial services, who recognize that top-quality employees are the most critical competitive asset. For more information, please visit https://www.trinet.com.

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