Job Growth Crawls for Small Financial Services Firms
TriNet’s SMBeat reports that small financial services companies are still struggling to grow employment with net February job losses in Connecticut and New Jersey of -1.4%.
SAN LEANDRO, Calif. (March 26, 2012) – TriNet’s SMBeat reports that small financial services companies are still struggling to grow employment with net February job losses in Connecticut and New Jersey of -1.4%. New York firms also saw job losses of -.5% with most other states showing essentially 0% net change. The only signs of improvement were in Illinois and Texas at +0.7% and +0.1% respectively. For average financial service salaries, Connecticut leads the way at $129K followed closely by New York at $128K. Massachusetts and California come next both in the mid-$123K range.
Switching focus to overall employment trends, the U.S. Bureau of Labor Statistics announced the creation of 227,000 new jobs for the US economy in February. Translated to percentage terms, this represented only a 0.17% increase over January employment levels. By contrast, TriNet member company employment levels increased 1.2%, nearly sevenfold that of the national average.
TriNet industry sectors adding jobs at a rate above the TriNet average included only Information Technology (+1.6%) this month.
Hiring rates at TriNet companies slid 5.0% down to 3.33% for February. Total terminations increased 3.1% to 2.13%, split between 1.18% voluntary quits and 0.98% involuntary discharges. This increase in terminations and decrease in hiring resulted in a slowing job creation rate of 1.20%, down 16.7% from January.
The complete 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 http://www.trinet.com/smbeat. Technical questions can be submitted via email to firstname.lastname@example.org.
About TriNet TriNet is a trusted 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 core business functions. From employee benefits service and payroll processing to high-level human capital consulting, TriNet's 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 http://www.trinet.com.
Contact: Jason Langhoff, 510.875.7433, Jason.Langhoff@trinet.com
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