Monthly Market Analysis Reveals North-South Employment Gap in California, Bay Area Technology Firms Keep Hiring While Southern California Biotechnology Slows Down
TriNet companies add new jobs at over 3x the rate of the national average; tech keeps hiring, biotech and finance slows
SAN LEANDRO, Calif. (February 20, 2013) – TriNet’s January SMBeat report, a detailed analysis of trends in key human capital economic indicators for small businesses of 50 – 500 employees, reveals that on a regional basis, the San Francisco Bay Area saw a net job increase of 1.2 percent, while key industries in other regions didn’t fare as well. Employment levels at Southern California biotechnology firms saw a net job decrease of 2.34 percent, and net jobs in the financial sector in New York City decreased 1.71 percent.
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The report also shows that small businesses that leverage TriNet’s HR outsourcing services as part of their business strategy tend to grow faster than their competitors. The net employment levels for small companies that are TriNet customers grew 1.17 percent in January, or more three-and-a-half times the national average. The rate is up slightly from December’s growth rate of 0.99 percent.
The U.S. Bureau of Labor Statistics announced the creation of 157,000 new jobs for the US economy in January. Translated to percentage terms, this represented a 0.34 percent increase over December employment levels.
Hiring rates at TriNet companies climbed 17.2 percent to a total of 1.17 percent in January, with terminations down slightly to 2.34 percent, split between 1.18 percent voluntary quits and 1.19 percent involuntary discharges, resulting in net improved job growth in January.
The complete SMBeat report is available here.
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 TriNetTriNet 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 http://www.trinet.com.
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