Small Business Hiring Rates Rise 30 Percent
TriNet’s monthly report reflects cautious optimism for small, growth-oriented businesses.
SAN LEANDRO, Calif. (Jan. 24, 2011) – Small business hiring rates have risen nearly 30 percent year-over-year according to TriNet’s SMBeat, a monthly report covering key human capital economic indicators for small technology and services companies. December’s data also showed rising employment tenure as well as wage growth of 1.3 percent.
The SMBeat predicts economic trends in hiring and retention for small businesses in the technology and professional services industries. TriNet tracks movements within its base of approximately 3,000 clients and assesses trends based upon regional, industry and seasonal variables.
“Our data present a modestly optimistic perspective on economic growth for small businesses in our primary markets,” said Jimmy Franzone, TriNet’s vice president of corporate development. “We expect these growth trends to continue through the year, as we have seen a general improvement in key business indicators over the past two quarters.”
SMBeat key findings for the month of December:
- Hiring – increased 29.2 percent year-over-year
- Retention – decreased 0.2 percent year-over-year
- Employee Tenure – increased 0.8 years year-over year
- Compensation – increased 1.3 percent year-over-year
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TriNet developed SMBeat with real-time data from thousands of companies, ranging from 10-150 employees, and earning approximately $100,000 in annual base salary. These companies fall primarily into three broad industry segments: technology, professional services, and financial services (NAICS codes 5XXXXX). SMBeat aggregates and reports data reflecting hiring and retention (both involuntary terminations and voluntary employee departures). SMBeat is available on a monthly basis with updated figures and projections based on current payroll and HR data compiled as of the 23rd of each month. Additional details can be found online at http://www.trinet.com/smbeat.
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 routine 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.
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