Small Business Hiring Up According to TriNet SMBeat
TriNet’s monthly report reflects 20% increase in hiring and 14% decrease in turnover.
SAN LEANDRO, Calif. (February 9, 2011) Small businesses appear to be in hiring mode compared to a year ago, according to the SMBeat report released this month by TriNet, a leading provider of human resources services for small businesses. Hiring rates in January increased 20 percent above rates from 2010. SMBeat tracks payroll and hiring movements within TriNet’s base of approximately 3,000 small technology and services company customers.
- Improved Hiring Plans – Hiring rates are 20 percent above levels one year ago among the white-collar workforce in the technology, financial services, and professional services.
- Pocket change - Average compensation increased a mere 1.7 percent from January 2010 to 2011, but coupled with reduced FICA taxes, the average employee in report has over $3,000 of additional spending power – a positive indicator for U.S. consumer spending.
- Employees not budging - Voluntary and involuntary attrition was down 14 percent from January 2010 indicating fewer layoffs and more employees remaining with their current companies.
“The January increase in hiring rates reflects the general level of confidence among TriNet clients,” said Jimmy Franzone, TriNet’s vice president of corporate development. “Increases this early in the year are an important indicator of future hiring rates, as they reflect new budgets in place for the coming year.”
Additional details can be found online at http://www.trinet.com/smbeat.
The SMBeat is derived from anonymous payroll data from the thousands of TriNet small business customers and 100,000+ employees working in the technology, professional services, and financial services industries. Additional details can be found 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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