Small Business Net Employment Growth Outpaces National Average
Net TriNet employment levels grow 0.66% in March, over 7x the national average, but down 40.9% from February.
SAN LEANDRO, Calif. (April 30, 2012) – TriNet’s SMBeat, a detailed analysis of trends in key human capital economic indicators for small businesses, reports that net employment levels grew .66 percent in March. The U.S. Bureau of Labor Statistics announced the creation of 120,000 new jobs for the US economy in March. Translated to percentage terms, this represented only a .09 percent increase over February employment levels. By contrast, TriNet’s SMBeat figure of 0.66 percent for this same period is more than sevenfold that of the national average.
The report also examined trends in the Personal Services industry which showed overall growth of +.91%. Personal services companies in California increased employment by 4.39% for Q1 and also boasted the highest average annual salary of in the nation at $88,500. Texas also showed employment growth 1.99 percent for Q1, with average salaries at $72,200. The only additional TriNet industry sector adding jobs at a rate above the TriNet average during March was Information Technology at +1.9%.
During March, overall hiring rates at TriNet companies slid 14.8 percent to 2.8 percent. Total terminations decreased 1.7 percent to 2.04 percent (split between 1.27 percent voluntary quits and 0.89 percent involuntary discharges). The net job growth rate of 0.66% is primarily the result of a falling hiring rate versus a flat termination rate.
The complete report is available here.
About SMBeatSMBeat 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 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.
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