Nearly 86% of small business owners say their companies are either growing as predicted or at a faster pace than forecast at the beginning of the year, according to the results of a Business Confidence Survey released by Administaff.
A comparison of first-quarter data against the same period in 2006 shows that average compensation is up 6.6%, and overtime pay is running 9.7% of regular pay. More than half (58%) said the biggest issue they face this year is “hiring the right new employees,” while 40% said the cost of medical coverage/insurance was a major concern. Other issues cited by respondents were as follows:
- Economic conditions
- Increased business competition
- Employee retention
- High cost of fuel
- Regulatory compliance
- Immigration issues
Despite those challenges, most of the respondents expressed confidence in the current business climate.
Administaff conducted the survey in late April over a three-day period. Researchers surveyed chief executive officers, chief financial officers and other executives in a variety of industries at its client companies across the United States.
Administaff is professional employer organization (PEO), serving as a full-service human resources department that provides small and medium-sized businesses with administrative relief, big-company benefits, reduced liabilities and a systematic way to improve productivity. You can find out more at www.administaff.com