What keeps small and mid-size business owners up at night? What are their biggest headaches? Are they still able to grow their business in these turbulent times?
Answers to these questions and more were revealed in the National Association of Professional Employer Organizations (NAPEO) annual survey of 500-plus small and mid-size business (SMB) owners and executives conducted in November 2022. The predominant theme throughout was the management of their workforce.
Top Challenges
Many of these concerns go hand-in-hand. For example, providing good benefits helps both attraction and retention of talent. The more satisfied and safer they feel, the more likely they are to show up produce at a higher level.
Critical Concerns
Concerns around personnel have more than doubled in the last two years, and even outweigh economic angst in what some consider to be a recession.
How Can a PEO Help?
One of the easiest and most effective ways to relieve pressure around personnel issues is to outsource HR-related functions to a PEO. Two out of every three SMB’s outsource their benefits, and half say they did it to save time and regain focus on the core business.
PEO’s Enhance Growth
Businesses that partner with a PEO continue to have a double-digit advantage in growth on those that don’t, and the trend is expected to continue in 2023.
With the majority of the challenges and concerns transferred to the PEO, you can see in the numbers how business leaders have more time and energy to focus on driving growth and revenue, and maintaining a strong workforce. But don’t just take our word on it. Here’s why nearly 200 SMBs chose to partner with a PEO.
PEO Benefits
If you’re interested in outsourcing your challenges and returning your focus to core business operations, contact us to learn more about how we can help.
Source: NAPEO Market Research Tracking Survey Report, conducted by Povaddo in November 2022. (report access exclusive to NAPEO Members)
