Annual survey of business and HR decision makers reveals HR priorities and workforce trends for the evolving workplace
ROCHESTER, NY, January 18, 2023 /PRNewswire/ — Paychex, Inc., a leading provider of HR technology solutions for human resources, payroll, benefits and insurance services, today announced the results of its fifth annual Priorities for Business Leaders survey. The 2023 findings—reflecting the sentiments of 450 companies employing between five and 500 employees across the US—highlight the issues that are top of mind for leaders in today’s complicated economic, regulatory and labor environment.
According to the survey, 85% of business leaders said they expect their income to increase year over year. However, they reported that the challenges of the past three years have contributed to continued stress. The research showed the following:
- Inflation (72%) is the number one business concern regardless of company size. This is followed by the economy (57%) and interest rates (44%).
- Staffing (46%) is the biggest operational challenge, along with supply chain (38%) and technology maintenance (33%).
- About half of business leaders with 10-500 employees expect attracting and retaining top talent to become more of a challenge in the next 12 months, with increasing challenges to employee development, operational efficiency and managing the hiring process.
- Twenty-three percent of leaders find it extremely or very challenging to maintain compliance with laws or regulations. One in four (25%) business leaders expect this to be a bigger challenge in the coming year.
“We regularly conduct research like this annual Business Priorities Survey to identify the top challenges that keep business leaders up at night and the trends affecting the evolving workforce to provide solutions that can make a real difference to the American companies we support,” he said. Maureen Lallyvice president of marketing at Paychex. “The 2023 survey results confirmed that access to funds due to economic factors will continue to be a challenge for business and people leaders as they enter the new year. With our solutions, such as Paychex Employee Retention Tax Credit (ERTC) service and our HR advisory support, Paychex is well positioned to help companies access the funding and tools they need to succeed in 2023.”
Outsourcing HR results in fewer mistakes
The report found that leaders who chose to outsource their HR in 2022 benefited from improved accuracy, increased productivity, more reliable analytics and reporting, improved compliance and reduced costs. The number one advantage for managers who engaged HR administration was fewer errors, as stated by 51% of respondents. More than half of leaders (55%) said they had not outsourced HR processes in 2022, and 38% said they were likely to explore the option in 2023 for HR functions including payroll administration, benefits, recruiting and onboarding, and maintaining compliance. regulations.
Employee retention and engagement tactics
Survey respondents said they plan to optimize recruitment and retention strategies in the coming year. To increase retention, companies say they will:
- Increase your salary (45%).
- Enact policies that encourage a healthier balance between work and private life among employees (36%).
- Improve the offer of benefits (35%).
They also indicated that they plan to prioritize communication, offer skills development opportunities, invest in new technology and conduct retention interviews in an effort to retain top performers in 2023.
For more insights from the survey, see the full research report.
Survey methodology
The Paychex 2023 Priorities for Business Leaders survey was conducted via an online survey from August 23 – September 1, 2022, among 450 business and HR decision makers in US companies with five to 500 employees. The survey was designed to assess business issues, people management, leadership and personal challenges, and external human resources among business leaders.
About Paychex
Paychex, Inc. (Nasdaq: PAYX) is a leading provider of integrated human capital management solutions for human resources, payroll, benefits and insurance services. By combining innovative software-as-a-service technology and a mobility platform with dedicated, personal service, Paychex allows business owners to focus on growing and managing their business. Backed by 50 years of industry expertise, Paychex serves more than 730,000 payroll clients from May 31, 2022in the USA and Europe, and pays one out of every 12 American private sector employees. Learn more about Paychex by visiting www.paychex.com and stay connected Twitter and LinkedIn.
Media contact
Chelsea Wernick
Program manager for public relations II
Paychex, Inc.
(585) 216-2974
[email protected]
SOURCE Paychex, Inc.
