Asure Software,a leading provider of cloud-based Human Capital Management (“HCM”) software solutions and services, released its inaugural Small Business Human Resources (“HR”) Benchmark Report revealing a strong correlation between HR and company growth. The extensive survey of 2,065 companies analyzes how small businesses are embracing HR best practices and their corresponding rates of growth, exposing the link between rapid growth and employee-centric best practices.
The report summarizes the survey results for eight areas of HR across the employee lifecycle — Recruiting, Hiring, Onboarding, Compliance, Development, Performance Management, Retention, and Post Employment — and serves as a playbook on how to apply HR best practices across each of these areas to foster growth.
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“Our mission is to help our customers grow, so we wanted to explore the genuine connection between HR and revenue growth for a small business,” said Pat Goepel, Chairman and CEO for Asure. “This survey exposes the significant role HR can play in driving or hindering growth, spotlighting the need for small businesses to engage in HR best practices. Our HR Benchmark report is another tool to help businesses bridge the HR knowledge gap, empowering them to identify and implement growth-driving best practices for their organization.”
Contrasting the HR practices of survey respondents who identify as Fast Growth, Growth, Flat, and Down Year, the Small Business HR Benchmark Report serves as a prescriptive research guide and framework to help companies understand the impact of HR on growth, a perspective that’s especially of value with increasing market uncertainty and employee vulnerability trends like Quiet Quitting and The Big Stay. These market factors shine a light on the need to strategically invest in employee-centric HR, focusing on training and development as a key differentiator to attract stronger talent, experience greater engagement, improve employee retention, and ultimately drive company growth.
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By analyzing how small businesses are embracing Human Resources Management across the employee lifecycle this report presents a number of key findings including:
- SMBs that Prioritize HR Best Practices are More Likely to Experience Fast Growth.
- Fast Growth businesses consistently implement more than 80% of the HR best practices outlined in the report.
- There is a statistically significant .745 positive correlation between Down Year and Fast Growth companies who implement the HR best practices in the survey
- Prioritizing People Trumps Paperwork.
- 84% of Fast Growth companies implement an employee recognition program to ensure employees feel valued
- 67% of Down Year companies view HR as an administrative function, whereas Fast Growth companies look at it as a tool for growth and recruiting and retaining top talent
- 75% of Fast Growth companies frequently assign stretch assignments to employees vs. 34% of Down Year companies.
- 70% of Down Year companies DO NOT conduct stay interviews leaving them with a blind spot to the actual health of the company and its employees
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- Nearly 20% of all respondents admit they’re uncertain whether they’re compliant with FLSA requirements
- 38% of all respondents do not conduct sexual harassment training.
- One quarter of all businesses surveyed are at RISK and NOT certain if their job postings are compliant with federal, state, and local laws .Compliance Remains a Challenge.
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