Insight Performance to Host Webinar Addressing Growing Business Optimism
DEDHAM, Mass. – Jan. 20, 2011 – According to a survey released today by Insight Performance, Inc., a strategic human resources (HR) consulting firm, and SBANE (Smaller Business Association of New England), 93% of small and mid-sized businesses plan to retain staff levels and add new hires, while only 5% anticipate the possibility of layoffs this year. The Small Business and Human Resources 2011 Outlook Survey also found that 38% of companies plan to offer base-pay raises, as optimism for business conditions increases to 80% for 2011.
“The survey shows that small and mid-sized businesses see the business climate turning around,” said Nancy R. Mobley, Founder and CEO, Insight Performance, Inc. “Despite last year’s economy, many companies not only retained staff levels, but also added employees. This trend is expected to continue in 2011, as companies continue to recognize that their employees are integral to business growth.”
The survey reflects the mood of the small and mid-sized business community in New England as it optimistically plans for a return to business growth. It also identified the following business trends:
- Staff retention and hiring remains a key area of focus. According to 2010 actual figures, 84% of companies either retained staffing levels or added employees. In 2011, companies expect to increase this number by 10%, with 93% planning to retain or increase staffing levels.
- Salary freezes subside. While 38% of companies are planning base-pay increases in 2011, as compared to 43% projected for 2010, only 23% are planning to freeze base pay this year, as compared to 41% in 2010.
- Companies expect benefit costs to rise. Eighty-six percent of respondents anticipate that their companies’ costs for benefits will be higher than 2010, with average cost increases expected to be 11% higher. Forty-seven percent expect an employee’s benefit costs to rise. The average expected increase is 14% higher than last year.
- Companies see employee morale on the rise. Eighty-three percent of companies feel that their employees are confident about their jobs, compared to 47% last year.
The survey polled small and mid-sized New England companies with on average, less than 50 employees and annual revenues of $20 million or less.
Insight Performance will be hosting a webinar, “The Small Business and Human Resources 2011 Outlook Survey Debrief Session,” on Thursday, Feb. 10, 2011, from 11:30 a.m. to 12:30 p.m. EST, to present the implications of the survey. To register, or for more information, visit https://www3.gotomeeting.com/register/769904334 or contact Insight Performance at 781-326-8201.
The Smaller Business Association of New England, Inc. (SBANE)
SBANE, founded in 1938, is a private not-for-profit association of approximately 800 member companies located throughout the six-state region. SBANE was established to provide a legislative voice for small business at the state and federal levels and to make practical information available to help business owners grow their companies. SBANE runs diverse, educational programs each year, addressing a range of topics from international trade to human resources. Additional information can be found at www.sbane.org
About Insight Performance, Inc.
Founded in 1995, Insight Performance, Inc. is a strategic human resources consulting firm that works with small and mid-sized companies to build exceptional workplaces. The firm, based in Dedham, Mass., provides proven and cost-effective HR solutions to help companies, in a wide range of industries, solve real-world problems and achieve their business goals. Insight Performance has won 16 awards in six years including: one of the top five companies in “Best Place to Work in Massachusetts,” national recipient of Employer of the Year, national recipient of Best Overall Company of the Year for Service Businesses (under 100 employees), and national finalist for Best Human Resources Organization. Additional information can be found at www.insightperformance.com.
Pardes Communications, Inc.