Asure Releases 2024 HR Benchmark Report and Survey Results

Rhea-AI Summary

Asure (NASDAQ: ASUR), a major provider of cloud-based Human Capital Management (HCM) software, has released its 2024 HR Benchmark Report, focusing on small businesses. The report highlights that companies prioritizing HR best practices significantly outperform their peers. Surveying over 1,000 SMBs, it examines eight HR practices: recruiting, hiring, benefits, onboarding, development, compliance, retention, and post-employment. Key findings include that fast-growth companies adopt HR best practices at an 83% rate, compared to 64% for zero-growth firms. Competitive benefits like 401(k) plans and wellness programs are important in attracting and retaining talent, with 74% of fast-growth companies offering them versus 50% of zero-growth firms. Effective onboarding, investment in employee development, and strong compliance measures are also vital for business success.

Positive

• Fast-growth companies adopt HR best practices at an 83% rate, compared to 64% for zero-growth firms.
• 74% of fast-growth companies offer 401(k) plans, attracting talent and gaining tax credits.
• Wellness programs are provided by 74% of fast-growth companies, enhancing employee well-being and productivity.
• 80% of fast-growth firms invest in employee development, which includes regular training and leadership development.
• Strong compliance measures in fast-growth companies reduce legal risks and foster a stable business environment.

Negative

• None.

Small Business Growth Driven by Strategic HR Practices, New Report Reveals

AUSTIN, Texas, May 30, 2024 (GLOBE NEWSWIRE) -- Asure (NASDAQ: ASUR), a leading provider of cloud-based Human Capital Management (HCM) software solutions, announced today that it has released its annual HR Benchmark Report for small businesses. The report reveals that businesses prioritizing human resources (HR) best practices significantly outperform their peers, underscoring the critical role of strategic people management in fostering business success.

The comprehensive survey of more than 1,000 small and medium-sized businesses (SMBs), highlights the stark differences in HR practices between fast-growth and zero-growth companies. The report covers eight HR best practices, including recruiting and hiring, benefits, onboarding, development, compliance, retention, performance management, and post-employment practices.

The report details how specific HR strategies contribute to business success. For example, businesses offering 401(k) plans not only attract talent but also benefit from tax credits and compliance with state mandates. Similarly, wellness programs enhance employee well-being, reduce healthcare costs, and boost productivity.

Key Findings:

1. Strategic HR as a Growth Driver

Fast-growth companies are more likely to implement HR best practices across all categories, with an average of 83% adoption compared to 64% among zero-growth firms. This strategic approach to HR is linked to higher business performance and growth.

2. Importance of Benefits

Competitive benefits, such as 401(k) plans and wellness programs, are crucial for attracting and retaining top talent. The report reveals that 74% of fast-growth companies offer a 401(k) plan, compared to just 50% of zero-growth companies. Similarly, wellness programs are offered by 74% of fast-growth businesses, against 38% of their zero-growth counterparts.

3. Effective Onboarding

A well-structured onboarding process is vital for employee retention and productivity. Fast-growth companies are more likely to have formal onboarding programs, comprehensive checklists, and orientation processes, reducing the risk of early employee turnover.

4. Commitment to Development

Investment in employee development is a hallmark of fast-growth companies. These businesses provide regular training, leadership development, and opportunities for employees to stretch their skills. The report shows that 80% of fast-growth firms follow best practices in employee development, compared to less than half of zero-growth companies.

5. Compliance and Risk Management

Ensuring compliance with federal, state, and local laws is crucial for mitigating risks. Fast-growth companies prioritize compliance, reducing the likelihood of costly legal issues and fostering a stable business environment.

About the Survey
The 2024 HR Benchmark Survey by Asure involved over 1,000 SMB respondents, who answered 40 yes/no questions about their HR practices. The survey results highlight the correlation between HR best practices and business growth, providing actionable insights for SMBs aiming to enhance their HR strategies.

About Asure
Asure Software (NASDAQ: ASUR) provides cloud-based Human Capital Management (HCM) software solutions that assist organizations of all sizes in streamlining their HCM processes. Asure's suite of HCM solutions includes HR, payroll, time and attendance, benefits administration, payroll tax management, and talent management. The company's approach to HR compliance services incorporates AI technology to enhance scalability and efficiency while prioritizing client interactions. For more information, please visit www.asuresoftware.com. 

Contact Information:
Patrick McKillop 
Vice President, Investor Relations  
617-335-5058
patrick.mckillop@asuresoftware.com

FAQ

What is the key takeaway from Asure's 2024 HR Benchmark Report?

Companies prioritizing HR best practices significantly outperform their peers, with fast-growth firms adopting these practices at an 83% rate.

How do 401(k) plans impact small business growth according to Asure's report?

401(k) plans attract talent, offer tax credits, and comply with state mandates, with 74% of fast-growth companies offering them compared to 50% of zero-growth firms.

What role do wellness programs play in business success based on the 2024 HR Benchmark Report?

Wellness programs enhance employee well-being, reduce healthcare costs, and boost productivity, with 74% of fast-growth companies offering them versus 38% of zero-growth firms.

How important is onboarding in fast-growth companies according to the report?

A well-structured onboarding process is vital for employee retention and productivity, significantly reducing early employee turnover.

What HR practice do 80% of fast-growth firms prioritize?

80% of fast-growth firms prioritize employee development, including regular training and leadership development.

How do fast-growth companies handle compliance and risk management?

Fast-growth companies prioritize compliance with federal, state, and local laws to mitigate risks and foster a stable business environment.