Paychex Study: SMB Leaders to Manage HR and Business Challenges with New Technology in 2024
28 11월 2023 - 11:00PM
Business Wire
Paychex, Inc., a leading provider of integrated human capital
management software solutions for human resources, employee
benefits, insurance services, and payroll, today shared the results
of the annual Priorities for Business Leaders survey, which
highlight a diverse set of challenges America’s business owners and
HR leaders are expecting to face in 2024 – and nearly all (98%)
will use artificial intelligence (AI) to help solve them.
The survey shows that 64% of companies said they spend over 570
hours a year and at least 11 hours per week on HR administration,
and annual spending for the largest business is as high as $350,000
on HR tasks such as processing payroll, administering benefits, and
tracking time.
Responses from the survey of 600 U.S. business and HR leaders
with 5-500 employees across industries and geographies show the
top business challenges respondents identified are:
- Rising interest rates (65%)
- Overall inflation (63%)
- Threat of an economic slowdown (63%)
Additionally, the top HR challenges for organizations
are:
- Risk management, such as managing workers’ compensation
(56%)
- Leadership development (54%)
- Attracting talent, total rewards, and offering competitive
benefits and compensation (53%)
“It’s clear that the expectations of business and HR leaders
continue to grow,” said Jeff Williams, vice president of enterprise
and HR Solutions at Paychex. “In addition to competing in a tight
labor market, macroeconomic pressures like rising healthcare and
other benefit costs are forcing many to rethink HR and benefits
strategies.
Other key survey insights include:
- Nearly all leaders (98%) expect to use artificial
intelligence (AI) in 2024. Eighty-five percent say they are
already using it, and less than 10% are concerned with AI risk.
- Currently, respondents are most commonly using it to:
- Automate workflow (41%)
- Grow sales (39%)
- Manage business intelligence and analytics (37%)
- Some of the new ways respondents are planning to implement AI
in the next 12 months are to:
- Support customer service (54%)
- Strengthen IT operations (53%)
- Screen resumes, tied with identifying potential candidates
(52%)
- People management is also a focus for leaders, with 53%
of leaders planning to optimize their benefits to attract and keep
high-quality employees, which is also the #1 retention tactic
(46%).
“Our study also found that organizations are spending more than
a quarter of the average 40-hour work week on administrative HR
tasks, costing them significant amounts of time and money,”
Williams added. “To offset these costs, almost all respondents said
they will lean on emerging technology like AI to lighten the load
on them, their employees, and the bottom line.”
Download the Research Highlights for more survey insights.
Survey Methodology
The “2024 Priorities of Business Leaders” survey by Paychex
yielded 600 responses from business and HR leaders in U.S.-based
companies employing 5 to 500 employees. The survey was conducted
online by Bredin, Inc. from August 1 through August 29, 2023.
About Paychex
Paychex, Inc. (Nasdaq: PAYX) is an industry-leading HCM company
delivering a full suite of technology and advisory services in
human resources, employee benefit solutions, insurance, and
payroll. The company serves approximately 740,000 customers in the
U.S. and Europe and pays one out of every 12 American private
sector employees. The more than 16,000 people at Paychex are
committed to helping businesses succeed and building thriving
communities where they work and live. Visit paychex.com to learn
more.
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version on businesswire.com: https://www.businesswire.com/news/home/20231128446813/en/
Media Contact Samantha Jean Public Relations Program
Manager II Paychex, Inc. +1 (585) 218-6086 skjean@paychex.com
@Paychex
Paychex (NASDAQ:PAYX)
과거 데이터 주식 차트
부터 4월(4) 2024 으로 5월(5) 2024
Paychex (NASDAQ:PAYX)
과거 데이터 주식 차트
부터 5월(5) 2023 으로 5월(5) 2024