- 39% plan to add new employees, down
from 50% in January
- 57% maintain staffing levels, up from
47% last survey
- 60% expect sales increase in 2014, down
from 66% previously
- 44% unsure when to expect economic
upturn versus 37% last survey
Small business owners maintain a positive outlook but are
moderating the aggressive economic plans they voiced in January,
according to the most recent Business Confidence Survey released
today by Insperity, Inc. (NYSE: NSP), a leading provider of human
resources and business performance solutions for America’s best
businesses. A more conservative 39 percent now plan to add
employees compared to 50 percent in January; 57 percent are
maintaining current staffing levels versus 47 percent last quarter;
and just over 4 percent are planning layoffs, compared to 3 percent
in January.
Insperity also announced compensation metrics from its base
of 5,300 small and medium-sized Workforce
Optimization® clients. Average compensation for the first
quarter 2014 increased 1.2 percent over the first quarter of 2013,
while bonuses were down 5.1 percent compared to the 2013 period.
Average commissions received by worksite employees reflected an
increase of 3.0 percent. Overtime pay was 9.4 percent of regular
pay, below the 10 percent level that generally indicates a need for
additional employees, but up from 8.6 percent in the first quarter
of 2013.
According to the survey, 79 percent of respondents expect to
meet or exceed the 2014 performance objectives they set in January,
down from 92 percent in the last survey; while 21 percent expect to
do worse in 2014, more than doubling the 8 percent from three
months ago. Concerning the timing of an economic rebound, 33
percent think one is currently in process versus 38 percent in
January; 17 percent expect a rebound in the third quarter of 2014
or later, and 44 percent are unsure versus 37 percent in
January.
“The optimistic 2014 outlook from our business owners in January
is still present, but has been moderated by the ongoing realities
of a challenging economy,” said Paul J. Sarvadi, Insperity chairman
and chief executive officer. “True to form, businesses seem to be
doing all they can to move ahead while balancing economic
opportunity with the restraints of increasing government
regulation, which was the top long-term concern named by our survey
respondents.”
The list of short-term concerns is led by the economy, according
to 51 percent of survey respondents; tied for second place are
hiring the right people and rising health care costs at 46 percent.
National health care reform is listed a close fourth by 45 percent
of respondents. Government expansion again topped the list of
long-term concerns at 57 percent; potential tax increases came in
at 55 percent; the federal deficit at 52 percent; and the economy
by 44 percent.
When asked about their pipelines for new business through 2014,
60 percent of survey respondents expect sales to increase, down
from 66 percent in January; 28 percent anticipate no change versus
25 percent last quarter; 6 percent predict decreasing sales and 6
percent are unsure.
The survey results show that 29 percent plan to increase
employee compensation, down from 46 percent in January; 60 percent
plan to maintain compensation at current levels, up sharply from 43
percent last quarter; 1 percent again expect decreases; and 11
percent are unsure.
Concerning their current profit-generating activities, 69
percent list selling new accounts and 65 percent cite increased
service to existing clients. This was followed by 50 percent who
indicate adding new services or products, and 34 percent list
investing in new improvements. All of these responses were little
changed from the first quarter survey.
Insperity conducted the survey April 8-10, 2014, of chief
executive officers, chief financial officers and other executives
in a variety of industries from its base of approximately 5,300
Workforce Optimization clients throughout the United States. The
overall sampling error of the national survey is +/- 4.6 percent at
the 95 percent confidence level.
Insperity, a trusted advisor to America’s best businesses for
more than 28 years, provides an array of human resources and
business solutions designed to help improve business performance.
Insperity® Business Performance Advisors offer the most
comprehensive suite of products and services available in the
marketplace. Insperity delivers administrative relief, better
benefits, reduced liabilities and a systematic way to improve
productivity through its premier Workforce Optimization solution.
Additional company offerings include Human Capital Management,
Payroll Services, Time and Attendance, Performance Management,
Organizational Planning, Recruiting Services, Employment Screening,
Financial Services, Expense Management, Retirement Services and
Insurance Services. Insperity business performance solutions
support more than 100,000 businesses with over 2 million employees.
With 2013 revenues of $2.3 billion, Insperity operates in 57
offices throughout the United States. For more information, visit
http://www.insperity.com.
The statements contained herein that are not historical facts
are forward-looking statements within the meaning of the federal
securities laws (Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934). You can
identify such forward-looking statements by the words “expects,”
“intends,” “plans,” “projects,” “believes,” “estimates,” “likely,”
“possibly,” “probably,” “goal,” “opportunity,” “objective,”
“target,” “assume,” “outlook,” “guidance,” “predicts,” “appears,”
“indicator” and similar expressions. Forward-looking statements
involve a number of risks and uncertainties. In the normal course
of business, Insperity, Inc., in an effort to help keep our
stockholders and the public informed about our operations, may from
time to time issue such forward-looking statements, either orally
or in writing. Generally, these statements relate to business plans
or strategies, projected or anticipated benefits or other
consequences of such plans or strategies, or projections involving
anticipated revenues, earnings, unit growth, profit per worksite
employee, pricing, operating expenses or other aspects of operating
results. We base the forward-looking statements on our
expectations, estimates and projections at the time such statements
are made. These statements are not guarantees of future performance
and involve risks and uncertainties that we cannot predict. In
addition, we have based many of these forward-looking statements on
assumptions about future events that may prove to be inaccurate.
Therefore, the actual results of the future events described in
such forward-looking statements could differ materially from those
stated in such forward-looking statements. Among the factors that
could cause actual results to differ materially are: (i) adverse
economic conditions; (ii) regulatory and tax developments and
possible adverse application of various federal, state and local
regulations; (iii) the ability to secure competitive replacement
contracts for health insurance and workers’ compensation contracts
at expiration of current contracts; (iv) increases in health
insurance costs and workers’ compensation rates and underlying
claims trends, health care reform, financial solvency of workers’
compensation carriers, other insurers or financial institutions,
state and federal unemployment tax rates, liabilities for employee
and client actions or payroll-related claims; (v) failure to manage
growth of our operations and the effectiveness of our sales and
marketing efforts; (vi) changes in the competitive environment in
the PEO industry, including the entrance of new competitors and our
ability to renew or replace client companies; (vii) our liability
for worksite employee payroll, payroll taxes and benefits costs;
(viii) our liability for disclosure of sensitive or private
information; (ix) our ability to integrate or realize expected
returns on our acquisitions; (x) failure of our information
technology systems; and (xi) an adverse final judgment or
settlement of claims against Insperity. These factors are discussed
in further detail in Insperity’s filings with the U.S. Securities
and Exchange Commission. Any of these factors, or a combination of
such factors, could materially affect the results of our operations
and whether forward-looking statements we make ultimately prove to
be accurate.
Except to the extent otherwise required by federal securities
law, we do not undertake any obligation to update our
forward-looking statements to reflect events or circumstances after
the date they are made or to reflect the occurrence of
unanticipated events.
Insperity, Inc.Investor Relations Contact:Douglas S.
Sharp, 281-348-3232Senior Vice President of Finance,Chief Financial
Officer and TreasurerorNews Media Contact:Jason Cutbirth,
281-312-3085Senior Vice President of
Marketingjason.cutbirth@insperity.com
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