Employers plan to rely on better human resources functions to leverage improved employee performance and productivity, according to a recent survey and infographic by Paychex Inc., a provider of payroll, HR and benefits outsourcing solutions for small- to medium-size businesses.
"Because of the new economic reality, American companies are doing more with less by focusing more of their time and resources on improving productivity and efficiency," says Martin Mucci, president and CEO of Paychex. "As our new infographic details, human resources are playing a greater role in maximizing productivity, and technology is one of the primary tools being used to make that happen."
To improve HR functions, 64 percent of respondents say they would substantially or modestly hire, and 25 percent of respondents say they would keep hiring at its current pace. Only 10 percent of respondents report that they would modestly cut back on hiring.
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Among the top motivators for hiring in the near future are increasing production and sales capacity at 54 percent, acquiring specialized management skills or experiences at 40 percent, and growing capacity in support functions at 18 percent.
Fifty-one percent of respondents say they agree strongly or agree somewhat that they will feel pressured to enhance their compensation and benefits packages in the next two years. Meanwhile, 55 percent of respondents say competition for qualified employees is moderate while 24 percent of respondents say it is intense. Competition for qualified employees is minimal among 18 percent of respondents.
In the next two years, 86 percent of respondents say they agree somewhat or agree strongly that attracting, developing and retaining qualified employees will be a crucial competitive advantage. Nine percent of respondents say they feel otherwise.
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