When the purpose of any business is to make money, time-saving and affordable management solutions are always at the forefront of people’s minds. When it comes to the acquisition of independent contractors or contingent payroll it’s important to keep an open mind and learn more about the spending and calculating trends of other businesses. Below are a list of useful statistics and common hiring habits to better fuel your own workforce management solutions and create maximum efficiency no matter your employee structure, finances or goal.
Hiring Trends In The U.S.
Around 90% of firms use either freelance or contracted talent, with 66% of independent contractors generally working full-time hours. A recent survey found that companies will spend up to $3,500 on each candidate they recruit, which can cover everything from training hours to necessary tools or professional equipment. When it comes to employee satisfaction, only 7.5% of self-employed workers and 9.4% of independent contractors would be willing to switch if given the option.
The more employees there are in a company, the longer it takes to hire — it’s estimated that companies with over 5,000 workers can take up to two months to hire new people. Over 90% of job seekers find transparency the most important aspect of any business or company, followed closely by compensation and benefits.
Vacation, Sick Leave And Benefits
The standard amount of paid vacation through modern labor laws is usually two weeks, though this is usually after a few years of consistent employment. According to the Bureau of Labor Statistics, benefits can take up to 30% of general employee costs. The Society For Human Resource Management (SHRM) found that the number one factor in job satisfaction for employees is general compensation, with 60% citing benefits and security as extremely important.
Payroll, while an essential function at the end of the day, can still take up a significant chunk of time. One in four businesses report spending upwards to six hours per month calculating internal payroll. To create a business in good financial standing it’s recommended that you limit your payroll expenses to 30% or less of your total gross income. No matter your goal or personal time-frame, anything can be achieved with effective and flexible workforce planning.