Express Employment Professionals | 3515 W. Two Mile House Rd Columbus, IN 47201

YOUR ENDANGERED BUSINESS

YOUR ENDANGERED BUSINESS

Are you prepared to respond to the top five threats facing businesses in a new economic environment?

Success in business hinges on the ability to anticipate, respond, and adapt to threats. The old economy was embodied by large companies facing limited competition in stable markets with significant barriers to competition. The new economy is about economic dynamism and competition, embodied by the fast-growing, entrepreneurial spirit.

Threat 1: Inability to Innovate

If you don’t have the best talent, you will not survive today. In the new economy, your workforce is critical to increasing productivity, fostering innovation, and survival.

  • According to a study by the Aberdeen Group, 83% of companies cite shortage of talent as their number one pressure in 2011.
  • 54% of companies reported losing talent during the first half of 2010.
  • 60% of employees plan to pursue new job opportunities as the economy improves.

Threat 2: Losing Your Competitive Advantage

A critical differentiator for business survival in today’s competitive marketplace is employee engagement. Workers who are passionate about their jobs are more engaged and more likely to generate value for their companies.

  • National trends indicate disengaged employees’ lost productivity could cost 34% per $10,000 of salary.
  • Employee disengagement costs businesses $328 billion every year.
  • 50% of hourly workers leave a company before they have been on the job for six months.

Threat 3: High Costs of Reckless Hiring

How much can you afford to lose? Conservative estimates show turnover can cost as much as three times an employee’s annual salary. Job fit is not a “nice-to-have,” it’s a must for survival.

  • 80% of turnover is a result of mistakes made in hiring.
  • 60-72% of a company’s expenditures are labor related.
  • Hiring costs alone can be as much as 20% of an employee’s salary.

Threat 4: Poor Leadership & Communication

Not only do companies need to be concerned about the battle for new talent, but also about retaining their current employees. To survive, it’s essential that businesses secure the maximum return from their investment in employees.

  • 50% of organizations surveyed feel their executives have a gap in leadership level skills.
  • Two-thirds of companies are more concerned about retention now than they were before the economic crisis.
  • In December 2010, the number of employees voluntarily quitting their jobs had eclipsed the number terminated through layoffs and other types of discharges.

Threat 5: Regulatory Nightmares

Regulatory agencies enact more than 3,500 new regulations in an average year. One of the current worries among businesses is the uncertainty surrounding regulation causing business decision-making and planning to stall.

  • Last year, federal regulations cost businesses over $1.75 trillion.
  • In an effort to recover more than $7 billion in lost payroll tax revenues, the government is aggressively auditing businesses’ wage and hour practices.
  • Immigration and customs enforcement has recently increased, issuing some employers fines of over $1 million.

Fortunately, you don’t have to face these threats alone.

In the course of our more than 25-year history, Express has survived many difficult economic challenges and has emerged stronger than ever each time. By choosing to work with Express, you are choosing to work with a company with the proven experience and expertise to help improve performance, increase efficiency, create greater flexibility, reduce operating costs, and ultimately ensure your company’s future growth.