SurePayroll Small Business Scorecard®: Small Business Employee Pay Gets a Bump
After Profitable First Half, Small Businesses Reward Employees
July 23, 2014 // Franchising.com // GLENVIEW, IL - Employees of the nation's small businesses saw their average paychecks rise for the first time this year, according to the July 2014 SurePayroll Small Business Scorecard. SurePayroll Inc., a leader in providing online payroll to small businesses nationwide, today announced results for the Scorecard, which saw the average paycheck rise 0.2 percent in July after being down throughout 2014.
The average paycheck increase comes on the heels of a profitable first half of the year for small businesses. The Scorecard optimism survey found in June that 62 percent of small businesses were profitable in the first half. Close to seven in 10 (68 percent) also say they're optimistic about the small business economy.
"Small business owners have done a great job maximizing their resources ever since the recession, and as they reap the profits for that, it appears they're starting to reward employees with some extra cash," said SurePayroll General Manager Andy Roe.
Small businesses have used a variety of tactics to strengthen themselves since the recession, according to the latest Scorecard optimism survey. The top tactics small business owners said were most important included increased marketing efforts; key hires; leaner staffs; using technology to streamline business and save cash; and planning around an environmnet of slow growth.
"Ultimately, what we want to see for the economy is more hiring, more growth and more people spending on Main Street," said Roe. "In the meantime, it's encouraging to see the boost in the average paycheck, whether that's from more opportunities for overtime, bonuses, or raises.
After being flat in June, hiring slipped 0.2 percent in July nationwide. Regionally, it was flat in South; down 0.4 percent in Midwest and Northeast; and down 0.1 percent in the West.
The average paycheck was up across the board regionally: 0.4 percent in the Midwest; 0.2 percent in the South; and 0.1 percent in the Northeast and West.
As the first economic indicator created by a payroll company, the SurePayroll Scorecard has provided a monthly look at national hiring and paycheck trends since October 2004. SurePayroll's Scorecard compiles data from small businesses nationwide, and exclusively reflects the trends affecting the nation's "micro businesses" - those with 1-10 employees. The average business reflected has six employees.
The full SurePayroll Small Business Scorecard – Main Street Matters infographic includes data for SurePayroll's top MSAs. The July 2014 Scorecard is available now on the SurePayroll blog.
SurePayroll is the trusted provider of easy online payroll services to small businesses nationwide. Whether a business has 1, 10, or 100 employees, SurePayroll delivers peace of mind by combining innovative, industry-leading technology and personalized support from an award-winning, U.S.-based customer care team. SurePayroll also provides private-label and co-branded services for accountants and banking partners as well as offering efficient online solutions for managing 401(k) plans, health insurance, workers' compensation, employee screening and more. SurePayroll is a wholly owned subsidiary of Paychex. For more information, please visit www.SurePayroll.com. Follow us on Twitter - Circle us on Google+ - Connect with us on LinkedIn - Like us on Facebook.
Paychex, Inc. (NASDAQ:PAYX) is a leading provider of payroll, human resource, and benefits outsourcing solutions for small- to medium-sized businesses. The company offers comprehensive payroll services, including payroll processing, payroll tax administration, and employee pay services, including direct deposit, check signing, and Readychex®. Human resource services include 401(k) plan recordkeeping, section 125 plans, a professional employer organization, time and attendance solutions, and other administrative services for business. A variety of business insurance products, including group health and workers' compensation, are made available through Paychex Insurance Agency, Inc. Paychex was founded in 1971. With headquarters in Rochester, New York, the company has more than 100 offices serving approximately 580,000 payroll clients as of May 31, 2014. For more information about Paychex and our products, visit www.paychex.com.