SurePayroll Small Business Scorecard®Shows Technology Driving Jobless Recovery
Small-business owners adapt to new online economy
GLENVIEW, Ill.--(BUSINESS WIRE)-- SurePayroll Inc., a leader in providing online payroll to small businesses nationwide, today announced results for the July 2013 SurePayroll Small Business Scorecard® showing optimism remaining high at 72 percent, up from a year-over-year low of 45 percent in September 2012. Month-over-month hiring was down 0.1 percent in July and the average paycheck was down 0.2 percent.
Results from the Scorecard survey indicate technology, rather than new hiring, is driving growth for small businesses, as 72 percent are doing more business online than they did a year ago. As many as 84 percent said using new tools such as their company websites, online advertising and software-as-a-service providers to streamline business has helped them grow.
"Technology seems to be driving this jobless recovery in the small business economy," said SurePayroll CEO and President Michael Alter. "We've seen this trend for a while now, and our data this month really supports the idea that small businesses are leveraging technology to be more efficient, and so they're able to grow without hiring."
The Scorecard survey also found that 73 percent of small businesses use the company website to sell products or services; 42 percent are using online advertising and 27 percent are using tablets to showcase products. More than 60 percent are using social media as well as online services to streamline business. Seventy-seven percent said the company website is effective for selling and 64 percent found the smartphone to be an effective tool.
Month-over-month SurePayroll Scorecard data showed hiring was down 0.1 percent and the average paycheck was down 0.2 percent. Hiring was down month over month in every region of the country except for the South, where it was up 0.1. Paychecks were flat month over month in the South and down across the rest of the country.
Year over year, nationwide hiring is down 1.7 percent and paychecks are down 0.1 percent. Year over year, the South is the only region where hiring is up at 1.5 percent and paychecks there are down 0.1 percent. The West shows a hiring decline of 3.2 percent, with paychecks down 0.7 percent. Hiring in the Midwest is down 3.0 percent and paychecks are positive, up 3.6 percent. In the Northeast, hiring is down 3.9 percent and paychecks are down 2.3 percent.
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 September 2004. SurePayroll's Scorecard compiles data from small businesses nationwide, and exclusively reflects the trends affecting the nation's "micro businesses" — those with an average of eight employees.
The full SurePayroll Small Business Scorecard infographic includes data for the top 35 MSAs. The July 2013 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. (NAS: PAYX) is a leading provider of payroll, human resource, insurance, 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 570,000 payroll clients as of May 31, 2013. For more information about Paychex and our products, visit www.paychex.com.
KEYWORDS: United States North America Illinois
The article SurePayroll Small Business Scorecard® Shows Technology Driving Jobless Recovery originally appeared on Fool.com.
Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
Copyright © 1995 - 2013 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.