Posted: Jan 05, 2016
The Business Trend Survey by the Employers Association of America shows several distinctions for the Northeast region in regulatory compliance, investment and staffing. Results from this comprehensive survey of 1,242 organizations, covering 2,814 employer locations and 45 US states, indicate that the majority of executives surveyed remain optimistic for 2016, are confident they will award pay increases, will provide a heightened emphasis on recruiting, and plan to increase training budgets that focus on developing their existing employees. See summary of national data here.
"Here in the Northeast, we certainly understand that regulatory compliance is a concern and we are heartened to see more companies looking to increase staff," states Meredith Wise, President of the Employers Association of the NorthEast. "We are also encouraged by the commitment of businesses in the Northeast to technology, processes and people."
The top three distinctions for the Northeast from the findings appear to be:
1. Regulatory compliance is a bigger concern.
In comparison to the national average, Northeast companies view the cost of regulatory compliance as a greater challenge, both in the short term and long term. The data shows 32% of the Northeast regional responses expressing concern in the short term vs. 27% of the national responses. On a long-term basis, 42% of the Northeast regional responses see regulatory compliance as a serious challenge whereas nationally the average checks in at 34%.
2. There is a greater commitment to invest in technology, processes and people.
There appears to be a greater consensus on the part of Northeastern business to invest in technology equipment, lean and other process improvements as well as invest in training. All measures were responded to more favorably and at a higher rate than in comparison to the national norms. Overall, 70% of executives surveyed in the Northeast said they would be making new investments in people, facilities and/or equipment in 2016 vs. only 62% nationally.
3. More companies are looking to add staff:
While the majority of surveyed executives indicated that they would be increasing staff in 2016, a greater percentage of Northeastern executives -- 59%) --plan on adding staff when compared to the national norm of 52%.
To learn more, contact Meredith Wise