Seventy percent of business leaders anticipate their revenue will increase year-to-year, according to a survey of 450 businesses with five to 500 employees by Paychex Inc. Inflation (72%) is the number one business concern regardless of company size, followed by the economy (57%) and interest rates (44%). Staffing (46%) is the top operational challenge, in addition to the supply chain (38%) and keeping technology current (33%).
Roughly half of the leaders of businesses with 10 to 500 employees expect attracting and retaining top talent will become more challenging in the next 12 months, with employee development, operational efficiencies, and managing the hiring process also increasingly challenging. To boost retention, companies say they will increase pay (45%), enact policies that encourage healthier work-life balance among employees (36%), and improve their benefits offerings (35%).
This article originally appeared on prnewswire.com. Use this link to see the full article: Business Leaders Optimistic for 2023 According to Paychex Survey