Asure publishes HR 2024 benchmarking report and survey results

Small business growth driven by strategic HR practices, new report shows

AUSTIN, Texas, May 30, 2024 (GLOBE NEWSWIRE) — Asure (NASDAQ: ASUR), a leading provider of cloud-based human capital management (HCM) software solutions, today announced that it has released its annual HR for Small Business Benchmarking Report . The report shows that companies that prioritize human resources (HR) best practices significantly outperform their competitors, highlighting the critical role of strategic people management in supporting business success.

A comprehensive survey of over 1,000 small and medium-sized enterprises (SMEs) highlights stark differences in HR practices between fast-growth and zero-growth companies. The report covers eight HR best practices, including recruiting and hiring, benefits, onboarding, development, compliance, retention, performance management and post-employment practices.

The report details how specific HR strategies contribute to business success. For example, companies that offer 401(k) plans not only attract talent, but also benefit from tax benefits and compliance with state mandates. Likewise, wellness programs improve employee well-being, reduce health care costs, and increase productivity.

Key takeaways:

1. Strategic HR as a growth engine

High-growth companies are more likely to implement HR best practices across the board – at an average of 83% compared to 64% for zero-growth companies. This strategic approach to HR is associated with higher business results and growth.

2. The importance of benefits

Competitive benefits such as 401(k) plans and wellness programs are critical to attracting and retaining top talent. The report found that 74% of high-growth companies offer a 401(k) plan compared to just 50% of zero-growth companies. Similarly, wellness programs are offered by 74% of high-growth companies, compared to 38% of their zero-growth counterparts.

3. Effective onboarding

A well-organized onboarding process is crucial to employee retention and productivity. Fast-growing companies are more likely to have formal onboarding programs, comprehensive checklists, and orientation processes, which reduce the risk of early employee turnover.

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4. Commitment to development

Investments in employee development are a characteristic feature of rapidly developing companies. These companies provide employees with regular training, leadership development and opportunities to improve their skills. The report found that 80% of high-growth companies employ employee development best practices, compared to less than half of zero-growth companies.

5. Compliance and risk management

Ensuring compliance with federal, state and local regulations is critical to mitigating risk. Fast-growing companies prioritize compliance, reducing the likelihood of costly legal issues and fostering a stable business environment.

About the survey
Asure’s HR 2024 Benchmarking Survey surveyed over 1,000 small and medium-sized business respondents who answered 40 yes/no questions about their HR practices. The survey results highlight the correlation between HR best practices and business growth, providing useful information for small and medium-sized businesses looking to improve their HR strategies.

About Asura
Asure Software (NASDAQ: ASUR) provides cloud-based human capital management (HCM) software solutions that help organizations of all sizes improve their HCM processes. Asure’s suite of HCM solutions includes HR, payroll, time and attendance, benefits administration, payroll tax management and talent management. The company’s approach to HR compliance services incorporates artificial intelligence technology to increase scalability and efficiency while prioritizing customer interactions. More information can be found at www.asuresoftware.com.

Contact info:
Patrick McKillop
Vice President for Investor Relations
617-335-5058
[email protected]