2024 Priorities for Business Leaders Report
Strategic Roadmap to Drive Growth
Business Roadblocks
(% extremely or very challenging)
65%
63%
63%
In 2023, the Federal Reserve interest rate reached its highest level since 2001.2
Rising interest rates
Inflation
Cost of benefits increased 4% for the 12 months ending September 2023.3
Threat of an economic slowdown
Jobless rate is forecast to increase from 3.8% in 2023 to 4.1% in 2024.2
1
Meet challenging economic conditions by saving time and money on HR, payroll, and benefits administration with our all-in-one technology and guidance from an HR professional.
Outsource HR Tasks
HR Roadblocks
(% extremely or very challenging)
56%
Managing risk and workers’ compensation
OSHA violations can result in penalties of up to $15,625 a day.4
54%
Leadership development
Baby Boomers are leaving the workforce and need to be replaced.
53%
Attracting talent
7% more leaders cited attracting talent as a top challenge than last year.
$375,000/year
reported spent by the biggest business in the survey.
64%
of leaders reported spending over 570 hours/year — at least 11 hours/week.
Up to
HR Administration Traffic Jam
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Our Professional Employer Organization (PEO) can offer services and guidance that help make it easier for you to hire, engage, and retain employees, as well as deliver 4% savings in average annual workers’ compensation costs per employee.
Risk Management/ Managing Workers’ Compensation
Finding and Keeping Talent
Artificial Intelligence (AI)
The Road Ahead
What HR challenges and opportunities do business leaders expect in the next 12 months?
HR challenge
Number one
$1,240
Up to
per worker/yr. — penalties for employer-related violations6
$300,000/yr.
— Average HR administration costs for businesses with locations in multiple states.
98%
of companies expect to be using AI in the next 12 months.
Top retention tactics in the next 12 months:
Improving benefits
Improving onboarding
Emphasizing performance management
Leaders expect AI to improve:
Talent management
Innovation
Data analytics
Employee recruiting
Productivity
Customer service
Clear the Road to Success
Potential benefits:
HR management support
Recruiting and onboarding
Payroll processing
401(k) administration
Benefits administration
Top areas to outsource:
Improved regulatory compliance
Improved employee retention
Increased productivity
Better analytics and reporting
Better employee training and development
78%
of leaders are extremely or very likely to outsource HR administration in the next 12 months
With Paychex, you have access to an HR professional to guide and help you to navigate today’s evolving workplace. Reach out and let’s connect.
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1 2024 Priorities for Business Leaders, Paychex. 2 Board of Governors of the Federal Reserve System, 2023. 3 U.S. Bureau of Labor Statistics, 2023. 4 Civil Money Penalty Inflation Adjustments, U.S. Department of Labor (dol.gov), 2023. 5 NAPEO.org. 6 Wages and the Fair Labor Standards Act, U.S. Department of Labor (dol.gov), 2023.
Professional employer organization (PEO) services provided by Paychex Business Solutions, LLC (Florida employee leasing license GL7), Oasis Outsourcing, LLC (Florida employee leasing license GL42), and their affiliates, which are licensed or registered to provide PEO services where required by law.
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