Cloud-based HR services provider, TriNet, has announced the findings of its June 2014 issue of TriNet SMBeat, a monthly analysis of small to medium-sized business (SMB) employment and human capital economic indicators. The report highlights that employees are working an average of 5.14 hours more per month than in 2007.
Compared to the 12-month period leading up to the start of the Great Recession, employees in all industries except professional services saw an increase in monthly working hours during the recession. The percentage increase ranged from 2.6 percent to 5.6 percent over the prior year. According to the report, working hours have not returned to pre-recession levels and were 3 percent higher in 2013 than in 2007.
The negative impact on productivity from overworked employees could reduce a company’s ability to accomplish goals that translate to the bottom line. As a result, employers who encourage workers to take time off could get ahead of the competition by ensuring employees are at their maximum productivity and contribution to the firm.
Key findings of the June 2014 TriNet SMBeat Report include:
• Leisure time decreased overall by 1.7 percent during the Great Recession and further decreased in 2013 by 3.4 percent compared to 2007.
• The information sector was impacted the most by the Great Recession, increasing working hours by 20.8 percent in 2013 compared to 2007.
• Working hours in the finance sector increased 2.6 percent during the Great Recession as compared to 2007.
• The amount of hours spent on PTO decreased by 12 percent during the Great Recession compared to 2007. The number of PTO hours taken in 2013 has further decreased, dropping 16.5 percent, or 1.03 hours, compared to 2007.