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SAN LEANDRO, California, June 10, 2014 /PRNewswire/ --
TriNet (NYSE: TNET), a leading cloud-based provider of HR services, today announced the findings of the May 2014 issue of its TriNet SMBeat, a monthly analysis of small to medium-sized business (SMB) employment and human capital economic indicators. May's report features an in-depth look at 401(k) plan benefits and saving habits across various industries. According to the report, employees in the San Francisco Bay Area contributed the highest amount to their 401(k) plans in the country at a rate of $4,700 per year on average.
Across the TriNet population, the average employee contributes approximately 4% of their base salary to 401(k) plans. Though, the data in this month's SMBeat showed that the majority of people are not saving as much as they could be saving. About 51% of employees contribute nothing at all to employer sponsored retirement savings plans.
Below are the key findings of the May 2014 TriNet SMBeat Report. The data is sourced from TriNet's more than 9,000 clients and approximately 240,000 worksite employees in the U.S:
In addition to the findings on 401(k) plan enrollment, below are key findings on economic employment indicators across TriNet's clients in May:
1. As of April 30, 2014
For additional details and to receive monthly SMBeat alerts, visit TriNet.com/smbeat.
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TriNet is a leading provider of a comprehensive human resources solution for small to medium-sized businesses, or SMBs. We enhance business productivity by enabling our clients to outsource their human resources, or HR, function to one strategic partner and allowing them to focus on operating and growing their core businesses. Our HR solution includes services such as payroll processing, human capital consulting, employment law compliance and employee benefits, including health insurance, retirement plans and workers compensation insurance. Our services are delivered by our expert team of HR professionals and enabled by our proprietary, cloud-based technology platform, which allows our clients and their employees to efficiently conduct their HR transactions anytime and anywhere. For more information, please visit http://www.trinet.com.
SMBeat provides a detailed analysis for trends in key human capital economic indicators for small and medium-sized businesses. All reported statistics are seasonally adjusted unless otherwise indicated. All reported months run from the 13th of the previous month to the 12th of the current month. TriNet generates payroll information by tracking real-time movements within its base of approximately 9,000 (as of 03/31/14) business clients' full-time salaried employees (the TriNet population). These companies represent the following industry verticals: construction, manufacturing, retail/wholesale, professional services, personal services, technology, financial services, and life sciences. SMBeat aggregates and reports data reflecting compensation, hiring and retention (both involuntary terminations and voluntary resignations), and also provides ongoing analysis of contributing factors to these trends, including regional, industry, and seasonal variables. Slight adjustments will be made to historical figures in time series charts if and when updated employment information about actual prior periods is obtained. Any significant changes will be called out in this section or in footnotes.
TriNet, Ambitions Realized and the TriNet logo are registered trademarks of TriNet. All other trademarks, service marks, registered trademarks, or registered service marks are the property of their respective owners.
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