While the definition of a “midsized company” varies depending on who you speak to, one thing’s for sure: Midsized businesses clearly pull their weight when it comes to keeping the U.S. economy going.
According to the Association for Corporate Growth, midsized businesses represent nearly 26.5% or 48 million of all U.S. jobs. That’s about one-third of private sector GDP.
In order to gain insight into the pain points and concerns of these heroes of the U.S. economy, ADP recently conducted its fourth annual Midsized Business Owners Study. The survey of more than 700 business owners and executives at companies with 50-999 employers revealed some interesting takeaways.
For the first time since the study’s inception, concern about overall government regulations surpassed those of the Affordable Care Act (ACA) and health care costs. While still the second and third most noted concern among those surveyed, ACA and health care concerns leveled off in the latest survey, allowing general worries over the amount of regulations to spike upwards since 2014.
It’s clear that now that employers have come to grips with the fact they’ll need to work hard to remain compliant with ACA requirements, their concerns are shifting to the next wave of regulatory changes on the horizon, such as the proposed new overtime rules.
Another important revelation: Midsized business owners’ angst over recruiting and managing their talent is increasing. Nearly half of survey respondents said they are extremely or very concerned about the quality of the available workforce, and one-quarter of business owners rank it as a top concern.
Furthermore, worries over how to engage employees to be active contributors to business success spiked significantly in 2015, rising more than 25 percent over 2014.
To read more about the survey’s important findings, check out the action paper and the infographic below.