One-third of midsized businesses have been fined for non-compliance
While business owners and executives at midsized businesses are expected to innovate with the agility of smaller business, they are also required to follow rules and regulations that govern larger enterprises. The result is costly: the Midsized Business Owners Study found that a third of owners say they’ve experienced fines and penalties for non-compliance with government regulations. And within that group:
- Almost half of those owners cannot say how much they paid in penalties.
- Of that half, most could not say how many fines they paid.
A gap in confidence in the future of industry versus the economy
Midsized business’s hiring and growth is improving, according to our 2014 study. But the persistent challenges, coupled with a dip in confidence (to near 2012 levels) in an economic recovery overshadowed any optimism that might have been gained in the last two years, the study suggests. For example:
- 51% of midsized business owners expected their industries to become healthier in the next 12 months,
- But only 15% expected the economy to improve in the same time period.
Learn what this means for your business in the ADP 2014 Midsized Business Owners Study
To further understand how midsized business are addressing the challenges of regulatory compliance, healthcare reform and globalization, the ADP Research Institute®, a specialized group within ADP®, conducted an online survey in July and August 2014 of more than 750 owners and executives at companies with 50-999 employees. The report provides insights into what midsized business owners feel is working, what they are still lacking, and what still might be done to deal with top issues that are not going away.