In a 4Q22 study of 1385 small business staffing and spending practices, companies with newer equipment and technology had less turnover and filled open positions faster. Here’s the breakdown by industry:
Industry | Average age of equipment and technology vs industry average | Turnover rate per year vs industry average | Time to fill open positions vs industry average |
Construction | Older Than Industry Average | 22% | 6% |
Newer than Industry Average | -28% | -13% | |
Transportation | Older Than Industry Average | 31% | 9% |
Newer than Industry Average | -19% | -16% | |
Healthcare | Older Than Industry Average | 7% | 14% |
Newer than Industry Average | -5% | -6% | |
Manufacturing | Older Than Industry Average | 26% | 5% |
Newer than Industry Average | -33% | -17% | |
Retail | Older Than Industry Average | 14% | 3% |
Newer than Industry Average | -7% | -8% |
For these industries at least, if the average age of your equipment and technology is older than the industry average, labor is more expensive.
At ACG, we help companies stay on the cutting edge of equipment and technology affordably. If you ever want to talk about upgrading the age of your assets, let’s talk.
