KING OF PRUSSIA, PA (December 4, 2024) — Business leaders are showing more confidence in their economic outlook going into 2025 according to the results from the National Business Trends Survey from the Employer Associations of America (EAA). Nationally, 78 percent of organizations say the economy will improve or stay the same, as compared to 67 percent from the 2024 survey.
In the Mid-Atlantic region served by the MidAtlantic Employers Association (MEA), 60% of survey participants are expecting an increase in sales/revenue for 2025 (11% expecting a significant increase and 49% a slight increase) which is a slight decrease from last year’s survey in which 73% of participants expected an increase going into 2024. Notably, only 48% forecast increased sales/revenue in 2024. From a hiring perspective, 46% expect to increase and 44% to maintain staffing levels.
“Leaders seem more confident on economic prospects going into 2025, but they are being a little cautious on hiring going into 2025 after experiencing less than forecasted results in 2024. The good news is that few employers are considering a retraction in staffing levels for 2025,” noted Kevin Robins, CEO of MidAtlantic Employers’ Association.
In the Mid-Atlantic region, executives identified these four as in their top three greatest business challenges:
- Talent Acquisition
- Talent Retention
- Competition
- Customer’s Ability to Afford
Nationally, executives identified the following “serious” long-term challenges for their business:
- Cybersecurity (54%)
- Talent Acquisition (47%)
- Developing Future Leaders (42%)
- Talent Retention (41%)
- Ability to pay competitive wages and salaries (38%)
Those Executives also reported that professional staff (non-manager) positions remain the most challenging to recruit (45%) and retain (31%). The top strategies to address retention challenges are:
- Adjusting pay ranges upward (64%)
- Focusing on existing staff receiving additional training and development (60%)
- Focusing on existing staff retention in jobs where recruitment is difficult (51%)
On a regional level, Executives were asked what they thought are the most important factors prospective employees are looking for. The top six responses in the 2024 survey are:
- Competitive pay (76%)
- Good work/life balance (74%)
- Flexibility in work hours (50%)
- Recognition and reward for good performance (36%)
- Competitive/robust health benefits (34%)
- Opportunities for Promotion and Advancement (35%)
“These are important factors for leaders to pay attention to as they will also have an impact on employee retention,” commented Kevin Robins. “Moreover, they signal the impact of the generational shift occurring in the workplace as work/life balance, flexibility and recognition and reward rank highly on the list.”
While flexibility remains a strong factor, remote and hybrid work appears to have levelled out. 24% of the leaders responded that all or most staff work on a hybrid schedule, down from 27% in 2024, while 36% indicated that some staff work on a hybrid schedule, down from 45% in 2024. The most popular hybrid schedule (50%) was 2-3 days per week, with 33% leaving the days to employee discretion and 17% using pre-set days in the office.
On a regional level, 42% of executives said it has become more difficult to hire employees within their industries. The primary reasons continue to be a lack of qualified candidates (79%), candidates seeking more pay than they can offer (49%) and market demand (40%).
With the emergence of ChatGPT and A.I., the EAA National Business Trends also ranked the top A.I. uses organizations are considering. Regionally, the top uses being considered are marketing content production (26%), recruiting and talent sourcing (23%) and customer service (21%). The National Business Survey can provide critical insights for government agencies, policymakers, and employers by offering comprehensive data on business climate, workforce readiness, and economic trends.
By gathering feedback, the survey enables data-driven decision-making, allows for national benchmarking, and helps track economic changes over time.
The survey’s diverse participant base, representing a wide range of industries, provides a comprehensive view of the business trends shaping the American economy. This broad perspective offers valuable insights for organizations of all sizes and sectors.
The EAA, a nonprofit national employer association, provides the National Business Trends Survey annually, gathering insights from more than 1,000 organizations to examine what businesses did in 2024 and what they are planning to do for 2025. The report covers economic, business, and HR topics.
For a copy of the full report, please email mea@meainfo.org. MEA Members may download a copy of the report in the Member Portal: www.meainfo.org/member-portal.
