81% of Dealers Forecast 2024 Payroll Expenses Up 4% or More
According to Farm Equipment’s 2024 Dealer Business Outlook & Trends report, the majority of dealers are forecasting payroll expenses to increase 4% or more in 2024.
A majority of dealers (53%) are forecasting increases of 4-6%, while 24% are forecasting expenses up 7-10%. Only 2% of dealers expected their payroll expenses in 2024 to be unchanged year-over-year.
Dealers’ hiring plans for 2024 did not change notably from their previous plans for 2023. The most popular category was once again service technicians, with 85% of dealers planning to hire technicians in 2024 vs. 84.8% who were planning to hire in 2023. The second-most selected category for hiring was once again the parts department, with 43% planning to hire, down slightly year-over-year from 45.7%.
For more analysis of this year’s report, click here.
