Today we discuss the optimism that exists throughout small businesses for growth over the next few months. There is one thing that is putting a damper on it however, and that is the problem with hiring availability. There are more jobs available today than there has been in over 20 years. Why are companies having a hard time filling these positions? How are they combating it? Check out the website for more content www.bcbousa.com
We start off today’s episode with a reminder to make sure you are setting the time aside each week to go over the company financials. It is the first Thursday of the new quarter, and Dan can’t wait to dig into all the financial reports, in-progress reports, scheduling, etc. It is a wonderful time to review the work that has been completed over the last 3 months, and set yourself up to be successful for the home stretch of the year. Block out the time and do the work – it will pay off in the long run.
Next we cover an interesting article about a survey recently completed amongst 500 small to medium sized businesses throughout the country. Overall, almost 75% of business owners are optimistic about growth over the next six months. However, hiring struggles are putting a damper on some of the expectations. There are more job openings today than there has been since 2000, but companies are having a hard time filling them. The main suspected culprit is the expanded unemployment benefits that people had been receiving. The expectation was that once those ended after Labor Day the hiring market would improve. So far that has not been the case, and in 22 states that ended expanded benefits in June the hiring rate only rose minimally over the next couple of months.
Companies are trying to address the larger issues of hiring by improving pay and benefits. This includes increased compensation for both new hires and existing employees (to help retain existing employees), improved benefits, flexible working arrangements if possible, etc. These changes will come with a cost however, and with increased costs will come increased pricing to consumers. As inflation and increased prices start to effect the consumer it may lead to an increase in pressure on the unemployed to get back into the work force.
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