Hiring Employees For Small Businesses Declined
Read more to find out how we can resolve this challenge
While Fortune 500 companies might be struggling, facing staff shortages and recession. Also, small businesses are experiencing lightly the same with staff shortages. According to a recent CNBC/SurveyMonkey Small Business Survey, 50% of small business owners said it was harder to hire in the third quarter of 2022 than it was a year ago. Small businesses are at a particular disadvantage when they are competing for workers against big companies with more resources to attract and retain employees. On top of that, small business owners often lack relevant resources and expertise to properly evaluate job applicants.
“If small businesses keep having trouble finding workers, they’ll have trouble growing”, said Karen Kerrigan, CEO of the Small Business and Entrepreneurship Council. To meet the demand for qualified professionals today, businesses are seeking for new solutions to address this challenge.
IMPLICATION OF PAYING HIGHER WAGES
You may have noticed that the cost of living has been on the rise lately. This is due to inflation, which is when the prices of goods and services increase over time. This can cause a ripple effect, leading to higher wages in order to keep up with the cost of living.
If you're a small business owner, you know that one of the most important aspects of your business is keeping your overhead low. Wages and salaries are big part of your business overhead, and if you must start paying your employees more, it can financially impact your business cash flow.
HOW TO SOLVE HIRING PROBLEMS
More companies are outsourcing today. The reason is that small businesses are facing issues around missing skills or not having enough workforce to pursue their business goals and support their business capacity. Many business owners are choosing to outsource to leverage their business budget. This allows business owners to obtain the qualified workforce without undertaking recruiting costs, unforeseen churn, and employer taxes.
When it comes to your business, you want to make sure you are successful and thriving. That is why 365BOOKSPRO outsourcing solutions is the best way to go. With a reliable and trustworthy consulting firm, you can focus on growing your business while we take care of attracting and retaining the best employees for you.
With years of combined experience, our team of professionals is equipped to provide business process outsourcing to your business internal team. Inquire our services now by booking an appointment with us.
Ho, Justin. “Small Businesses Are Having a Hard Time Attracting and Keeping Workers.” Marketplace, 4 May 2022, www.marketplace.org/2022/05/04/small-businesses-are-struggling-find-keep-employees/.
“Salary Increase Budgets Reach 20-Year High.” WorldatWork, worldatwork.org/about/press-room/salary-increase-budgets-reach-20-year-high#:~:text=In%20the%20spring%20of%202021,actual%20median%20increase%20of%203%25. Accessed 22 June 2023.