Hiring A Ceo For Small Business – RACHELLE AKUFFO: Economists predict that tomorrow’s jobs report will show that the U.S. will have added nearly 300,000 jobs in August. Now, one sector of the economy that is still struggling to find labor is small businesses. Yahoo Finance’s Ines Ferre spoke to small business owners about the difficulty of finding talent. So what did they tell you?
INES FERRE: Rachelle, it was so interesting talking to these small businesses. I spoke with a small business owner, Nisha Pye, who is based in Charlotte, North Carolina. And she has an accounting firm. And she runs about 80 other small businesses. She said it took her a year to find a part-time bookkeeper. That role offered $25,000 to $35,000 a year, plus benefits, plus a 401(k) plan, with matching contributions – matching those contributions. And she said it took so long. And so many of his small businesses were also struggling to find workers. She caters to small businesses such as restaurants, also in retail.
Hiring A Ceo For Small Business
I also spoke with another small business owner. He has a driving school in Atlanta. He said he has been able to hire two drivers in the past two years. And his business flourished when classes went online. So now they can serve the entire state of Georgia. And his job opening – his job is $20 an hour. And he says he has yet to fill three more positions.
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Ines, what about the fact directly, more generally, especially when looking at public companies? We know that over the past few months we have heard several announcements of layoffs or companies deciding to suspend their hiring plans. Any indication that this is also happening in the small business space?
Not that much, at least, what some surveys show. Vistage has a survey in “The Wall Street Journal,” which shows that small businesses – 70% of small businesses surveyed say they don’t plan to change their hiring plans, about 17% say they will. change their employment plans. But 52 companies from those surveys have said in the last three surveys that they plan to hire in the coming year.
And now the key is that they raise their wages to hire. They must offer benefits. They must offer bonuses. And that’s what we’ve also heard from small business owners, that they’ve had to up their game. These are not big companies. It is not the big technology companies that want many people to work for them. These are small businesses. Some of these jobs are remote and you would think that would be an advantage. But the most important thing is that you need to raise that salary.
Our goal is to create a safe and engaging place for users to connect interests and passions. To improve our community experience, we’re temporarily suspending an article commenting The intensity of the talent wars may have eased, but hiring is a key focus and priority for small and medium-sized business (SMB) CEOs. The uncertainty and volatility of the economic cycle has made CEOs extremely wary of their markets and their growth implications. Despite today’s inflationary pressures, interest rates, gas costs, supply chain and increased costs, hiring and retention are critical for SMB CEOs.
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According to the Q2 2022 CEO Confidence Index survey, conducted June 6-13, 2022, 65% of CEOs reported that recruiting challenges are impacting their ability to work to their full potential. That’s down from the 72% recorded in both Q1 2022 and Q4 2021, but still a significant economic setback.
Data from May 2022 shows 4.3 million workers quitting their jobs, part of what many have called the “Great Revolt.” This number continues to be extremely high, in fact more than double what was reported 10 years ago in May 2012 and nearly 1 million more retirements than in May 2019. The data — released from The US Bureau of Labor Statistics in late May — shows that there are 11.3 million job vacancies, which is about 1.9 jobs per applicant. This confirms that the labor market remains a rich landscape of opportunities for workers. So even as growth slows and geopolitical issues fuel uncertainty, competition remains strong to retain and hire workers regardless of the changing economy.
In fact, the “Great Rise” has become a “Great Upgrade” as workers of all kinds and at all levels seek a better work experience in terms of role, responsibility, compensation, benefits, work environment and flexibility. The demands for a strong culture, rich opportunities for growth and a flexible workplace that the Millennial/Gen Z workforce did before the pandemic are now the demands of today’s talent competition. With unemployment still at historic lows, the empowered workforce will still have options.
Hiring and retention were the top responses from CEOs asked in the Q2 survey about their top business challenges, despite slow-growing inflation and supply chain concerns. CEOs continue to hire, work hard to retain and less eager to let go of hard-earned workers. Lower compared to Q4 2022, and expansion plans compared to plans for the pre-pandemic economy, 52% of CEOs plan to increase their headcount in the coming year, down just 4 points from 56% in Q2 2019.
Small Business Owners Continue To Face Hiring Challenges
Although this is down from the 76% recorded in the fourth quarter of 2021, it is important to note that since the beginning of 2022, 51% of CEOs have already increased their headcount, knowing that many of the planned hiring for the year has already happened.
Staffing to meet current demand (76%), scaling for increased customer demand (52%) and expansion into new markets (24%) were the top motivations for those reporting recent headcount increases.
Of the 11% who have cut staff this year, only 23% cited concerns about the economy as a factor in that reduction. Among the biggest consequences of downsizing were: difficulty attracting and retaining employees (63%), difficulty competing with larger companies for talent (40%) and reduced demand (21%).
To meet recruitment challenges, 80% of SMEs have raised wages, with a further 10% planning to implement future wage increases. Second, when it comes to salary increases, 70% of CEOs are investing in employee development and another 22% plan to do so in the future. The development efforts are twofold, partly as a differentiator to attract new employees, and partly to retain and improve the existing workforce. Remote work options are still in demand by employees and 62% of CEOs allow remote work.
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What worked in the pre-pandemic days of the talent war must evolve to meet today’s radically changing and highly volatile labor market. 63% of CEOs have already refined their recruitment strategy and another 20% plan to improve their strategy. It starts with top-down focus and includes leveraging the entire organization. With a renewed focus, the search for talent is increasingly coming from new sources and companies are striving to differentiate their workplace.
Some of the best practices used to improve recruiting were highlighted at a recent President’s Roundtable that featured three head coaches representing over 125 members:
Retention rates have stabilized in the first part of the year, with 20% of CEOs indicating that their retention rates have decreased since the beginning of the year, down from 29% in the fourth quarter of 2021.
Retention initiatives are improving, with increased investment in employee development leading to better performance while becoming a competitive differentiator for retaining and attracting employees.
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Another factor that affects retention is the development of leaders, the leaders who directly lead the workers. Long ignored, more CEOs are investing in leadership development, recognizing that no one’s job has changed more as a result of the pandemic than the boss. Leading, training and managing remote and hybrid workers is a whole new challenge for most leaders. Along with the rise and new needs of the Millennial and Gen Z workforce—now the largest working demographic—leaders need help.
Hourly employees present a particular challenge. Well known for their willingness to go across the street for an extra $1/hour, retaining hourly workers requires a competitive price, development/advancement opportunities and a strong workplace to attract and retain these workers.
To help CEOs think about how best to tackle the recruitment challenges of frontline hourly workers, an expert panel of top speakers shared their insights. Learn retention, hiring and culture tactics from experts to improve your ability to attract and retain this high-turnover segment of the workforce.
Attendance will continue to slow for some, but the importance of employee retention and the importance of a dynamic recruiting strategy will not increase. Until layoffs become the norm and unemployment rises, the Great Upgrade will continue. The options may be less, but they are still plentiful.
Greater Prairie: Business Consulting
As the old saying goes, “recession is when your neighbor loses his job, depression is when you lose your job.”