Even though the economy is showing signs of slowing down, small businesses are beefing up according to a NFIB Small Business Economic Trends Report. Finding help is the biggest obstacle to growth of your business they say. Here are some random statistics from the report.
- 55 percent hired or tried to hire.
- 80 percent of those trying to hire reported few or no qualified applicants.
- 25 percent have one or more unfilled job openings as a result.
- 14 percent say finding qualified workers is their #1 business problem (not energy, or taxes or insurance).
- 17 percent (net of those planning workforce reductions) plan to expand employment in the coming months, hoping to eliminate some unfilled openings and grow employment.
- 28 percent reported raising worker compensation, up from 24 percent in July, and the highest reading in 19 months.
This means you’ve got a lot of competition out there for the worker you are trying to hire. You may not be able to compete on salary, but you can sure be creative on benefits and working conditions.