A Q4 MetLife and U.S. Chamber of Commerce Small Business Index released in December reflected general optimism from the small business community about the economy.<\/p>\n
Optimism on the health of the national economy has continuously increased since the second quarter and is at a new high with 58 percent of small business owners believing the U.S. economy is in good health, the Chamber said.<\/p>\n
Optimism on the local economy also improved this quarter to 56 percent of small business owners noting their local economy as good, up six points from he third quarter 2018.<\/p>\n
\u201cSmall businesses are the growth engine of the American economy, employing half of the nation\u2019s private sector workforce,\u201d stated Jessica Moser, senior vice president, Small Business Solutions in MetLife\u2019s Group Benefits business. \u201cThe owners of those businesses make crucial decisions about expansion and hiring every day, so their level of optimism is a good indicator of future growth. The findings of this quarter\u2019s Index show they are still bullish, which bodes well for our economy as a whole.\u201d<\/p>\n
According to the survey, approximately 40 percent of small business owners say they have been actively searching for new hires throughout 2018, but many (67 percent) are having difficulty finding candidates with the skills they need. Very few small business owners (9 percent) say the talent pool for potential recruits is \u201cvery good\u201d with the majority (55 percent) saying it\u2019s \u201cfair\u201d or \u201cpoor.\u201d<\/p>\n
\u201cThere are too many people that lack the skills or credentials they need to compete for 21st century jobs and too many businesses that can\u2019t find the workers they need, when and where they need them,\u201d said Thomas J. Donohue, president and CEO of the U.S. Chamber of Commerce. \u201cA lack of skilled workers is going to hold back economic growth for the entire country.\u201d<\/p>\n
Small businesses are feeling the strain of not having the staff they need, and it is hindering their prospects for growth. Instead of focusing on future growth and the development of their companies, most small business owners (81 percent) say they had to work longer hours or take on additional roles to compensate for their inability to find qualified candidates.<\/p>\n
This is especially pronounced among businesses run by women (86 percent), manufacturers (87 percent), minorities (89 percent), and millennials (95 percent). Most (61 percent) say they had to push their staff to work longer hours and more than half (55 percent) say they are instead turning to investing time and money into training their current employees as a way to compensate for not finding new recruits, the Chamber said.<\/p>\n
Most small businesses (84 percent) rely on professional contacts and current employees to refer quality candidates.<\/p>\n
\u201cIt is clear that companies need to find innovative and different ways to attract and connect with talented candidates, but that they may be at a loss of where to do so,\u201d the study says. Two out of three small businesses that searched for talent in 2018 say they do not plan to use a different recruiting strategy in 2019.<\/p>\n
\u201cThe talent gap needs to be addressed to ensure small businesses can continue to grow and thrive in communities across the country,\u201d the study says.<\/p>\n
The Index is part of a multiyear collaboration by MetLife and the U.S.<\/p>\n","protected":false},"excerpt":{"rendered":"
A Q4 MetLife and U.S. Chamber of Commerce Small Business Index released in December reflected general optimism from the small business community about the economy. Optimism on the health of the national economy has continuously increased since the second quarter and is at a new high with 58 percent of small business owners believing the […]<\/p>\n","protected":false},"author":89,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[],"yoast_head":"\r\n