Last month, Capital One released their Small Business Growth Index, a biannual survey of 500 small business owners that evaluates attitudes towards individual business growth, industry conditions, and the economy as a whole. Based on the survey, we reported on the most significant issues facing small business owners today. Last month, we shared with you that small business owners are ●more optimistic than ever, ●concerned about economic policies, ●struggling to hire. The Struggle to Hire The struggle to attain and retain employees is one that must be analyzed and discussed. After all, trained, trusted employees (or lack thereof) can make or break a small business. More small business owners plan to hire than ever before. ●One third (33%) of small business owners plan to hire within the next 6 months (up from 25% one year ago) ●Of the small businesses who plan to hire, 69% plan to hire full-time employees, 44% plan to hire part-time employees, and 21% will hire contractors or freelancers. While small businesses intend to hire, they are plagued by difficulties in attaining and retaining employees and are challenged by skills gaps and competition from bigger businesses. As tax legislation changes to allow larger corporations to deduct more expenses than smaller businesses, bigger businesses are increasingly able to offer benefits that small businesses are not able to afford. As a result, qualified employees are leaving small businesses for their larger competition that can offer them better benefits and a heftier paycheck, or dismissing small businesses when it comes to job-seeking in the first place. Thirty-eight percent (38%) of small business owners say their biggest competition when hiring and retaining employees is bigger businesses who can offer more robust benefits packages. The Skills Gap As a result of these hiring difficulties due to competition from larger businesses, it is increasingly difficult to find workers with specific skill sets, and small businesses do not have the same resources to train workers that larger corporations have. According to small business owners, the top factors impacting their ability to hire are: ● The skills gap (cited by 34% of small business…
Posts published in “Competition”
Auto Added by WPeMatico
Amazon’s dominance is growing. They’re projected to be the first $1 trillion dollar company within the next 12 months. Amazon has the power to shatter company stocks with just a press release, and 64% of American households have an Amazon Prime membership while 56% of all product searches begin on Amazon. As consumers, we love shopping from them. Free two-day […] The post How to Compete with Amazon: Win with Guided Selling appeared first on SmallBizClub.
One of my favorite childhood memories is the centuries-old national tradition of color war at camp. I loved the intensity of this week of games, contests and events, as well as the life lessons it imparted. We celebrated when we won and cried when we lost, but we learned to compete and respect each other simultaneously. We are […] The post Why Healthy Competition Among Employees Works appeared first on SmallBizClub.
Disruptors are the innovators of the market. The ones who bring change and stand out from competitors in their respective industry. No matter the industry, there will always be challenges in developing a brand that can sustain growth and competition. So how does one stand out in an already saturated market? Disruptor and CEO Tom […] The post Lessons Learned from a Breakthrough CEO appeared first on SmallBizClub.