Posted on 05/06/2019 11:08:23 AM PDT by Beave Meister
Next week is National Small Business Week, but owners aren’t likely to spend it celebrating — they’ll be too busy trying to hire workers or keep the ones they have from defecting to bigger firms.
With a 3.6 percent unemployment rate, the lowest since December 1969, the labor market continues to thrive. “This is a worker’s job market,” said Moody’s Analytics Chief Economist Mark Zandi.
But Zandi adds that this is less-than-good news for the small companies that comprise the vast majority of U.S. businesses. “The risk or the concern would be at some point that businesses start to come under financial pressure, particularly smaller ones,” he said.
“Owners are trying to hold on to the employees that they have in a highly competitive labor market,” a March survey from the National Federation of Independent Business said.
They’re not always succeeding. The survey found that although 60 percent of respondents said they were hiring or trying to hire, 54 percent found few to no qualified applicants for those open positions. More than one in five said difficulty in finding workers was the top problem facing their business, and nearly two in five said there were current job openings at their companies they could not fill.
“Small businesses have fewer resources to throw at recruiting and training, so it’s harder for them to get the labor they need,” said Josh Wright, chief economist at iCIMS. Bigger companies also can generally offer more attractive benefits packages, flexible parental and sick leave policies and opportunities for advancement.
(Excerpt) Read more at nbcnews.com ...
Just saw a tv report claiming that the recent raft of tech ipos will cause yet another 50% increase in San Francisco housing costs over then next several years.
Gee, newspapers don’t have any problems hiring “journalists”! They have no money to pay them, but they can hire them.
And that is GREAT NEWS!!!
MAGA!!
Seems like a discussion of the upcoming rule changes in immigration “rules” in SS# NO MATCH LETTERS would be even more titillating
The Bad News today: Everyone has a job and wages are going up.
Women and Minorities hit hardest.
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Right on the mark.
But it's NBC after all, and they have their marching orders.
Low unemployment is now bad. Up is down and left is always right.
The reason there is extremely low unemployment right now is obvious.
Everybody is working two jobs(™), removing from the job pool almost all of the available jobs.
leave it to NBC to find the stormy lining in the Trump silver-cloud.
btw, low unemployment means businesses have to treat their employees like gold and pay them well if they want to keep good workers in their company from fleeing to better pay and better working conditions ...
When wages have to be $15 or better, each small business should only need one or two workers.
Some people just never learn how to operate a brain.
It’s actually pretty easy to find workers, depending on what you pay., of course.
Competition is a two-way street again.
There’s no need (not that there ever was) for minimum wage laws.
If you’re an owner or a manager assuming you’re going to get a certain standard of employee (irresponsible, unpredictable, disloyal) because ‘that’s the only thing out there’ then you are fooling yourself. Your customers are making economic decisions every day, every visit. In other words, pay peanuts get monkey.
Equilibrium at or around the minimum wage figure has existed since the GWB administration thanks to a [censored] economy. Surely those experiencing higher sales, higher profits and/or increased foot traffic must countenance real or potential increases in labor costs?
Boo f*****g hoo.
My son-in-law just moved from Seattle to a Louisville suburb, where the cost of living is substantially lower.
He works from home full time at his same job. Seattle wages in Louisville. Just wait until a lot of Silicone valley companies start availing themselves to WebEx, Zoom, VPN and VDI for full time. A LOT of people will move to the “sticks”, like I did 8 years ago. Best move I ever made.
I had a phone interview with a female catbert recently. I am kind of looking for something else.
It went well until we discussed salary (made too much probably) and PTO (again too much) and the call ended politely.
My son works for a tech co in San Fran. He would like to move back here to FL but the jobs are there. I suspect that if the price of housing goes up another 50% both he and the tech companies will move out. Orlando is becoming a more significant tech hub. But it’s still got a long way to go.
Of course, the flip side of this coin is that it is good for workers, both because they can find a job, and even MORE importantly for some, your wages are going to go up because that is what happens when....
(speak slowly so Leftists can understand)
Economics is the study of the allocation of scarce resources (workers) with multiple uses (available jobs). The mechanism in a capitalist economy is price (wages and benefits). When scarce resources (workers) are needed (available jobs) will bid more money, and the price (wages and benefits) will go up to attract workers.
Sure. It is tough on businesses.
But if the demand is high and the availablity is low, prices go up, and lots of people see there is money to be made in those jobs...people leave fields and go into others or go back to school to learn new jobs to cash in on the high paying jobs until...the over-availability of workers in that field causes the demand to go down, wages go down, fewer people go into the field and go into other fields...
Rinse, repeat.
But that would make NBC have to admit that the economy is good for workers, and they will NEVER do that if it makes a non-Leftist look good.
Technology continues to move to support decentralization of all this stuff. It’s just not hit critical mass. Give it time...
And when it does, watch out.
They have to pay enough.
Of course, that’s true in Apple Pie, Pennsyltucky too.
People have quit jobs where I work, for a 25c an hour bump.
After all, that’s why most of us work in the first place.
Managers in these business have to sit down and look at how their systems are arrayed and rearrange them so as to as to optimize the way worker are used. There is always room for improvement. Those who find it survive. Those who don't struggle or fail.
This should be an on-going process, but it isn't...until there is a worker shortage.
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