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 ...
Yep, I’ve said it before: the job I can do, if I’m able to do it, that I won’t ever do hasn’t been invented.
However,you do have to pay enough.
NBC wants to see millions of people out of work so they don’t have to wait so long at Starbuck’s.
Bastards.
Some people would bitch even if they
were being hanged with a new rope.
Yes but the startups are there and the money flows to the startups. What CA actually sells is not tech but rather inflated tech stock. You need to get the startups if you want to make a dent in SFs control of the industry.
The smell tour industry is through the roof out there.
“pay peanuts get monkey”
That needs to be one of those posters in the style of “keep calm and carry on” with a peanut or a sock monkey face in place of the crown.
“What’s this about the smelter industry in San Francisco?
The Castro district makes a lot of wood, but not any iron.
What? Smell tour, not smelter? Well, that’s very different.
Never mind.”
FUMW
That free market is amazing, isn’t it?
By DEFINITION, if a business can’t find the workers it needs, it is paying too little.
some things are really, really simple.
Are you an employer? It isn’t good.
An employee? Life is grand.
But long term, you will see inflation and some businesses going away. For starters I expect to see a drop in coffee shops and small restaurants.
Heck, my company is no longer expanding in North America because “We are not going to be able to compete in the labor market”.
Under 3% unemployment means that everyone who wants to work is working. The ones looking are either wanting a big pay increase, which for many reasons is the last thing employers want to give, or are the bottom of the barrel and unemployable.
So when you go to a fast food joint, look at the staff. Think about the people that say, ChickFila can hire in a market like this. We stopped eating out, and have seen other service industries start to slip.
Also expect a HUGE surge in illegal immigration. The workers will come from somewhere, and wages are not as elastic as many hope. Still, a great problem to have. Even if it means I will have to leave my job because manufacturing is to expensive in the US now.
Pathetic article. So libs make a city so heavily taxed, regulated, and expensive to live in that “the help” can’t afford to live nearby?
Yep.
Had a lot of head hunters reach out to me. I like to keep a toe in the water to see the market. One headhunter, whom I have worked with since college, flat told me “Wait 6 months. Most of these openings are paying so below market that they are hoping for an H1B”.
But the cost of expanding hourly wages is less for salary folk. Many companies in the area have started laying off managers and engineers because the can’t raise prices of their products, but have to meet earnings.
NBC: The abolition of slavery was great unless you are a cotton plantation owner.
What is the point of this article other than to try to find something negative to say? That a free market economy is not a panacea to solve everyone’s financial problems? Maybe that’s true, but it beats socialism by a long shot. They would rather everyone be equal but poor (except the elite who run the show).
In a free market economy, competition benefits both consumers and those who work hard and innovate. Businesses always want a cheaper labor cost just like any other cost, but they adapt to supply and demand.
A lot of businesses—including small businesses—benefit when labor costs go up because they structure their business on a cost-plus basis. If labor costs go up, businesses charge more for their products and services. This is how a free market economy works. But everyone wins when there is productivity because it creates wealth out of nothing (but the time and energy God gives us all freely).
For socialists, the creation of wealth is some sort of voodoo. It happens automagically. They have no idea where wealth comes from. They don’t know how to create it, but they sure know how to destroy it. All we have to do is look around. Look at history. Look at Venezuela.
All of the middle management of IT worldwide got the chop at the end of last year.
No next step for me but there are far worse out there. I experienced a few atrocious employers during the wun time.
Just like the Libs are freaking on the market today. It’s just another great day in the Market.
Those comps will eventually move out of Calipornia when they can’t attract any new talent willing to work for peanuts and life in a camper.
Welcome to the party pal!
The construction industry has only had this issue for most of the last 30 or 40 years!!
As the economy kicks up, good employees demand more money or they leave. We have to find replacements from the dregs of the Temp Labor Markets, most of whom don’t want to WORK full-time, they just want full-time PAY! LOL!
Or you have to hire them young, train them, keep them paid well enough to stay and hope that another boom doesn’t hit, where they demand more money or leave for another company!
Wash, rinse, dry and repeat!!
“Owners are trying to hold on to the employees”
Democrats are the party of slave owners and the 1 %
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