Skip to comments.Low unemployment is great - unless you're a small business looking for workers
Posted on 05/03/2019 11:52:05 AM PDT by Oldeconomybuyer
Next week is National Small Business Week, but owners arent likely to spend it celebrating theyll 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 workers job market, said Moodys 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.
Theyre 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 its 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 ...
who would have thought that $15 an hour minimum wage would make the unemployment numbers drop...
It just means they have to work harder to get those employees. There’s plenty that big firms won’t take, but it takes a little work to find them.
Raise your prices. Raise your wages.
This is how you redistribute wealth properly - through the free market.
If everyone has to pay more for labor then no particular business is at a disadvantage.
This has been stifled for 40 years now through the importation of cheap labor (illegal, H1-B) and bad trade agreements.
We now need 20 years of correction.
This is winning. Go President Trump.
LOL!!!!! That should become a standard form for 'reporters'.
Keep what employees you have by relying on their loyalty.
Oh, wait, loyal employers are so last century. Same with businesses. I had State Farm auto insurance for over thirty years, never filed a claim, and they kept jacking my rates until I quit. They didn’t even ask why I was leaving. Pffft.
What they mean is Low Unemployment is Great - Unless Trump gets credit for it.
Good. So hire more Americans!
1) Standard DBM, all silver has a cloud lining when an R’s in orifice. (Conversely, when everybody lost their job cause, Ebola, that was actually good because they had more personal time)
2) If the economy’s good, why would you defect to a BIGGER competitor??? I’d think movement would big to small, and small to independent, where you can realize more of the benefit at the risk of perceived “job security”. Course I’m not an idiot, so I probably shouldn’t try to predict how collectivist scum are going to “reason”. I guess if you’re a commie, you can’t help but think like a commie.
Get creative with compensation - let people earn bonuses, prizes, whatever. You'll be surprised what motivates people.
They just had to find something negative about the good, low unemployment numbers.
Trump has a surging stock market, low first time claims PLUS stronger growth, and a growth in manufacturing jobs. Nevertheless, the MSM goes out of its way to find the gray cloud in the silver lining.
Gotta love the Fake News.
Even though we are struggling with manpower, there is more work available than we could handle.
It is a really good problem to have.
They’ve been spoiled by an employers’ market over the last 30 years, with declining real wages for their employees.
Sure, they complain and some may no longer be competitive, but it is a good thing if workers start to make more.
Which means there is room for you to raise your prices — and your wages.
struggling with manpower = we are to cheap to raise wages.
Wages have not kept up with productivity.
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