Businesses across America are finding it hard to fill positions. Major corporations like Walmart and Amazon are doing all they can to hire enough people to keep things moving smoothly. They’re able to offer competitive wages, benefits, and other perks. Most small business owners, though, don’t have that luxury. As a result, they’re finding it even harder to hire and retain new workers.
Axios broke down a recent Goldman Sachs survey of small business owners. They say that it gives “a vivid window into the continuing headwinds and hardship,” for business owners. One big takeaway from that survey is that these business owners are struggling to hire workers. In fact, business owners placed hiring and retaining employees above supply chain issues and inflation on their list of problems.
Currently, supply chain issues are plaguing almost every industry in the country. Additionally, we’re seeing record-high levels of inflation. So, the fact that small business owners see hiring and keeping workers as a bigger issue is incredibly telling.
67% of the small businesses surveyed by Goldman Sachs are hiring full and part-time employees. However, 87% of those business owners are finding it hard to recruit and hire employees. Furthermore, 97% percent of those who are hiring say that this issue is hurting their bottom line.
More Hard Times for Small Business Owners
Joe Wall, national director of Goldman Sachs 10,000 Small Business Voices spoke to Axios about the findings. “This new data clearly shows that the economic headwinds created by the pandemic are stronger than ever – and keep hitting Main Street hardest.”
For many, things are starting to look like they did in 2020. Businesses are closing, schools are shutting down, and COVID cases are on the rise. The omicron variant is ripping its way across the country. Some only experience mild symptoms. Others, though, find themselves hospitalized or worse. As a result, many small business owners are seeing lean times.
The survey showed that 37% of small business owners said that omicron hit them this year. They either had to close temporarily or scale back due to the recent surge. 71% say that they’ve lost revenue because of the omicron variant.
The omicron variant is also making it hard to hire new employees. The workforce has shifted since the beginning of the pandemic. Many people are quitting their jobs and looking for something that fits their life. They’re looking for better pay, flexible hours, and good benefits. Additionally, some are hoping to be as safe as possible by working remotely. Unfortunately, many small business owners won’t be able to tick all of the boxes for some workers.