Small businesses find some relief after struggling to hire

Posted under: SMB
Date: 2024-03-25
Small businesses find some relief after struggling to hire

Small businesses in the US face recruitment challenges due to the tight labor market, which often favors larger companies with higher salaries. A survey by the National Federation of Independent Business shows that 37% of small business owners have an unfilled job opening, a drop from 2023 levels. However, hiring remains harder than historically, particularly in the transportation, wholesale, and construction sectors. The Bank of America Institute's data suggests a decline in hiring for small businesses, with payments to recruitment firms showing a decline back to 2019 levels. Brandi Britton at Robert Half warns that small businesses may take longer to hire and interview more people. Job cuts at big firms have helped small businesses sell themselves as stable organizations, but worker shortages remain acute in financial services and accounting, particularly for small firms where bookkeepers are crucial.

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