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Labor Quality Stalling Small Business Hiring, NFIB Jobs Report Shows

Labor

Published: Apr 9, 2023
by Small Business Editor
In Small Business News
0

Labor quality issues hinder small business growth as owners face ongoing hiring challenges and struggle to capitalize on sales.

Labor quality remains a significant challenge for small business owners, with 23% citing it as their top operating issue, according to the NFIB’s monthly jobs report.

Despite decreasing labor costs, businesses are struggling to capitalize on sales opportunities due to the ongoing labor shortage.

A seasonally adjusted 43% of owners reported unfillable job openings, with 34% seeking skilled workers and 19% looking for unskilled labor.

Plans to create new jobs in the coming three months dipped two points to a net 15%, while 59% of owners attempted to hire in March. Of these, 90% encountered few or no qualified applicants for open positions.

The report shows that 42% of owners raised compensation in March, while 22% plan to do so in the next three months.

With the labor force participation rate still below pre-pandemic levels, small business owners continue to face hurdles in hiring the talent they need to grow.

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