Small Businesses Struggle to Retain and Engage Employees in Postpandemic Economy
Small business owners are facing difficulty finding, hiring, and retaining employees, according to a survey of more than 1,500 small business owners by small business mentor Score. Two of their top three concerns are hiring the right talent (60.7%) and retaining and motivating employees (33.0%). Eight in 10 (84.3%) small business employers report challenges with regard to hiring new employees. Nearly half (45.8%) say it’s difficult to retain existing employees.
Low wages and benefits continue to cause issues for small business employers. More than half (59.3%) say the lack of competitive pay is their biggest weakness in motivating and retaining employees, while 39.1% say the same for health care benefits. Small business owners remain even more optimistic for the future than before the pandemic. Nearly three-quarters (72.2%) of small business employers say they’re very or somewhat optimistic about the future growth of their business within the next six months, up from 67.2% in the fall of 2021.
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