The best small-business owners are inveterate trend trackers. They do this both in reference to issues that crop up in their specific industries — wealth management, say, or accounting — and to broader forces at work on the economy and job market. These entrepreneurs understand that by comparing their observations and impressions about workforce issues with those of other business owners they can form a more accurate picture of conditions, and take appropriate action.
With this in view, Oasis, a human-resources outsourcer, recently sponsored a poll of 319 U.S small business owners and managers at companies employing from 10 to 99 staffers. The survey was conducted in mid February 2020. In terms of annual sales, this survey set broke down as follows.
38% $1 million to just under $5 million
19% $5 million and up
16% $300,000 to just under $750,000
14% Under $300,000
13% $750,000 to just under $1 million
But it's important to understand the survey’s findings describe conditions that have been altered by the Covid-19 pandemic.
Don't Settle When Filling Roles
Against a backdrop of historically low national unemployment, small-business owners are struggling to attract top talent.
Well over half of those surveyed, 62%, find it difficult to fill important roles in a timely manner. In a related finding, 58% say the biggest workforce challenge they face is an “inability to find employees with the right skills to fill key positions.” This view was especially pronounced in the Northeast US, and among business owners nationally with more than one location, office or branch. Meanwhile, the same percentage of small-business owners — 58% — also worry about losing their best people, despite the fact that nearly 60% of them reported unwanted annual turnover of less than 10%.