Nearly half of small business owners were unable to fill job vacancies last May, according to the National Federation of Independent Businesses’ monthly employment report. It’s a record. In fact, May marks the fourth consecutive month of record readings for vacancies.
Small business owners are doing all they can to get workers back on their payroll. NFIB Chief Economist Bill Dunkelberg says homeowners pay higher wages, but ultimately the higher labor costs are passed on to consumers in the form of prices. higher sales.
As the summer tourist season kicks off, there are fears that small businesses may not be able to open at full capacity because there simply aren’t enough workers.
“Maybe it’s time that Governor Murphy offered bonuses to those who return to work instead of the additional $ 300 unemployment benefit,” said Eileen Kean, New Jersey state director at the NFIB.
According to the monthly employment report:
- 61% of owners said they hired or attempted to hire in May.
- The owners plan to fill the vacancies with a seasonally adjusted net of 27% expecting to create new jobs over the next three months.
- 93% of hiring owners reported few or no “qualified” applicants for positions.
- 32% reported few qualified candidates for their position and 25% reported none. 40% of small business owners have vacancies for skilled workers. 27% have openings for unskilled labor.
- 8% of small business owners said labor costs were their biggest business issue, while 26% said workforce quality was their biggest issue.
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