The labor market has dominated headlines in recent months. Stories circulated that hiring cooled as companies digested higher interest rates, lower growth expectations, and reduced consumer demand.
But the headlines overlooked one important detail: small businesses still need workers.
An analysis by Julia Pollack, the chief economist at ZipRecruiter, found that companies with one to nine employees represented 21% of all available job postings in September.
Meanwhile, labor demand fell significantly for large and mid-sized businesses. The same trend continued into November and we expect the same in 2024.
This is a welcome opportunity for small businesses that are
short-staffed. America’s smallest employers may now face less competition from the corporate behemoths that typically dominate recruitment.
Which means now is a great time for small businesses to revisit their own value propositions.
Studies show that workplace culture and professional development are essential to today’s workers. Business retirement plans and insurance benefits are also top priorities.
Companies offering the full package will have an advantage competing in the small business talent race in 2024.
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