New SBAM survey finds lack of workers impacting hiring
July 29, 2015
Over two-thirds (69 percent) of small business owners in a recent Small Business Association of Michigan (SBAM) “Barometer” survey said they are having difficulty filling open jobs due to a lack of qualified applicants. “There are indications that this workforce issue is beginning to drag on the small business economy,” said Michael Rogers, vice president communications for SBAM. “It’s tough to grow your business when you can’t get the workers you need.”
One side effect of the tight labor market is that only four percent of survey respondents said they expect to lay off workers – compared to the 17 percent in Nov. 2007 who said they were going to lay off workers.
In other survey results, over the previous six months:
- Forty-nine percent of small business owners said sales had increased (the same level as six months ago.)
- Thirty-two percent said profits had increased (down from 35 percent.)
- Thirty percent said they hired more workers (up from 29 percent)
Looking forward over the next six months:
- Sixty-one percent said they expect sales to increase, up from 61 percent six months ago.
- Fifty-six percent said they expect profits to increase, up from 50 percent.
- Thirty-seven percent intend to hire more workers, up from 33 percent.
Eight hundred ninety-five small business owners were interviewed in late spring for this round of the Barometer survey.