Forty-two percent of small businesses say they plan to increase wages in the next six months, according to the latest Small Business Association of Michigan (SBAM) Barometer survey. That’s up from 36 percent in the previous survey six months ago. “Small business owners have been telling us that in today’s tight job market, it’s very costly and time consuming to have to replace a worker, so they are boosting wages and salaries to help keep the good employees they already have,” said SBAM Vice President Communications Michael Rogers.
In other survey results, over the previous six months:
- Fifty percent of small business owners said sales had increased (up from 49 percent six months ago.)
- Thirty-seven percent said profits had increased (up from 32 percent.)
- Thirty-two percent said they hired more workers (up from 30 percent)
Looking forward over the next six months:
- Sixty-three percent said they expect sales to increase (down from 66 percent six months ago.)
- Fifty-four percent said they expect profits to increase (down from 56 percent.)
- Forty percent intend to hire more workers (up from 37 percent.)
Seven hundred fifty-five small business executives were interviewed in late fall 2015 for this round of the Barometer survey.