09/27/2021 | News release | Distributed by Public on 09/27/2021 12:56
The pandemic continues to have a significant impact on our daily lives, whether its related to how we work, how we manage our personal lives, and how we generally interact with each other. Small businesses have been hit particularly hard, especially due to the shortage of available workers.
The latest survey by the National Federation of Independent Businesses‡ found that nearly half of all businesses could not hire enough staff in August, while more than 22% of available positions went unfilled. Ninety-one percent of business owners hiring or trying to hire reported few or no qualified applicants - a 48-year high, the group said.
So, what does that mean for small business owners, and how can they manage this labor shortage?
There are several measures that can help mitigate labor challenges.
Attracting and retaining top employees is certainly a challenge in any environment, but has become even more difficult during the pandemic, especially for smaller businesses. While the approaches listed above are likely to be effective, your banking partner can also help advise and support on financial impacts and forecasts as you work out solutions for your specific situation.
Understand the financial basics of managing a small business through the Small Business Essentials playlist on the UMB Financial Education Center.
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