As Economy Sputters, Small Businesses Struggle To Fill Open Positions

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November 21, 2022

While the majority of small businesses are looking for new workers, owners are struggling to fill open positions.

Eighty-six percent of small business owners said they are looking to hire at least one new employee in the next two years, according to a survey by employee scheduling company Homebase. Yet among owners who are hiring, 90 percent said they are finding few or no qualified applicants, according to the National Federation of Independent Business.

The hiring difficulty is leading to decreased confidence among small businesses owners, CNBC reported:

The National Federation of Independent Business, the main small business trade group, reported last week the 10th-consecutive month of a confidence decline on Main Street, though little change in the need to hire more workers.

"Owners continue to show a dismal view about future sales growth and business conditions, but are still looking to hire new workers," said NFIB Chief Economist Bill Dunkelberg in a release with its latest monthly survey. "Inflation, supply chain disruptions, and labor shortages continue to limit the ability of many small businesses to meet the demand for their products and services."

The news comes as credit card debt hits a two-decade high and home sales fell for the ninth straight month.

Published under: Economy