May 22, 2024
Small businesses take action against operational challenges
Despite small business owners grappling with the difficulties of the current economic climate, they are actively taking proactive measures to tackle crucial aspects such as recruitment, retention, and operational efficiency, says the Workplace Insights Survey from ADP Canada.
It shows that almost a third (32 percent) of small business owners are currently facing challenges in finding employees. One reason for this is inflation, as 21 percent of small business owners cite having to let employees go due to inflation.
Additionally, 69 percent of small business owners are finding it difficult to attract and retain talent are taking action to combat it, among those:
29 percent have offered higher wages
26 percent have offered flexible work models to improve employee retention
20 percent have increased benefits (i.e., more vacation, perks)
Fortunately, almost half (49 percent) of small business owners report not feeling worried about their ability to compete. This may be because more than half (six in 10) are taking action to ensure operational needs are still met.
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