Although it appears that winter is finally over, its effects continue to be felt months after snowfall began to melt from the ground. While severe weather patterns commonly impact sectors such as construction and real estate, new reports indicate that small businesses across all industries have been dealing with employment problems brought about by this coldest season.
Given the issues with hiring felt over the past several months, it is especially important that recruiting and employment efforts are focused on now that spring is here. Every company needs the best possible employees, especially the smaller ones with a limited workforce and financial plan. Thankfully, there are a number of ideal methods to cope with these problems, and ensure that the company is made up of quality staff members for years to come.
Employment levels struggle month-over-month
Since March 2010, small businesses have added more than 575,000 jobs. This is one finding reported by Intuit Inc. in its recent Small Business Employment and Revenue Indexes. However, the business software company also noted that employment levels have struggled to increase over the past several months, remaining relatively flat during this recent winter.
"Small businesses are continuing to hire, but the rate of new hires remains low – close to the level it fell to in June 2009," said Intuit economist Susan Woodward. "However, the number of employees leaving jobs or being laid off offsets the rate of hiring. Thus, employment levels remained flat for the second consecutive month. Employment losses in March were concentrated in states suffering from the cold weather, especially in the upper Midwest and Mountain States."
She added that there is other good news, such as the national increase in the amount of hours employees of small businesses are working. That statistic ticked up 0.2 percent month-over-month, now at its highest point since January 2013.
In addition, Intuit reported that small business revenue declined 0.15 percent in February, while employees' monthly compensation rose 0.4 percent in March.
Always be on the hunt for new employees
Quality employees at a company can be a serious boost to a financial plan and the business banking account. However, economic conditions often fluctuate, and that could pinch the ability of some employers to pursue top-level talent. This is why being on the hunt for new workers should be a process that never ends.
According to Bankrate, the best tip for any small business is to never stop recruiting. Possible employment opportunities can appear at any moment, and a lack of a proactive approach can cause that chance to be missed. As a result, that perfect worker could be on to another company before they ever knew there was a potential job opening.
"The moment you're done hiring, you should be keeping your antennae up for the future," author Joe Kennedy told the news source. "That's something that flexible smaller companies can do that bigger firms, often weighted down with policies and procedures, cannot."
Moreover, small businesses should always be on the lookout for creative solutions to employment needs, Bankrate noted. Larger corporations cannot pursue unique avenues to fill voids like some other firms due to an abundance of legal requirements and restrictions. For example, outsourcing could be a viable possibility as a means to save money and get the job done. This way, the company only has to pay for the services when they are needed, not on a full-time basis. The added bonus is cost-savings and a more stable financial plan. Finding out-of-the-box solutions to hiring problems can be exactly what a small business needs during tough economic times, like this past winter.