NICK GOSNELL
Hutch Post
HUTCHINSON, Kan. — In October, 43% (seasonally adjusted) of all owners reported job openings they could not fill in the current period, according to NFIB’s monthly jobs report. The percent of small business owners reporting labor quality as their top small business operating problem remains elevated at 23%.
"We're at, really, near record highs within almost the last decade," said Dan Murray with NFIB Kansas. "Without qualified applicants, it's going to be really difficult for our main street retailers, in particular, to maximize their sales during this upcoming holiday season. This is an important season for retailers, who bring home a large piece of their revenue."
Labor costs reported as the single most important problem for business owners were unchanged at 9%, four points below the highest reading of 13% in December 2021.
"What will happen, of course, is small business owners will put more on their own back to try to make it through," Murray said. "Certainly, they are offering more in terms of compensation and benefits to get people on board, as well."
Seasonally adjusted, a net 36% reported raising compensation, unchanged from September. A net 24% plan to raise compensation in the next three months, up one point from September.
"When we see, in this most recent one, 90% of those hiring or trying to hire reported few or no qualified applicants for the positions they are trying to fill, let's say that reduces to 80% in 2024, that's still a pretty bad number."
Thirty-seven percent of owners have openings for skilled workers and 18% have openings for unskilled labor.
CLICK HERE to download the Hutch Post mobile app.
CLICK HERE to sign up for the daily Hutch Post email news update.