NFIB Weekly News

Stay up to date with the latest National Federation of Independent Business (NFIB) and other small business news. NFIB, founded in 1943, is known as “the voice of small business” because of their credibility with the government and the media.

NFIB Weekly News

Leading the News

Labor quality remains a problem for owners looking to hire (09/01/2022)

WASHINGTON, D.C. (Sept. 1, 2022) – Small business owners continue to hire, but 49% (seasonally adjusted) of owners reported job openings they could not fill in the current period.

“The labor market continues to be a significant challenge for small business owners,” said NFIB Chief Economist Bill Dunkelberg. “Owners are managing several economic headwinds and continue to make business adjustments to mitigate lost sales opportunities due to staffing shortages. Almost half of owners are raising compensation to attract workers for their open positions.”

Small business owners’ plans to fill open positions remain elevated, with a seasonally adjusted net 21% planning to create new jobs in the next three months, up one point from July.

A net 46% (seasonally adjusted) reported raising compensation, down two points from July and four points below the record high set in January. A net 26% plan to raise compensation in the next three months.

Overall, 63% of owners reported hiring or trying to hire in August. Of those trying to hire, 89% of owners reported few or no qualified applicants for the positions they were trying to fill. Thirty-one percent of owners reported few qualified applicants for their open positions and 26% reported none.

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Business Climate

Federal Legislation Seeks to Provide Fairness for Small Business Owners using Big Tech Services (08/31/2022)

Antitrust bill in Congress seeks to stop bad Big Tech behavior against small businesses that use or sell on the internet

Large technology companies, such as Amazon, Google, and Meta are rapidly changing the way that consumers shop, find, and interact with small businesses. Unfortunately, NFIB members are increasingly reporting problematic business practices when dealing with these Big Tech giants. Congress is considering legislation to provide new protections for small business owners and consumers against anticompetitive behavior and unfair practices by Big Tech, but these companies are spending millions of dollars to defeat this legislation. NFIB is asking small business owners dealing with these companies to make their voices heard by Congress.

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Wages and Benefits

NFIB webinar explains the employment process to help recruit and retain workers (06/14/2022)

On June 1, the “Hiring & Retaining the Best Talent in a Tight Labor Market: HR Basics for Small Business” webinar was hosted by Senior Executive Counsel for the NFIB Small Business Legal Center Elizabeth Milito and Executive Director for the NFIB Research Center Holly Wade.

NFIB’s research shows that small business owners are struggling with workforce shortages. Forty-seven percent of small business owners are reporting they have job openings they could not fill, and an NFIB survey shows expectations for better business conditions in six months is the lowest it’s been in the nearly 50-year survey.

“While the last two years really demonstrated how resilient and important small businesses are to our economy, I would say that small businesses run America, the pandemic also showed some inefficiencies and deficiencies in businesses,” Milito explained. “Small business and larger businesses too, particularly when it comes to issues related to recruitment and retention of employees.”

For small business owners, it is important to re-examine the processes that are being used for recruiting employees and finding new and effective ways to retain employees.