As mentioned in previous article â€œBest Time for Small Businessâ€, small businesses are having a hard time finding skilled workers. As a result of low supply and high demand, pay packages offered by small business owners are going more and more aggressive.
According to the statistics provided by National Federation of Independent Business, job opening experienced a significant increase of 35% this season. Actual Compensation rate raised 33% accordingly in response to the tight job market, which reached the highest share since November 2000.
â€œSmall businesses are telling us that theyâ€™re optimistic, hiring, and willing to raise wages to find the right employees for their businesses,â€ said NFIB President and CEO Juanita Duggan.
In response to the 53% job openings this year, up to 30% of small businesses reported that they are planning on keep increasing their payrolls in order to attract the most qualified workers.