- Small businesses have proven vulnerable to employee resignations in the labor shakeup caused by the COVID-19 pandemic
- Workers are more likely to seek pay and benefits that small businesses may not be able to provide
- Advice on how small business owners can offer competitive benefits to attract and retain employees
Summary by Dirk Langeveld
The labor market has gone through major shifts during the COVID-19 pandemic. In addition to the wave of layoffs that occurred in the spring of 2020 due to shutdowns and declining consumer demand, many workers are reassessing their current work situation or career opportunities, quitting their jobs, and seeking better pay and benefits.
Small business owners may feel at a competitive disadvantage, as larger companies woo workers with higher wages and more perks. While smaller companies often face more challenges in offering attractive benefits, there are still ways to improve the appeal of their workplace without breaking the bank.
Robert Glazer, founder and CEO of the marketing firm Acceleration Partners, recently wrote for Forbes about how small businesses can accomplish this goal. He suggests that options include low-fee 401(k) retirement plans, more generous paid time off, and perks encouraging employees’ education and wellness.
Read the full article here.