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NFIB: Record Share of Small Business Owners Are Raising Compensation

  • A net share of 39 percent of small business owners surveyed by the National Federation of Independent Business say they have raised their compensation
  • A net share of 26 percent plan to raise wages within the next three months
  • Small businesses have faced significant challenges in finding workers for available openings, often reporting few or no qualified applicants

Summary by Dirk Langeveld

Small businesses were faring slightly better in filling available job openings in June but still faced major challenges during the month, according to the latest jobs report from the National Federation of Independent Business. A record share of small business owners were raising their wages in a bid to attract talent.

The June report found that 46 percent of the 10,000 small business owners surveyed had jobs they were unable to fill in June, down two points from May but still well above the 48-year average of 22 percent. A net share of 39 percent of respondents said they had raised their compensation, with a net share of 26 percent planning to do so in the next three months.

Other findings included:

  • 63 percent hired or planned to hire workers in June, up two points from May
  • A seasonally adjusted net share of 28 percent said they plan to add jobs in the next three months
  • 89 percent of those hiring or trying to hire in June said they found few or no qualified applicants for the positions
  • Forty percent of businesses had openings for skilled workers, while the share of businesses needing unskilled workers dropped five points to 22 percent
  • Labor quality remained the top concern among small business owners, with 26 percent naming it as their main worry; 8 percent cited the cost of labor

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