BOSTON – According to the NFIB’s monthly vacancy report, 46% of small business owners reported vacancies they were unable to fill in the current period, two points lower than in May but still higher than the 48-year average of 22%. Small business owners continue to struggle to find skilled workers for their open positions while raising compensation to an all-time high.
“During the busy summer season, many firms cannot hire enough workers to run their businesses efficiently, which limits sales and production,” he said. NFIB Chief Economist Bill Dunkelberg… “In June, we saw a record high percentage of owners raising compensation to help attract the right people, and job creation plans also remain at an all-time high. The owners are doing their best to return to a full and productive workforce. “
“Unfortunately, Massachusetts employers face a unique double challenge as they try to replenish their businesses in the post-pandemic recovery period,” he said. Massachusetts NFIB State Director Chris Carlozzi… “While businesses struggle to find skilled workers to fill vital roles, they also face higher unemployment insurance taxes to help cover the costs of layoffs associated with the pandemic due to relatively high employment rates. This is a double blow to job creators! “
Just 39% (seasonally adjusted) of owners reported a five-point increase in compensation, a record high. Net plan of 26% to increase compensation over the next three months (up four points).
Two points higher than the May report, 63% of owners reported hiring or attempting to hire in June. On a seasonally adjusted basis, a net 28% of owners plan to create new jobs in the next three months.
Finding skilled workers remains a challenge for small businesses, as 89% of those hiring or trying to hire reported few or no “qualified” candidates for their open positions in June.
Forty percent of owners reported vacancies for skilled workers (unchanged) and 22% have vacancies for unskilled labor (five points lower).
In the construction industry, 60% of vacancies are for skilled workers (up nine points). Sixty percent of construction firms reported few or no qualified job seekers (no change).
Unchanged from last month, 26% of owners said the quality of their workforce is their top concern in business, but remains a top overall concern. Eight percent cited labor costs as their top business concern.
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