The number one issue facing small businesses today is no longer inflation, but rather finding and retaining competent, reliable employees. Workers today, especially millennials, are demanding more than a paycheck to take a job, and remote work has allowed many to take jobs all over the country without leaving their couch.
So, with unemployment at 50-year lows, what are some strategies to find the workers your business needs?
To start, the obvious solution should be offering higher wages. While this practice may work, it is unsustainable for many small businesses that run on tight budgets. Mike Zaffaroni, CEO of Liberty Landscape Supply in Jacksonville, Florida, explains how one of his toughest years garnered a 10% increase in revenue, but a 40% increase in payroll expenses. “It is impossible to run a successful business and grow with that equation,” Zaffaroni says.
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