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Can Small Businesses Compete for Employees?

By Gary Stockton, Sr. Mgr. Content Marketing, Experian Business Information Services — Oct 29, 2018



At a recent lunch outing, I was taken aback when an employee of the Ike’s Love & Sandwiches shop asked me if I would like to add $.75 to my order so that they could get health benefits. I left a message on the company’s website because I thought that was an unusual question and moments later one of the company’s owners, Sam, called to explain.

Sam described the difficulties in trying to attract employees to his small business. Health benefits are attractive to job seekers but often too expensive for small business owners. With minimum wage hikes of recent years, businesses with more than 26 employees are finding it tough to be competitive. But that’s not stopping them from finding clever ways to still offer health benefits – just make it part of the transaction by asking customers if they would like to add a surcharge. This enables Sam to avoid raising the prices of the sandwiches. Those who don’t mind the charge are helping Sam’s employees get health benefits they would not ordinarily receive.

Small Business Hiring Trends

A recent report from NFIB revealed that Small Business Optimism continues to trend positive. Small businesses are breaking a 45-year-old record in job openings, job creation and plans to hire. The report also reveals that nearly a quarter of small business owners are struggling to find qualified workers. With the continued rise in small business growth, 24% of those looking to hire report it’s even harder to find talent than just 5 years ago. Competition means that business owners have to be even more innovative to attract talent and afford candidate demands.

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Business Credit Tip

If you're a sole proprietor or a business owner with fewer than 20 employees, your personal and business credit scores are closely linked in the eyes of banks and other lenders. So it's important to take steps to protect both. You should monitor, evaluate and protect your credit standing just as you would protect any other business or personal assets. Learn more about protecting your credit.

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