Wizehire, a leading end-to-end hiring solution for small and medium-sized businesses, has unveiled its highly anticipated 2024 Small Business Report. Based on a comprehensive survey of 1,000 small business owners and operators across various industries, this research sheds light on hiring challenges, business growth prospects, and people management strategies in the evolving landscape of SMBs in 2024.
1. Growth Outlook and Hiring Plans:
- Optimistic Hiring Trends: Despite predictions of sluggish job growth, 96% of SMBs intend to hire within the next six months, with a significant focus on full-time roles (80%) and part-time positions (50%). Additionally, 84% are likely to provide raises, indicating a positive outlook for small business growth in the United States.
2. Effective Recruitment Practices:
- Preferred Recruitment Methods: Employee referrals emerge as the top recruitment method (49%), followed closely by job boards (45%) and business career pages (44%). Moreover, 44% of businesses leverage a dedicated HR department for onboarding new hires, underscoring the importance of streamlined recruitment processes.
3. Recruiting and Retention Challenges:
- Talent Quality Concerns: While 36% of businesses express satisfaction with job candidates, 30% find the recruitment process time-consuming, and 22% believe there’s room for improvement in talent quality. High turnover rates (25%) remain a significant challenge, particularly in industries like retail and food service.
4. Business Performance and Obstacles:
- Growth Amidst Challenges: Despite economic uncertainties and market competition, 62% of SMBs experienced growth over the past year. However, concerns about economic stability (30%) and market competition (41%) persist, posing challenges to business stability and expansion.
5. Building Inclusive Company Cultures:
- Embracing Diversity and Inclusion: A notable 88% of small businesses prioritize building inclusive company cultures, with nearly half implementing diversity training (46%) and fostering diverse leadership teams (45%). Open discussions and employee feedback mechanisms (40%) further demonstrate a commitment to diversity and inclusion.
6. Summary and Methodology:
- Optimism Amid Challenges: Despite facing recruitment and retention hurdles, small businesses remain optimistic about growth prospects, supported by proactive measures to nurture inclusive workplaces.
- Methodology: The report is based on a survey conducted among 1,000 small business owners and operators in the US, offering valuable insights into hiring trends and people management strategies.
Wizehire’s 2024 Small Business Report provides a comprehensive overview of hiring challenges, business growth opportunities, and diversity initiatives in the SMB landscape. As small businesses navigate economic uncertainties and talent acquisition complexities, the report serves as a valuable resource for informed decision-making and strategic planning. For detailed insights and recommendations, access the full report to stay ahead in the evolving small business landscape.
