Yes, it’s true that small businesses are often in need of new hires, and yet they sometimes find it hard to compete with larger companies that can offer better compensation. However, small businesses can also offer benefits such as a more personalized work environment, a direct impact on the business’s success, or more flexibility. It’s key for them to emphasize these and other potential upsides when seeking new workers. If they have the resources, they may also look into ways they can make their compensation packages more competitive.
However, there is still an ongoing labor shortage problem when it additionally comes to low-wage positions. This has been exacerbated by the pandemic, with many people looking for better job security and pay following the crisis. Many would prefer jobs that provide living wages, decent benefits, and steady hours.
Also, it should be noted that while higher wages can present an obstacle for small businesses, they result in a higher standard of living for workers and can ultimately contribute to economic growth by increasing purchasing power.
