The economy is much on the mind of every American, especially small business owners. When spending takes a downturn, itâ€™s usually the entrepreneur who suffers the most. If the market is up, and spending is up, then itâ€™s all sunshine and rainbows for the small business. Right? What a good economy means for a small business may be the difference between growing or even staying in business all together. Prosperous times are critical to the success of a small business as well, maybe even more so than the lean ones.
The recent job news was released as year end came to a close; jobs were added and the jobs market looks fruitful. While that is great news for the person looking for a job, that means it is tougher to recruit for the small business looking to attract talent. With job choice, comes recruits who are more fickle about the places they let hire them. What that means for the small business owner is there has to be key differentiators between a larger company with a perception of more stability and working for your growing business with perceived greater risk. Hitching oneâ€™s wagon to a rising star in business is not necessarily as attractive as it was ten years ago.
Small businesses have to prove themselves to talent looking to grow their career over the long term. If you arenâ€™t able to effectively communicate why your business is the obvious choice for employment, like a recruit who blows an interview, you arenâ€™t going to get called back for the second round.
What A Good Economy Means For A Small Business Is Benefits That Matter To Their Employees
Few things sour an employee base than a company that has record-breaking profits and terrible benefits. When the coffers look full to your employees, they start expecting more from their employer. When the economy is deemed good to the people on the television that qualify to say so, employees start feeling more comfortable with their job stability. With comfort comes taking stock in what their employer offers and wondering what others in similar jobs have that they donâ€™t. Is it pay? Somewhat. Is it company culture? Maybe. Is it better benefits? Absolutely.
Few things say we care about our employees more than providing great benefits. Employees could even be more forgiving of a less than perfect company culture if they have amazing benefits. Put an employee in a mediocre company culture with lousy benefits and you have an employee surfing job sites on their lunch hour (and maybe your computer equipment).
How is your company measuring up in terms of company culture and benefits offerings? You might want to reflect on which one of these will be your businessâ€™s New Yearâ€™s resolutions for 2019 if this question leaves you shifting around in your seat uncomfortably.
What To Do If You Canâ€™t Afford To Offer Great Benefits To Your Employees
Some small business owners reading this have already looked into providing better benefits to their employees but quickly rejected the notion when the sticker-shocking quotes started coming in from benefits carriers geared towards the small business. Some of these companies will make you wonder if they have ever sold anything to a small business with what they charge. Before you decide you canâ€™t offer what youâ€™d like to your employees, perhaps there is a better way that hasnâ€™t been discovered by you yet.
PEOs are the best link between small business owners and great benefits for their employees. What a good economy means for a small business is a better way to offer more for less, without sacrificing quality or experience. Who doesnâ€™t want that?
While PEOs are great for the small business owner, a quick Internet search of the term will yield some pretty overwhelming results. Which one of the 100s, which of the top 10 even, will be the right one for your small business? What a good economy means for a small business owner looking for a PEO is an avalanche of choice. Working with a PEO broker like PEO Spectrum helps a small business owner navigate all the website marketing and sales double talk and get to the bottom of what really are the best choices for your business. Best news yet, working with a PEO broker to help you find the right PEO for you is free. If you want to offer more, a PEO is the only choice without killing all your profits.