Do you happen to own a small business? If so, you might be excited to hear that the economy seems to be bouncing back from The Great Recession of 2008. Yes, it’s true. The job market was off to a slow start at the beginning of 2015, but that is now changing.
According to an article recently published in the New York Times, employment opportunities rose to a yearly high in the month of April, which subsequently led to a perk in small-business confidence during May.
The United States Labor Department conducts a monthly Job Openings and Labor Turnover Survey to measure labor demand, and their recent findings revealed that there was a 5.2% increase for the month of April. This rise in labor demand is surprisingly the highest level observed since the inception of the national survey in December 2000, signaling that the economy is strengthening.
In March, hiring fell to only 5 million from 5.1 million and economists attributed this to the lack of qualified workers needed to fill openings. Since the number has now jumped to approximately 5.4 million, it could be a sign that more people are getting the education and training needed to succeed in today’s business world. Another statistic that signifies an improving economy is the amount of unemployed job seekers per open position. During April, the ratio fell to 1.6, which is an improvement from 1.7 in March and actually the lowest level since 2007.
With the growth of the job market, confidence among small businesses has also been on the rise.
If you love your business, take a look at these tips to help you prepare your business to handle such growth.
♦ Hire the Best Employees – Of course the key to establishing a successful business is to make sure you have a quality staff. To ensure you hire the best candidate for a job position, you should invest a little more time into recruiting qualified employees. Look for people who are passionate about the industry of your business as you are.
♦ Develop an Employee Handbook – Save time and money by developing an employee handbook to give new staff members all of the information they need to perform their jobs in an efficient manner.
♦ Provide Advancement Opportunities – You’ll attract the best and most qualified employees if you offer them ways to advance within the company.
♦ Offer Excellent Benefit Packages – Offering your employees with a premium benefits package for them and their family will boost moral of your staff overall and in turn increase productivity. Not only should you provide the basic healthcare, dental and vision insurance for your employees. Most job seekers these days are looking for employers who will match their 401k investments.