November 1, 2021
November 1, 2021
The quarterly US Chamber of Commerce Small Business Index, presented in conjunction with MetLife, is out. As we've become used to, it's a mixed bag, according to the survey, which was conducted from Sept. 30 to Oct. 7. Staffing levels show some signs of potential growth, but the ability to fill these roles is a concern.
Optimism remains steady, while worries grow
This quarter’s Small Business Index score is 56.6, down from last quarter (60.0 in Q2).
Staff levels relatively flat, with some plans for growth - if hiring can pick up speed
Many sectors and businesses across the country are struggling to find enough workers to fill open positions. Overall, 11% of small businesses this quarter cited the lack of applicants for open jobs as their top challenge. This effect is worst in the services sector where 15% said this was their biggest concern.
Seven percent of small businesses said that their top concerns were the low quality of applicants who applied for jobs and employee retention. The manufacturing sector (11% said was top concern) and the Southern region (12% said was top concern) were more likely to say that the low quality of applicants is a top concern. Larger small business (20-499 employees) were the most likely group to say that retaining employees is their top challenge with 18% saying so.
Vaccine mandates supported, despite risks to staff levels
A majority of small businesses (61%) have already implemented or plan to implement employee vaccine mandates.
Some 43% of small-business owners say they would fire employees who refuse to comply with vaccine mandates. But just a sliver of small business owners (10%) said they’ve already done so.
Small business owners in the retail sector are the most supportive of employee vaccine mandates. Some 70% of them said they have implemented or will implement vaccine mandates, compared to some 54% of service-sector business owners, who were the least likely to do so.
“Support for vaccine mandates or regular testing rank highest for [the retail] category because their employees and customers are in close contact,” said Tom Sullivan, vice president of small business policy at the U.S. Chamber of Commerce.
“While a majority of small businesses support vaccination mandates or regular testing, those same employers are worried about losing employees when vaccinations become mandatory,” Sullivan added.