As we’ve reported, during the first half of 2018, unemployment has dropped to an 18-year low. According to tracking surveys of small business owners conducted by NFIB, such low unemployment has caused owners to rank finding and retaining employees their top concern. And now, according to a survey of 1,000 employees of businesses with fewer than 20 employees commissioned by QuickBooks Payroll, the country’s low unemployment is beginning to influence factors like payroll and benefits. Here is an overview of the small business employee survey results.
74% | (Percentage of surveyed employees who…) received a raise this year.
……..9.3% | Average increase in pay among employees who received a raise.
22% | (…) are being paid the same this year as last.
65% | (…) say their pay has not kept pace with the cost of living,
48% | (…) say they are currently underpaid.
23% | (…) say they are eligible for a bonus this year (compared to 16% last year).
43% | (…) say they want to change jobs within two years (despite high job satisfaction).
59% | (…) say their benefits are unchanged this year.
33% | (…) say their benefits have improved.
11% | (…) say their benefits say they are worse.
80% | (…) say they receive health care benefits.
46% | (…) say they receive child-care support.
55% | (…) say they would take a job without benefits.
61% | (…) say they would trade benefits for a raise.
The incentives employees value most are some of the most cost-effective for small businesses to implement: flexible work schedules and annual performance-based raises.
76% | (…) say they would be motivated by a flexible work schedule.
……..73% | Only 10% have flexible a flexible work schedule.
20% | (…) say they are being denied overtime pay — either through misclassification or because their employer refuses to pay it to nonexempt workers.
47% | Percentage of employees who receive overtime pay who say they are somewhat or totally reliant on the additional income.
Let’s celebrate small business week all year ’round.
Even after 400 years, Shakespeare’s advice is helpful to ye olde small business.
IRS urges employers to take advantage of the Work Opportunity Tax Credit
Funds available will remain the same. This legislation provides more time for loan processing.