Main Street Businesses Respond to Worker Demands Amid Changing Job Landscape
The CBIZ Main Street Index finds more small to medium-sized businesses are making changes to pay and benefits packages to recruit top talent
The survey, which was conducted
“We are seeing employers implement both offensive and defensive strategies to combat the ‘Great Resignation.’ For example, many are making generous offers in an effort to attract exceptional talent. Others are offering stay bonuses that pay employees for simply remaining with the organization, typically for six months or a year,” said
“Employees and job seekers are benefiting from a robust economic recovery, dating back to the early months of the pandemic,” added
The data was assessed from an overall perspective, as well as based on company size, region and industry. An interactive infographic with the results is available on the CBIZ website. Key findings include:
- Companies are responding to demands to improve the employee experience — As the pandemic and “Great Resignation” continue, employees are gaining more leverage over employers in the hiring and review processes. Employers are responding, with 18.5% of survey respondents saying they are focused on enhancing benefit changes, up more than 5% from Q3. Meanwhile, 27% say incorporating new compensation methods is also a priority, up nearly 6% from Q3.
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Nine of 10 small businesses report trouble hiring staff — Many small businesses are facing an uphill battle when it comes to attracting talent. An increasing number of workers are leaving jobs for better pay, as the hourly minimum wage rose at the start of 2022 in 25 states and
Washington, D.C. This is putting stress on several industries, most notably food and hospitality. In fact, 51% of responding businesses report they are short-staffed by over 10%. - Demand continues to be a driver of positive business sentiment — Americans are buying more as the economy improves from 2020 lows. With unemployment near record lows and most people spending more time at home due to continued pandemic concerns, the buying power of the consumer is strengthening. More than half (57%) of respondents report economic factors leading to high inflation are a top concern, eclipsing the surge in coronavirus cases (44%).
*Note: Not all of those surveyed in the CBIZ Main Street Index are clients of CBIZ.
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