Small business compensation plans fall to the lowest levels seen since 2021 according to NFIB jobs report. Only 18 percent of business owners plan to increase compensation in the next three months.
NFIB State Director Leah Long says this is concerning.
“Their still struggling with inflation and struggling with the labor cost. I think that 18 percent right there shows what exactly small businesses are going through.”
Long says, “It’s not that people aren’t willing to work…its finding the skilled qualified workers.”
“Everyone plays a different kind of role in small business, and sometimes someone may play five different roles and you’re just their for that one role. So I think you have to find a skilled worker to be able to work in a small business.”
One industry that is having trouble filling job openings is construction down one point from April and Long says its going to take more than higher wages.
“Its more about investing in the people and the workers to make sure they are skilled to be able to go perform these jobs. Make sure that we develop a qualified skilled labor set here in the state.”
Forty-two percent of small business owners reported job openings they could not fill in May, up two points from April.
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