Q2 2013 SMB Job Generation Outlook Infographic
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The Lucas Group SMB Job Generation Outlook began in 2013 as the only national report defining the economic and employment landscape for small to mid-sized businesses.
Q2 2013 SMB Job Generation Outlook Infographic
- 1. SMB JOB GENERATION OUTLOOK Q2 2013 TITLES & COMPANY REVENUE Respondent title: 45% $50M - $150M 26% $151M - $300M 18% $301M - $600M 11% $601M - $1B 2012 company revenues of responding executives: 36% President 35% CEO 29% Business Owner HOW RETIREMENT IMPACTS COMPANIES IMPACT OF MINIMUM WAGE INCREASE SMBs report a mixture of both positive and negative business impact expected in 2013 from Baby Boomer retirement. (multiple responses allowed) If the minimum wage was to increase to $9.00 per hour, what impact would that have on your business? (multiple responses allowed) 56% CREATES A KNOWLEDGE GAP THATS DIFFICULT TO BRIDGE We will increase prices to our end customers....23% We will reduce our new hiring plans............... 18% We will reduce our current work force... 15% We will eliminate all new hiring............................6% We will not stay in business....................... 4% Increasing the minimum wage will not impact my business / other.......... 7% Dont know...............54% 41% IMPROVES ABILITY TO CONSIDER NEW APPROACHES & PROCESSES 23% IMPAIRS ABILITY TO COMPETE 1% OTHER 34% ENHANCES PROSPECTS FOR FUTURE INNOVATION AND GROWTH ECONOMIC PROSPECTS FOR COMPANY AND COUNTRY Almost 71% of SMBs report a somewhat or very optimistic opinion on their own companys 2013 economic prospects, while less than 55% feel the same toward the overall U.S. economy. 34% VERY OPTIMISTIC 43% SOMEWHAT OPTIMISTIC 15% NEITHER OPTIMISTIC NOR PESSIMISTIC 8% SOMEWHAT PESSIMISTIC 0% VERY PESSIMISTIC ECONOMIC PROSPECTS FOR YOUR COMPANY IN 2013 11% VERY OPTIMISTIC 46% SOMEWHAT OPTIMISTIC 22% NEITHER OPTIMISTIC NOR PESSIMISTIC 14% SOMEWHAT PESSIMISTIC 7% VERY PESSIMISTIC ECONOMIC PROSPECTS FOR THE UNITED STATES IN 2013 51% OPTIMISTIC 38% NEITHER OPTIMISTIC NOR PESSIMISTIC 11% PESSIMISTIC 50% OPTIMISTIC 22% NEITHER OPTIMISTIC NOR PESSIMISTIC 28% PESSIMISTIC JOB GROWTH PROSPECTS FOR YOUR COMPANY IN 2013 JOB GROWTH PROSPECTS FOR THE UNITED STATES IN 2013 HOW SMBs SEE THEMSELVES IN 2013 The vast majority of responding SMBs report a position of maintaining stability or growth in 2013. 3% 9% 43% 45% Survival Controlled Retrenchment Maintaining Stability Growth WORKFORCE RETIREMENT IN 2013 Expected percentage of SMB workforce to retire in 2013, according to survey respondents. Respondents % to Retire 74% <5% 9% 5% - 10% 11% 11% - 15% 1% 16% - 20% 5% Dont know SMBs ARE THE JOB GENERATORS OF THE U.S. ECONOMY. I SEE MY COMPANY AS A JOB GENERATOR. 23% AGREE STRONGLY 40% AGREE 3% DISAGREE 1% DISAGREE STRONGLY 33% NEITHER AGREE NOR DISAGREE 37% AGREE STRONGLY 47% AGREE 4% DISAGREE 0% DISAGREE STRONGLY 12% NEITHER AGREE OR DISAGREE HIRING VETERANS The majority of SMBs surveyed were amenable to hiring veterans, though most do not have specific plans to do so in 2013. Specific plans to hire military veterans 15% Will not target military veterans for hiring 5% Hire military veterans but do not have a specific plan 80% WORKFORCE, WAGES & SALARIES, AND BENEFITS INCREASES IN 2012 2012 changes in SMB workforce and related expenses as shared by survey respondents: WORKFORCE WAGES & SALARIES BENEFITS EXPENDITURE 40%Increased 59%Increased 61%Increased 45% Stayed the same 29% Stayed the same 34% Stayed the same 15%Decreased 12%Decreased 5%Decreased HOW SMBs VIEW THEMSELVES REGARDING JOB GENERATION SMB Presidents, CEOs, and business owners were asked how they viewed both the market and their specific company in terms of U.S. job generation. IMPACT OF RETIRING BABY BOOMERS With 10,000 Baby Boomers retiring each day in the U.S., almost 55% of SMBs expect some level of business impact from retirements in 2013. 59% SOME IMPACT 11% VERY BIG IMPACT2% DONT KNOW 28% NO IMPACT AT ALL HIRING DIFFICULTY Rate the level of difficulty your company faces in finding qualified candidates for professional and management positions. 7% EXTREMELY DIFFICULT 54% DIFFICULT 7% EASY 1% EXTREMELY EASY 31% NEITHER EASY OR DIFFICULT JOB GROWTH PROSPECTS FOR COMPANY AND COUNTRY While more than half of SMBs report feeling somewhat or very optimistic about their own companys job growth, only 47% feel the same about overall U.S. job prospects. 23% 6% 7% 4% 18% 54% 15%