More than three quarters of small business owners believe recruiting and keeping talent is important to their company’s success, finds the quarterly American Express Small Business Monitor.
“With the prominent shift in generations, the ability of [small business owners] to tailor their businesses, offerings and approach to attracting younger staff will be critical,” says Athena Varmazis, vice president and general manager, Small Business Services, American Express Canada. “Remaining competitive and understanding the candidate pool is clearly the best way to attract and retain top talent.”
Additional findings include:
- 26% say finding a qualified employee keeps them up at night;
- 67% think finding the right candidate is getting harder;
- 55% rely on word of mouth to attract job applicants;
- 69% believe corporate culture is important, so many are adapting their businesses to attract young workers;
- 61% feel they’re at a competitive disadvantage to larger companies when it comes to investing in talent;
- 52% report their business’ current financial position has improved; and
- 28% are willing to take risks for their business in the next six months.