Business Employment News

"Small Business Hiring Hunger Persists Despite Worker Pay Preferences"

Small and midsize businesses are eager to hire, but many jobseekers are opting for higher pay at larger companies, leading to challenges in filling positions. While private employers added 184,000 workers in March, smaller companies with workforces ranging between 20 and 49 shed 11,000 positions. The ability to offer competitive pay is a factor, with many workers seeing their wages rise faster than inflation. Small businesses face challenges in recruiting qualified candidates and are further constrained by higher borrowing costs. Despite the competition for talent and uncertainties around interest rates, experts expect a healthy labor market in the first half of the year.