Will Hiring be Hard This Year?
Yes. Prepare for hiring challenges.
I’ve already heard from several businesses that they’re hiring and that they’re struggling to find people, even for entry level jobs.
This is a good and bad sign. It means the economy is recovering, which makes me happy. I saw too many businesses close in the last 14 months or so. But in 2021 and 2022, hiring rose to be my 2nd highest risks for small businesses, and in 2024 it will has returned to the number 2 spot.
Hiring challenges means businesses may spend more money and time hiring and struggle to grow.
Low Unemployment is Bad News
Politicians love to brag about low unemployment—Iowa is currently at 3.0%. This sounds good, and if we had to choose between high or low unemployment, we’d prefer low.
But low unemployment means the hiring pool is small.
The smartest companies do this one thing:
- Recruit and train young talent
Seems like that list should be longer, and there are a lot of things big companies do in addition to this, but most things are difficult for smaller companies to replicate.
Here are some benefits small companies should talk about when recruiting:
- An entrepreneurial environment
- Flexibility and variety in work
- Little or no bureaucracy
- Fewer layers between workers and leaders
Do you have any hiring tips to share? Let us know!
