A Tight Labor Market Means Businesses Need to Be More Efficient
The U.S. Department of Labor reported that the September 2019 unemployment rate hit a fresh 50-year low, matching a level it last saw in December 1969. The natural rate of unemployment is 4.7%-5.8%, so less than the natural rate presents challenges for businesses who cannot find enough qualified workers to keep operating at full capacity. This means that businesses, small and large, need to find ways to work smarter, be more efficient, and increase productivity. SAFIO Solutions helps companies do just that.
WORKFORCE CONCERNS AMID POSITIVE BUSINESS GROWTH
In the September jobs report, the National Federation of Independent Business said 57% of owners reported they are hiring or trying to hire workers, but 88% of these owners reported that they are having difficulty finding qualified candidates for the positions they are trying to fill. The NFIB, who calls itself “the voice of small business”, reported that 23% of business owners’ No. 1 problem is finding qualified workers.
“The strong labor demand is a clear indication that small business owners are optimistic about prospects for the economy. Hiring has slowed down, but it’s due to the inability to find qualified workers, not because of a lack of customers,” said NFIB’s Chief Economist Bill Dunkelberg.
The new tax laws and a strong economy are very supportive of business growth and profitability. With the help of SAFIO Solutions, businesses can work smarter, not harder, to achieve greater productivity and sales growth.