Despite tight labor markets, businesses are finding solutions
PNC 22 – American bank holding company and financial services corporation based in Pittsburgh, Pennsylvania. Its banking subsidiary, PNC Bank, operates in 27 states and the District of Columbia, with 2,629 branches and 9,523 ATMs, (PNC Financial Services Group, Inc, “Squeezed by Inflation, Small Business Owners Expect to Raise Prices; Supply Chain Disruptions to Ease, PNC Survey Shows”, 3/10/22, https://www.prnewswire.com/news-releases/squeezed-by-inflation-small-business-owners-expect-to-raise-prices-supply-chain-disruptions-to-ease-pnc-survey-shows-301499648.html)//CG
"The tight labor market remains a significant problem for many small businesses, and there are no indications that this problem is going away anytime soon. But it is clear that small businesses are coming up with solutions for getting around a shortage of available workers for the continued operation of their businesses," Faucher said.
Other key survey findings include:
COVID-19 Vaccine Boosterism: More than half of business owners (56%) say a majority of their workforce has a COVID-19 booster vaccination. Two-thirds (65%) have taken some action to encourage employee boosters either through a requirement (31%), assistance and/or education (29%), incentives (22%) or restrictions for those who choose not to receive the booster (19%).
Optimism Tempered, But Still High: Business leader expectations about their own companies remain strong with nearly half (47%) feeling highly optimistic, but are down from their historic fall high (56% highly optimistic) while the number pessimistic remains historically low (2%). Their outlook for the national and local economy has shifted to cautious: 15% are highly optimistic about the national economy while 23% are now pessimistic; and 19% are highly optimistic and 8% are pessimistic about their local economy.
Business Adaptation and Transformation: Small and mid-sized businesses have made dramatic and lasting changes to adapt to the pandemic environment, particularly when it comes to employee safety and utilization of new technology. Nearly all (92%) have made at least one type of change (policies, processes, operations or use of technology). Almost all of those making changes (93%) expect one or more of them to be permanent.