The number of small businesses hiring full-time employees lines up with previously estimated predictions, and the results are promising. If your small business is looking to expand, the time to act is now.
2015 continues to be a promising year for small business owners. Persistent economic growth in the United States has contributed to small business owners’ ability to hire full time employees without disrupting their bottom line. According to a monthly business employment survey conducted by payroll processor ADP, small businesses with fewer than 50 employees added 103,000 jobs in February and 108,000 jobs in March.
This boost in small businesses’ ability to hire has remained unaffected by the slowdown in payroll growth at larger companies. Paul Davidson of USA Today noted, “Over the next three months, 24% of the businesses surveyed plan to add workers, while just 4% expect to cut.” A similar survey conducted on behalf of CareerBuilder by Harris Poll found that not only is job hiring on the rise, but employees’ salaries are also expected to continue increasing. In fact, this forecast shows that 24% of employers are expecting to increase salaries in the second quarter at least 5% from the second quarter last year.
Small Businesses are Not Alone
The Society for Human Resource Management analyzed the survey conducted by CareerBuilder and noted positive changes in employment for businesses of different sizes.
- §The percentage of businesses with 250 or fewer employees adding full-time staff in the second quarter increased from 22% in 2014 to 27% in 2015.
- §Similar growth can be seen in companies with 500 or fewer employees with an increase from 23% last year to 29% this year.
- §38% of employers with more than 500 employees expect to add full-time employment, which is up from 32% last year.
The job market continues to improve in the years following the recession, with small and large businesses both boosting economic growth.
Ready Hiring New Employees? Don’t Let a Lack of Capital Limit Your Growth.
Critical to your small business’s success is your ability to support growth by adding employees—and paying them. With the economy continuing to improve, the time for small business growth is now and you as the small business owner need to make sure you have continued access to capital to fund your growth. While traditional small business lending helps fund businesses with an already existing line of credit, small businesses with little, poor, or no credit also need access to capital. A capital advance from Wellen gives businesses direct access to funds that small business owners can invest in any way they see fit. The economy is improving for small business owners, and the time for growth is now.
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