The most notable decline occurred in the finance and insurance sector, which shed 80,000 openings over the month. The seasonally adjusted job openings rate stood at 4.5% overall in February, slightly below the 4.7% recorded in January and a substantial decline from the 5.1% observed in February last year. Such technology is already a part of many workplaces and will continue to shape the labor market and HR. Here’s how employers and employees can successfully manage generative AI and other AI-powered systems.

Offering flexible work is the most effective recruitment tactic, according to the SHRM survey, but one of the least used. Even amidst the uncertainty, employers should be thinking about the next hiring rebound and not be caught unawares. Adam Stafford, CEO of recruitment marketing and analytics platform Recruitics, said that the barrage of policy changes coming out of the new Trump administration is also causing hesitancy among employers. To view an infographic with data from the employment index,visit the CBIZ website.

• HOUSTON, May 16, 2024 /PRNewswire/ — Wizehire, an end-to-end hiring solution for growing small and medium-sized businesses (SMBs), recently released its 2024 Small Business Report.
• Small Business Checkpoint is a regular publication from Bank of America Institute.
• CBIZ, Inc. and its subsidiary entities provide tax, advisory, and consulting services to their clients.

Small business owners cite increased efficiency and productivity (80%), streamlined operations (47%), and better data for decision-making (46%) as key benefits. Although some industries increased hiring, growth did not occur across the board. Hiring climbed in Healthcare, Financial Services, Real Estate, Non-Profits and Retail Trade, yet decreased in Technology and Life Sciences, Transportation, and Accommodation and Food Services. The negative small business hiring trends end the year on a positive note trend in Accommodation and Food Services could stem from renewed COVID-19 restrictions.

View All Consumer Products & Retail

• Separations in the industry increased slightly to 5.4%, so retail isn’t the only segment anticipating a fickle consumer.
• The last data point underscores the (widening) impact of cuts to government ranks.
• February’s retail sales were up 0.2%, and that was off a downwardly revised January.
• Drawing on data and resources from across the bank and the world, the Institute delivers important, original perspectives on the economy, sustainability and global transformation.
• Thirty percent expressed uncertainty about the economy and consumer spending, and 41% felt pressure from increasing market competition.
• To view an infographic with data from the employment index, visit the CBIZ website.

Business executives are nervous about the economy right now, agreed Tim Sackett, SHRM-SCP, industry veteran and author of The Talent Fix Volume 2 (SHRM, 2024). “Companies are holding onto their money and not really spending. Some companies over-hired in recent years and are thinking instead of cutting the fat and tightening up hiring,” he said.

More than half (53%) of small businesses cannot afford to take out a loan given current interest rates and 88% said it would help their business if interest rates were to fall. Despite easing compensation pressures, small business owners continue to face challenges in finding qualified workers. Labor quality was cited as the top operating problem by 19% of respondents, unchanged from November.

Quarterly revenue – Rate of surprise

To view an infographic with data from the employment index, visit the CBIZ website.

This material does not constitute an offer or an invitation by or on behalf of Bank of America to any person to buy or sell any security or financial instrument or engage in any banking service. Nothing in these materials constitutes investment, legal, accounting or tax advice. Hires remained steady at 3.4% of total employment, with no significant movement across industries. This stability follows a broader trend of muted hiring activity that has persisted over the past several months. Compared to February 2024, the hiring rate is slightly lower, reflecting cautious employer sentiment.

Business Support Services

Moving past the holiday shopping season, consumer sentiment remains key, and the COVID-19 vaccination rate will likely help determine small business hiring trends in 2021. Federal reports expect job growth and the economy to be sluggish in 2024, but Wizehire’s survey revealed many SMBs plan to expand. Ninety-six percent of employers plan to hire within the next six months, with 80% looking for full-time hires, 50% hiring part-time employees, and 30% filling roles with contractors or freelance work. Eighty-four percent of businesses are very likely or somewhat likely to give out raises this year, another positive indicator of small business growth and optimism in the United States. Data from the ADP and Moody’s employment report was not asbullish as the CBIZ SBEI.

The latest JOLTS data underscores the labor market’s sluggish momentum, with declining job openings and hiring coupled with a modest rise in layoffs. While layoffs remain low by historical standards, the continued decrease in job openings suggests that employers are cautious about expanding their workforce in the current economic climate. Meanwhile, layoffs and discharges edged up to 1.8 million, with increases seen in retail trade (67,000), real estate and rental and leasing (24,000) and federal government (18,000). The last data point underscores the (widening) impact of cuts to government ranks.

Notícias Cbiz, Inc.

Our mission is to bring you “Small business success … delivered daily.” Looking ahead, NFIB noted that small business owners are optimistic about 2025 policy changes but remain cautious as they await clarity on congressional and administrative agendas. Wage and spending growth in the West outpaced other regions this year, but decreasing rental affordability is a growing issue.

February’s retail sales were up 0.2%, and that was off a downwardly revised January. The commerce picture would have been worse had it not been for online spending, as non-store retailers (a category that includes eCommerce activity) showed sales gains of 2.4%. Total separations remained at 5.3 million or 3.3%, with minor industry-level variations. Quits, which serve as an indicator of worker confidence, stood at 3.2 million or 2%, a reduction of 273,000 compared to a year ago. Individuals and households are cognizant of the macroeconomic volatility that’s out there and are less inclined to move out of their present roles — even if the state of those roles may be uncertain.

The negative trend in Accommodation and FoodServices could stem from renewed COVID-19 restrictions. Founded in 2014, Wizehire is an award-winning, end-to-end hiring solution that marries innovative software with hands-on, expert coaching to help business leaders build their teams with confidence. The solution offers an applicant tracking system, industry-optimized job templates, and research-driven screening methodologies. Over 18,000 businesses trust Wizehire to help grow their teams and perfect their hiring process. 60% of small businesses are currently using artificial intelligence (AI).

Employees of Small Businesses Stand to Benefit from the Positive Trend in Both Wages and Hours Worked in 2021

Such data is not intended to be reflective or indicative of, and should not be relied upon as, the results of operations, financial condition or performance of Bank of America. And CBIZ Inc. and its subsidiaries, including CBIZ Advisors, LLC, provide professional services. And CBIZ, Inc. (and its subsidiaries) practice as an alternative practice structure in accordance with the AICPA Code of Professional Conduct and applicable law, regulations, and professional standards. Is a licensed independent CPA firm that provides attest services to its clients.

Small Business Hiring Trends End the Year on a Positive Note

Stay up to date with the latest HR news, trends, and expert advice each business day. Learn how Marsh McLennan successfully boosts staff well-being with digital tools, improving productivity and work satisfaction for more than 20,000 employees. The proliferation of artificial intelligence in the workplace, and the ensuing expected increase in productivity and efficiency, could help usher in the four-day workweek, some experts predict. “RTO policies are often made without the input of talent acquisition,” Kohn said.