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Hiring challenges for small businesses improve as economy remains robust

In February, the CBIZ Small Business Employment Index reported a seasonally adjusted increase of 0.17%, indicating that small businesses may be easing their hiring woes. This comes as the U.S. economy remains strong despite the challenges of high interest rates. Small businesses often struggle with retaining workers due to their inability to offer higher salaries or benefits like health insurance. Despite these challenges, the CBIZ index tracks hiring among thousands of companies with 300 or fewer employees across the country and shows a positive trend in employment.

Anna Rathbun, chief investment officer of CBIZ, spoke about small businesses’ unexpected strength in expanding their workforce in February. According to her, 20% of companies in the index hired more staff, while 60% maintained their headcounts and 20% cut staff. Certain industries saw gains in hiring, such as administrative and support services, arts, entertainment, and recreation, and technology and life sciences. On the other hand, decreases were observed in industries like accommodation and food services, insurance, and utilities.

Regionally, the West, Southeast, and Central regions saw slight increases in hiring

By Samantha Jones

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