2018 closes out as one of the more successful economic years in decades. Despite grumblings on oil prices and looming fears of the effects of tariffs and a potential trade war, strong & steady Stock Market, GDP growth over four percent, manufacturing jobs (and wages) on the rise and consumer confidence continues to improve. While economic news is indisputably positive, the downside of a strong economy and lower unemployment rates causes hiring problem. Small to medium-sized companies are finding that good help is increasingly hard to find. As a result, many small businesses are choosing to hire a virtual assistant rather than delay plans for growth and expansion.
Challenges Facing Small Business
As highlighted recently by the National Federation of Independent Businesses, while we find ourselves with an unprecedented opportunity for expansion, smaller companies are having a tough time finding qualified workers to fill roles to facilitate that expansion. Matching a record set in 2000, 36 percent of small-business owners had job openings they are unable to fill. As the labor market becomes increasingly competitive, larger companies that can offer higher wages & perks have a decided advantage.
Tom Rauen, CEO of Envision Tees, lamented on the struggle he and other small to mid-sized employers face in the current labor market. “The bigger companies are cherry-picking people. They’ll offer them a $5K-$10K raise.”
Rauen operates his 12-year-old tee-shirt company out of Iowa and notes in a recent USA Today interview that attracting talent is hard for his 40-employee company when workers are also being wooed by larger companies with the ability to not only offer more money but fringe benefits such as medical insurance, retirement packages and others that are attractive to job seekers.
As a provider of Virtual Assistants and outsourced staffing solutions, we at Stafftronix Business Solutions obviously see a strong economy as an opportunity to introduce our services to an even larger number of businesses, both large & small. I’ve recognized that finding adequate talent to fill needed roles provides as much, if not a greater incentive for business owners to hire a virtual assistant.
The nationwide trend began surfacing in selected areas over the past few years. Whereas nearly all inquiries from states with high costs of doing business and growth restrictive regulations & policies, such as California, focused on the reduced labor costs of utilizing virtual staff, in places such as Texas and elsewhere, who enjoy zero or relatively low state business taxes, their needs centered around finding adequately skilled help to take on the roles they needed to grow their businesses.
Similar to the 1990’s, the job market definitely favors workers at the moment. Its becoming increasingly difficult for small businesses to attract new talent to meet growth goals during a strong economy. Retaining their current workforce is challenging as the larger employers are offering higher wages and benefits. Employees of smaller companies are understandably using this leverage to take the next step in their professional growth. “As a small business it’s really hard to match,” Rauen notes when discussing medical insurance packages and other benefits.
Hire a Virtual Assistant as a Solution
Stafftronix can help alleviate some of the pain by providing incredibly talented workers at a much lower cost. We employ and contract virtual assistants from across the globe and are able to fill positions anywhere. Furthermore, nearly any non-facing role you need can be filled by the right virtual assistant business. We provide Telemarketers, customer service, skilled specialties such as web designers, paralegals, certified accounts and more. We provide a solution that solves the problem of labor shortages and helps them stay within budget. With this savings, our clients can allocate more resources to growing their business.
A rapidly growing & strong economy presents many opportunities but there is always a downside to even the best of circumstances. For SME’s this has become most apparent in finding and retaining the talent they need to achieve their business goals. At Stafftronix Business Solutions we would like to assist by helping you hire a talented and qualified virtual assistant.
By Paul Winters
CEO & Co-Founder
Stafftronix Business Solutions