1,200 Small Businesses Told Us Their Biggest Stressors

It comes as no surprise that small businesses are feeling a lot of stress right now. Our recent survey of over 1,200 small and midsize businesses—conducted from August 27th to September 8th—found staffing shortages, retention, and COVID remain chief concerns. Below are some highlights from that survey:

Top Business Challenge—62% of SMBs answered staffing shortages.

Top HR Priority—67% say retaining current employees.

Biggest Change from Earlier in the Year—47% of small businesses say that hiring is more challenging now compared to the first half of the year.

Top Concerns Related to COVID-19—Employees spreading COVID-19 in the workplace (67%) and keeping up with changing health regulations (54%) are the top two concerns.

Biggest New Stressor Related to COVID-19—63% of SMBs would find it very or somewhat stressful to require employees or patrons to display their vaccine credentials.

Feelings About $15 an Hour Minimum Wage—67% of businesses said an increase of the federal minimum wage to $15 an hour would be neutral to their business, mostly because these businesses are already paying at least that already. 24% said this increase would be negative to their business, and 9% said it would be positive.

The good news? Stress doesn’t get the last word. We’ve got you covered. We’ve recently written about how employee expectations around work have changed and what employers can do to make work and working environments more attractive to job seekers and current employees. Be sure to also check out our COVID FAQ.

These are challenging days for small businesses. We’re here to ease the pain and give you peace of mind. If you’re not already a client, learn more about all the different ways we can help you on our product page.

ICW Group Policyholders can register to receive free HR advice and articles like this from the experts at our HR OnDemand partner, Mineral. Visit our Policyholder Center to register.

Mineral™ powers HR OnDemand®, which provides instant access to a team of experienced HR advisors who deliver actionable advice on workforce issues and compliance matters. This free service is available to all ICW Group work comp policyholders. Learn about the free HR advice available to ICW Group Policyholders ›

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