With a slow start to 2014, in terms of hiring growth, the areas that seem to be impacting the small business owner are all on uncertain grounds. Consider the below:
- Affordable Care Act (ACA): There are aspects of the ACA, such as specific deadlines, that are continuing to alter. Without full clarity on the act’s details, business owners may hold back on investing in employees, since they do not know how health care legislation will impact their businesses in the future.
- Global issues: Problems not only in the U.S. but around the world, like what we are seeing in Ukraine, may not directly impact one’s company, but can drag down the general business mood and ultimately affect the sector’s growth.
- Policy changes: The government’s push for a minimum wage hike, and whether or not this will happen across the nation, creates yet another reason for employers to be hesitant about adding to their employee headcount, or decide that staff cuts are necessary.
As these are important factors -- impacting not only the small business space but the nation as a whole -- we can expect to see some hesitation in hiring until we have more clarity.
The graphic below highlights trends and results from the SBEI. In addition, more information on the SBEI findings can be found here.
The SBEI illustration is licensed under a Creative Commons Attribution-NoDerivs 3.0 Unported License.