Worker shortage: many start new businesses
With American workers quitting at record rates, the country has a labor mismatch and far more job openings than the number of unemployed people. However, a new analysis shows that the one reason for the job crunch comes down to entrepreneurship. According to an analysis of Census data by Economic Innovation Group (EIG), through September, a record number of 1.4 million Americans filed applications to start new businesses. Most of these startups are in the fields of manufacturing or retail- sectors that are likely to create jobs versus freelancers who typically work independently.
Kenan Fikri, director of EIG says that the growing number of businesses is a good sign for the economy despite the constrained labor market. He added that a lot of these entrepreneurs are targeting opportunities opened by the pandemic, such as "ghost kitchens" that prepare meals only for takeout or delivery only. "Part of this Great Resignation was also Americans deciding that they didn't want to work for anybody — they wanted to work for themselves. That's just exacerbating the pinch that employers are feeling", Fikri told CBS MoneyWatch.
Source: CBS News
Kenan Fikri, director of EIG says that the growing number of businesses is a good sign for the economy despite the constrained labor market. He added that a lot of these entrepreneurs are targeting opportunities opened by the pandemic, such as "ghost kitchens" that prepare meals only for takeout or delivery only. "Part of this Great Resignation was also Americans deciding that they didn't want to work for anybody — they wanted to work for themselves. That's just exacerbating the pinch that employers are feeling", Fikri told CBS MoneyWatch.
Source: CBS News
Category
Performance Management
Substance Abuse
Flexible Spending Account
Labor Relations
Business Continuity
Recruiting
Payroll
Inclusion, Equity &
Dependent Benefits
Campus Placement
Change Management
Disability Accomodations
Employee Engagement
Retirement & Recognitions
Onboarding
Discrimination
Employment Law & Compliance
Hiring & Firing
Eligibility Verification (I-9)
Sexual Orientation
Workplace Culture
Employment Testing
Opening
Employment Branding
Work Life Integration
Risk Management
Family & Medical Leave
Organization & Employee Development
Health Care Benefits
Job Descriptions
Employment Offers
Workplance Violence
Contracts & RFPs
Ethnicity
Employee Resource Groups
Leave Management
Retaliation
Benefits Reporting & Disclosure
Employee Data Privacy
Wellness Benefits
Data Security
Remote & Hybrid Work
Talent Acquisition
Pay Equity
Overtime Eligibility &
Succession Planning
Workplace Stories
HR Software
Retirement Benefits
Workplace Harassment
Tags
Article
Millennials Care About These 8 Things at Their Workplace - Are Your Offering Those?
Millennials are considered to be social people, who live by the ‘work hard play hard’ mantra and ar ...
Let's Talk about the Hustle Economy
With the COVID-19 outbreak, it has increased manifold, owing to the rise in remote working. It’s be ...
Return to Office: Tips to cope with Change
The past two years have been a roller coaster ride, we’ve all acclimatized ourselves with the work ...
Don’t Fall Prey to These Job Scams
When people are looking frantically for employment, scammers get a chance to exploit their weakness ...
Comments