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Q1 2013 SMB Job Generation Outlook Infographic


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The Lucas Group SMB Job Generation Outlook began in 2013 as the only national report defining the economic and employment landscape for small to mid-sized businesses.

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Q1 2013 SMB Job Generation Outlook Infographic

  1. 1. SMB JOB GENERATION OUTLOOK Q1 2013 TITLES & COMPANY REVENUE Respondent title: 49% $50M - $150M 27% $151M - $300M 20% $301M - $600M 4% $601M - $1B 2012 company revenues of responding executives: 46% President 42% CEO 12% Business Owner HOW RETIREMENT IMPACTS COMPANIES IMPACT OF MINIMUM WAGE INCREASE SMBs report a mixture of both positive and negative business impact expected in 2013 from Baby Boomer retirement. (multiple responses allowed) If the minimum wage was to increase to $9.00 per hour, what impact would that have on your business? (multiple responses allowed) 37% CREATES A KNOWLEDGE GAP THAT’S DIFFICULT TO BRIDGE We will increase prices to our end customers....29% We will reduce our new hiring plans...............25% We will reduce our current work force... 14% We will eliminate all new hiring........................... 9% We will not stay in business....................... 7% Increasing the minimum wage will not impact my business / other.......... 2% Don’t know...............50% 32% IMPROVES ABILITY TO CONSIDER NEW APPROACHES & PROCESSES 13% IMPAIRS ABILITY TO COMPETE 4% OTHER 41% ENHANCES PROSPECTS FOR FUTURE INNOVATION AND GROWTH ECONOMIC PROSPECTS FOR COMPANY AND COUNTRY Almost 71% of SMBs report a somewhat or very optimistic opinion on their own company’s 2013 economic prospects, while less than 55% feel the same toward the overall U.S. economy. 25% VERY OPTIMISTIC 46% SOMEWHAT OPTIMISTIC 16% NEITHER OPTIMISTIC NOR PESSIMISTIC 11% SOMEWHAT PESSIMISTIC 2% VERY PESSIMISTIC ECONOMIC PROSPECTS FOR YOUR COMPANY IN 2013 11% VERY OPTIMISTIC 43% SOMEWHAT OPTIMISTIC 20% NEITHER OPTIMISTIC NOR PESSIMISTIC 17% SOMEWHAT PESSIMISTIC 9% VERY PESSIMISTIC ECONOMIC PROSPECTS FOR THE UNITED STATES IN 2013 59% OPTIMISTIC 19% NEITHER OPTIMISTIC NOR PESSIMISTIC 22% PESSIMISTIC 47% OPTIMISTIC 21% NEITHER OPTIMISTIC NOR PESSIMISTIC 32% PESSIMISTIC JOB GROWTH PROSPECTS FOR YOUR COMPANY IN 2013 JOB GROWTH PROSPECTS FOR THE UNITED STATES IN 2013 HOW SMBs SEE THEMSELVES IN 2013 The vast majority of responding SMBs report a position of maintaining stability or growth in 2013. 6% 19% 35% 40% Survival Controlled Retrenchment Maintaining Stability Growth WORKFORCE RETIREMENT IN 2013 Expected percentage of SMB workforce to retire in 2013, according to survey respondents. Respondents % to Retire 66% <5% 16% 5% - 10% 9% 11% - 15% 5% 16% - 20% 4% Don’t know SMBs ARE THE JOB GENERATORS OF THE U.S. ECONOMY. I SEE MY COMPANY AS A JOB GENERATOR. 55% AGREE STRONGLY 29% AGREE 2% DISAGREE 1% DISAGREE STRONGLY 13% NEITHER AGREE NOR DISAGREE 38% AGREE STRONGLY 39% AGREE 6% DISAGREE 2% DISAGREE STRONGLY 15% NEITHER AGREE OR DISAGREE HIRING VETERANS The majority of SMBs surveyed were amenable to hiring veterans, though most do not have specific plans to do so in 2013. Specific plans to hire military veterans 22% Will not target military veterans for hiring 19% Hire military veterans but do not have a specific plan 59% WORKFORCE, WAGES & SALARIES, AND BENEFITS INCREASES IN 2012 2012 changes in SMB workforce and related expenses as shared by survey respondents: WORKFORCE WAGES & SALARIES BENEFITS EXPENDITURE 44%Increased 54%Increased 55%Increased 41% Stayed the same 37% Stayed the same 39% Stayed the same 15%Decreased 9%Decreased 6%Decreased HOW SMBs VIEW THEMSELVES REGARDING JOB GENERATION SMB Presidents, CEOs, and business owners were asked how they viewed both the market and their specific company in terms of U.S. job generation. IMPACT OF RETIRING BABY BOOMERS With 10,000 Baby Boomers retiring each day in the U.S., almost 55% of SMBs expect some level of business impact from retirements in 2013. 51% SOME IMPACT 3% VERY BIG IMPACT 1% DON’T KNOW 45% NO IMPACT AT ALL HIRING DIFFICULTY Rate the level of difficulty your company faces in finding qualified candidates for professional and management positions. 10% EXTREMELY DIFFICULT 50% DIFFICULT 10% EASY 3% EXTREMELY EASY 27% NEITHER EASY OR DIFFICULT JOB GROWTH PROSPECTS FOR COMPANY AND COUNTRY While more than half of SMBs report feeling somewhat or very optimistic about their own company’s job growth, only 47% feel the same about overall U.S. job prospects. 29% 9% 7% 2% 25% 50% 14%