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Q2 2014 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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Q2 2014 SMB Job Generation Outlook Infographic

  1. 1. SMB JOB GENERATION OUTLOOK Q2 2014 HIRING OR DOWNSIZING IN NEXT QUARTER After increasing each of the past three quarters, percent of SMBs who report plans to hire in coming months remained steady in Q2. ECONOMIC PROSPECTS FOR YOUR COMPANY HIRE ADDITIONAL EMPLOYEES NO CHANGE IN WORKFORCE OR DON’T KNOW DOWNSIZE WORKFORCE COMPANY POSITION A majority of SMB executives report their companies to be in a healthy condition of either stability or growth. 5% 7% 40% 48% Survival Controlled Retrenchment Growth Maintaining Stability #1 BUSINESS ISSUE FACING SMBS Healthcare costs continue to be of chief concern to SMBs, though talent availability challenges have steadily increased to close the gap. Rank: 45% 46% 9% SMBs generally continue to be optimistic about the economic prospects for their own companies. 1% Very pessimistic 8% Somewhat pessimistic 22% Neither optimistic nor pessimistic 47% Somewhat optimistic 22% Very optimistic 12% Uncertainty in tax policy 8% Environmental regulations 28% Talent availability 18% Domestic and international costs 33% Healthcare costs 1% Other HIRING DIFFICULTY SMB leaders report ongoing and increasing challenges in finding qualified talent for open professional positions. 14% EXTREMELY DIFFICULT 50% DIFFICULT 4% EASY 1% EXTREMELY EASY 31% NEITHER EASY OR DIFFICULT IMPACT OF PATIENT PROTECTION AND AFFORDABLE CARE ACT The vast majority of SMBs report that they expect the ACA to project some level of impact onto their businesses. The Q2 Outlook noted an Outlook high in the percentage of SMBs who report their companies have prepared and are ready for ACA implementation. 9% NO IMPACT 17% A LITTLE IMPACT 41% SOME IMPACT 33% A LARGE IMPACT 40% A LOT OF PREPARATION, AND WE’RE READY 44% WE’RE WORKING ON IT, BUT WE’RE NOT READY YET 6% WE HAVE NOT DONE ANYTHING TO PREPARE, BUT WE PLAN TO 10% WE WILL NOT DO ANYTHING TO PREPARE MINIMUM WAGE SMBs shared how a $10.10 minimum wage increase could affect their businesses. (Multiple responses allowed) Asked to identify an ideal minimum wage via sliding scale, SMBs expressed varied levels of acceptance toward an increase. We will increase prices to our end customers...........................25% We will reduce our new hiring plans......................................22% We will reduce our current work force...........................15% We will eliminate all new hiring....... 7% We will not stay in business............. 3% Increasing the minimum wage will not impact my business............49% Other.................................................. 3% Don’t know........................................ 3% $7.25–$8.20...................................31% $8.21–$9.15....................................27% $9.16–$10.10..................................19% $10.11–$11.05................................12% $11.06–$12.00............................... 11% IMPACT OF RETIRING BABY BOOMERS While the influence of retirements may not be truly felt by businesses yet, expectation of impact on SMBs increased again in Q2 to reach a survey high. 52% SOME IMPACT 19% VERY BIG IMPACT 29% NO IMPACT AT ALL For more survey results and data from the Q2 2014 SMB Job Generation Outlook, download the full report here. Join the conversation on Twitter @Lucas_Group. HOW RETIREMENT IMPACTS COMPANIES SMBs report a mixture of both positive and negative business impact from Baby Boomer retirement. (Multiple responses allowed) 27% ENHANCES PROSPECTS FOR FUTURE INNOVATION AND GROWTH 34% IMPROVES ABILITY TO CONSIDER NEW APPROACHES & PROCESSES 59% CREATES A KNOWLEDGE GAP THAT’S DIFFICULT TO BRIDGE 2% OTHER 12% IMPAIRS ABILITY TO COMPETE

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