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Q2 2015 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 2015 SMB Job Generation Outlook Infographic

  1. 1. SMB JOB GENERATION OUTLOOK 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..........................12% We will reduce our new hiring plans......................................15% We will reduce our current work force..........................13% We will eliminate all new hiring...... 5% We will not stay in business............ 4% Increasing the minimum wage will not impact my business...........65% $7.25–$8.20..................................26% $8.21–$9.15...................................13% $9.16–$10.10.................................32% $10.11–$11.05.................................. 6% $11.06–$12.00...............................23% IMPACT OF RETIRING BABY BOOMERS With 10,000 Baby Boomers retiring every day for the next 15 years, a majority of SMBs expect business impact from this generational workforce shift. 52% SOME IMPACT 20% A LARGE IMPACT 28% NO IMPACT AT ALL For more survey results and data from the Q2 2015 SMB Job Generation Outlook, download the full report at smb.lucasgroup.com/lg_smb_reports/q2-2015-smb-job-generation-outlook-report/ Join the conversation on Twitter @Lucas_Group. Q2 2015 Q2 2014 HIRING OR DOWNSIZING IN NEXT QUARTER The percent of SMBs who plan to hire in the coming months is up 14 points from this same time last year. HIRE ADDITIONAL EMPLOYEES NO CHANGE IN WORKFORCE OR DON’T KNOW DOWNSIZE WORKFORCE 54% 41% 5% ECONOMIC PROSPECTS FOR YOUR COMPANY SMBs generally continue to be optimistic about the economic prospects for their own companies. 1% Very pessimistic 8% Somewhat pessimistic 14% Neither optimistic nor pessimistic 54% Somewhat optimistic 23% Very optimistic HIRING DIFFICULTY SMB leaders report ongoing and increasing challenges in finding qualified talent for open professional positions. 14% EXTREMELY DIFFICULT 50% DIFFICULT 4% EASY –% EXTREMELY EASY 32 % NEITHER EASY OR DIFFICULT MANAGING HEALTHCARE COSTS SMBs are utilizing a variety of strategies to address healthcare costs. (Multiple responses allowed) Review periodically and/or change plan/provider Increase employee contribution Cutting / discontinuing benefits Employee health education/ wellness program Higher deductibles/copay Nothing/absorb cost Other 43% 18% 16% 14% 9% 9% 18% CHANGE IN TAKE-HOME WAGES The majority of SMBs report increases in last year’s employee take-home wages. 10% ROSE MORE THAN 5% 44% ROSE BETWEEN 3 - 5% 29% ROSE BETWEEN 1 - 2% 12% DID NOT CHANGE 2% DECREASED BETWEEN 1 - 2% 3% DECREASED MORE THAN 5% COMPANY POSITION A majority of SMB executives report their companies to be in a healthy condition of either stability or growth. Survival Controlled Retrenchment Growth Maintaining Stability 59% #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: 12% Uncertainty in tax policy 7% Environmental regulations 26% Talent availability 21% Domestic and international costs 27% Health care costs 7% Other HOW RETIREMENT IMPACTS COMPANIES “Brain drain” continues to be the chief retirement effect expected by SMBs. (Multiple responses allowed) 27% ENHANCES PROSPECTS FOR FUTURE INNOVATION AND GROWTH 20% IMPROVES ABILITY TO CONSIDER NEW APPROACHES & PROCESSES 59% CREATES A KNOWLEDGE GAP THAT’S DIFFICULT TO BRIDGE 17% IMPAIRS ABILITY TO COMPETE 36% 4%1%

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