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Strong Labor Market, Rising Minimum Wages, and Inflation Compound Challenges for Business Owners
Source: BizBuySell.com As unemployment holds below 4%, businesses are struggling to hire and retain workers. In fact, most owners (46%) said the labor market is not improving, with 28% not operating at full staff. Most respondents (44%) blame these difficulties on a lack of applicants, followed by difficulty meeting payroll costs (29%). Cheryl Danella, owner of Johnny Rae’s in New York, says it is a challenge to keep up with larger corporations who attract workers with higher wages and benefits. “Workplaces like McDonald’s or Dunkin’ Donuts are paying employees $18 and up per hour. That’s really hard for small businesses...
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