How to Survive the Tightening US Labor Market

The unemployment rate continues to drop in the US. This is a positive indication that our economy is strong and growing at a healthy rate. But it’s not great news for everyone. Small business owners are beside themselves trying to fill an increasing number of vacant job positions.

This past June, the number of small businesses unable to fill vacancies climbed to 36%. That’s over a third of the millions of small businesses in the United States.

Various factors contribute to this, ranging from big business domination to a restrictive immigration policy. This means that small business owners need to be more proactive about finding the kind of employees they want.

Hire Right Out of College

Big businesses are already aware of the gold mine of talent graduating from college every year. They swoop in to hire them before the students are done with their final year, some even before then.

Small businesses aren’t in on the college hiring practice because, for the most part, they still use very traditional hiring methods. Additionally, hiring solely based on experience rather than talent limits them to people who have been in the workforce for a long time.

In order to beat this hiring crunch, you’ll have to change whatever reservations you may have about choosing less experienced people and start to look for talent and potential.

Automate

Technology isn’t taking over people’s jobs. But it will make it easier for you to get by till you find the perfect person for the job. An example is your accounting and bookkeeping. If you’re having a hard time hiring someone to make sense out of the thousands of receipts you have on your desk, you can purchase some accounting software that will help your small business until you’re able to find an accountant.

For instance, QuickBooks is an accounting software that allows small business owners to handle their accounting needs themselves. Another software, botkeeper, eliminates the need for you to hire someone for the more mundane bookkeeping processes. This technology will noticeably lessen the pressure you’re feeling to hire quickly.

Take on Some of the Work Yourself

This suggestion obviously won’t work for everyone. Some small business owners are so busy that they barely have time to sit down and breath. But if you’re capable of doing more, you should. This might mean going home a little later than usual or cutting back on your holiday time this year. But it’ll ensure that, until you find the right person to hire, you’ll be able to get the work done.

Outsource

Latest figures suggest that there is a ratio of 6.1 million people to 6.6 million jobs in the US. This means that, some small business owners will never find that perfect employee near them, no matter what. Thanks to technology and increased connectivity, your employee’s proximity needn’t be an important factor when hiring.

Outsourcing helps countless small business owners fill important positions that would otherwise have stayed empty. Finding an employee in another country isn’t a difficult process either as there are several reputable outsourcing companies around the world. Additionally, depending on which contractor you decide on, you could save a significant amount of money that can be reinvested into your business.

Once you’ve found a company to outsource your operational needs, you’ll need to pay them. This is usually a dilemma for small business owners as bank wires cost a pretty penny. Additionally, the transfers are slow and unreliable with a misplaced detail potentially causing you to lose money.

Don’t put yourself through this anymore. Use Veem.

Veem is the next generation global payment platform that allows you to send and request international transfers safely, quickly, and effortlessly. With low costs, regardless of the destination, it’s the best choice for sending and receiving payments from your overseas contractors.

Sign up for a Veem account today and watch your small business grow.

This content was originally published on the Veem blog. Check it out for more information and exclusive articles.