Page 16 - THE SOUTH CHINA BUSINESS JOURNAL
P. 16
C. TODAY
How Fixing Our
Worker Shortage
Can Fight Inflation
By Curtis Dubay, U.S Chamber of Commerce
As the cost of payroll goes up, businesses Fill me in:
increase prices as much as they can so that According to the latest jobs numbers from the
they can maintain their profit margins and stay Bureau of Labor Statistics, the U.S. has 11.3 million
in business. open jobs, yet only 5.9 million unemployed people.
That’s nearly double the number of open jobs than
Concern for inflation is soaring among American people available to fill them.
consumers and business owners alike. According
to our latest Small Business Index with MetLife, Business owners from retail to manufacturing
88% of small business owners are concerned and from hospitality to transportation have open
about the impact of inflation. Of those, 49% are jobs that they cannot fill. We’re also experiencing
very concerned, compared to 44% last quarter a “great reshuffling” of the labor force as workers
and rising from 31% in Q4 2021. are seeking jobs in different industries in the
wake of the pandemic or rethinking their career
Another top concern right now for business paths altogether.
owners: the labor shortage. It’s one of the top
issues we hear about from businesses across It’s become increasingly difficult for businesses
the country. to find the workers they need and to retain
the workers they already have. In this growing
But these aren’t two separate issues. The worker competition for employees, businesses are raising
shortage is one of many contributing factors— wages. According to the Small Business Index, 60%
alongside supply chain disruptions, strong of small businesses have implemented changes
demand, and monetary policy—fueling inflation. over the past year to improve employee retention,
13 AMCHAM SOUTH CHINA
How Fixing Our
Worker Shortage
Can Fight Inflation
By Curtis Dubay, U.S Chamber of Commerce
As the cost of payroll goes up, businesses Fill me in:
increase prices as much as they can so that According to the latest jobs numbers from the
they can maintain their profit margins and stay Bureau of Labor Statistics, the U.S. has 11.3 million
in business. open jobs, yet only 5.9 million unemployed people.
That’s nearly double the number of open jobs than
Concern for inflation is soaring among American people available to fill them.
consumers and business owners alike. According
to our latest Small Business Index with MetLife, Business owners from retail to manufacturing
88% of small business owners are concerned and from hospitality to transportation have open
about the impact of inflation. Of those, 49% are jobs that they cannot fill. We’re also experiencing
very concerned, compared to 44% last quarter a “great reshuffling” of the labor force as workers
and rising from 31% in Q4 2021. are seeking jobs in different industries in the
wake of the pandemic or rethinking their career
Another top concern right now for business paths altogether.
owners: the labor shortage. It’s one of the top
issues we hear about from businesses across It’s become increasingly difficult for businesses
the country. to find the workers they need and to retain
the workers they already have. In this growing
But these aren’t two separate issues. The worker competition for employees, businesses are raising
shortage is one of many contributing factors— wages. According to the Small Business Index, 60%
alongside supply chain disruptions, strong of small businesses have implemented changes
demand, and monetary policy—fueling inflation. over the past year to improve employee retention,
13 AMCHAM SOUTH CHINA
