Welcome to the Small Business Rundown. Each day, we bring you stories that impact small business owners and their workforce.
Hey there. Tired of bad news? Well, we’ve got some great stories for you today, including New York’s continuing efforts to support workforce development, the important role that confidence plays in small business success and the growing number of companies that are allowing citizens to perform their civic duty to cast their ballot while on the clock.
New York funds training for in-demand jobs
The governor of New York announced new grant funds to train workers to meet the need for certain high-demand skills. The $2.3 million allocation is part of New York’s larger workforce development program and will focus on programs that teach skills for trades, construction, and nursing, as well as programs that reach formerly incarcerated or disadvantaged individuals.
The Number: 825. The funds will provide training for approximately 825 people through 9 different New York City-based workforce development agencies.
The Quote: “The number one issue I hear from employers across the state is that they can’t find workers with the skills they need for 21st-century jobs.”
The secret ingredient to small biz success? Confidence.
While plenty of cash, an in-demand good or service and great employees are all nice things to have, it turns out that the secret to small business success might be found — at least in part — in something a little less tangible: confidence. Researchers posit the theory that SBOs pessimistic view of their company’s performance can actually undermine effective decision making and cause business owners to get out of the game sooner than they should.
The Number: 60%. A recent study by Kabbage found that 60% of respondents ranked their revenue growth below the 50th percentile of similarly sized companies.
The Quote: “People who demonstrate underconfidence are more likely to opt-out of or choose to exit a competition when, in fact, they would have succeeded had they persisted.”
Growing number of businesses give PTO to vote
More and more businesses are giving workers the right to vote — without docking their pay. Currently, companies that employ more than 2 million Americans have joined the trend that allows employees to participate in the presidential election while on the clock. Time to Vote hopes to recruit 1,000 businesses to their cause by November 3, 2020.
The Quote: “Yogurt maker Chobani already grants workers three hours of paid time off on Election Day. This year, it will add internal emails, videos, and town halls reminding people to get to that important but smelly middle school basement.”