The Daily Rundown

SMB News Daily Rundown: Update for November 6

Welcome to the Small Business Rundown. Each day, we bring you stories that impact small business owners and their workforce.

Bookmark(0)

No account yet? Register

Small Business Daily Rundown

Small Business News Highlights for November 6: 

  • Small businesses add 114,000 jobs to United States economy
  • More than 60% of companies plan to rehire talent in next 6 months
  • Employee drug testing evolving in response to remote work, marijuana legalization

Small businesses responsible for 114K new hires in October

“Businesses employing less than 20 employees hired some 63,000 new employees while those employing 20 to 49 employees hired 51,000 new employees.”

Small businesses were responsible for 114,000 new hires while the Bureau of Labor Statistics reports that overall 638,000 new jobs were added to the United States economy in October. Of the new jobs created by small businesses, 112,000 were in the service sector.

The overall unemployment rate dropped by 1% to 6.9%, while the total number of unemployed people clocks in around 11 million, about twice the number from February before the pandemic started.

Economists worry that the momentum in job growth will slow as COVID-19 infection rates surge across the country and cold weather drives most of the country indoors.

Majority of companies plan to rehire talent

“Even as the U.S. continues to grapple with economic fall-out and uncertainty from the COVID-19 pandemic, it’s encouraging to see that employers are thinking about the future and approaching talent management and acquisition in thoughtful ways.”

Despite this somewhat gloomy outlook from economists, a recent survey found that over 60% of businesses do plan to rehire talent in the next 6 months.

The survey also found that 63% of companies focused on upskilling current employees to make up for gaps in their labor force.

Employee drug testing evolving

“What’s really surging is the use of oral fluids tests, which is kind of like a DNA test with a sponge and a swab stick. Some of those tests go off to the lab … and others give an instant result.” 

When the COVID-19 pandemic forced companies to quickly transition to remote work, many decided to temporarily suspend their drug testing programs. As the pandemic continues and more organizations plan to keep at least some portion of their workers at home, companies are now finding creative ways to test for drug use.

Indeed, some companies now mail workers drug testing kits and then do video conferencing to witness the worker swab their cheek or fill a container with saliva.

Bookmark(0)

No account yet? Register

Might also interest you