Welcome to the Small Business Weekly Rundown. Each week, we bring you stories and trends that impact small business owners and their workforce.
Small Business News Highlights:
- Unemployment claims drop to new low for the pandemic
- Small business owners have little tolerance for workers who don’t come back
- Gen Z workers have reservations about remote work
- A look at why remote work might not actually change where we work
- How micro businesses impact economic growth
Unemployment claims drop to new low for the pandemic
“Initial claims are gradually falling as layoffs slow, but they remain well above their pre-pandemic level. And there are almost 14 million people receiving some form of unemployment insurance benefit, up from around 2 million before the pandemic.”
Only 360,000 people filed new unemployment claims, a new low since the pandemic started. Despite this drop in new claims, businesses continue to struggle to fill open vacancies.
It’s worth noting that the number of people filing for unemployment benefits is still double what it was prior to the start of the pandemic.
Small business owners have little tolerance for workers who don’t come back
Multiple large employers have made headlines with plans to boost workplace flexibility following the changes adopted during the pandemic, but Digital.com’s survey captures a small business perspective on remote and hybrid work that may differ significantly.
The results of a new survey indicate that small businesses that did not allow remote work before the pandemic are less likely to allow it as the pandemic winds down. The data shows that 39% of small businesses will require all employees to return to on-site work once the pandemic is over.
Gen Z workers have reservations about remote work
“I like the extra motivation to go home at the end of the day and the ability to separate work life from home life based on place and location.”
Unlike their older colleagues, Generation Z workers might not be so keen on working from home after all. A new poll found that 40% of college students and recent graduates would prefer complete in-person work, and 39% would prefer a hybrid workplace that would allow them to come into the office a few days a week.
Overwhelmingly, these young people report that they want the community and social aspects that the office provides and prefer in-person feedback from supervisors.
A look at why remote work might not actually change where we work
“I don’t buy into the notion that the future is completely different from the past.”
If you’ve been following stories about how new permanent remote work policies are causing big worker migrations, it’s worth checking out this story about why remote work might not actually change things all that much.
Meanwhile, many cities continue to attempt to entice tech and other remote employees with big cash incentives and other perks.
How micro businesses impact economic growth
As all small business owners know, small companies do big work. And now there’s some good research to back up this claim. Despite largely being left out of economic discussions related to COVID-19, research indicates that micro businesses, companies that employ fewer than 10 people and bring in less than $250,000 per year, play an outsized role in local economic growth.
The Latest from Workest
Creating clear expectations for each position within your organization plays a critical role in setting employees up for success. This week Kelsey Banerjee explains How to Write Stellar Job Descriptions.
Expectations vs. Reality is always a tough match up. Recently, Andrea Curry took a look at how employee expectations about returning to the office compared to the reality of going back to work.
Finally, before we say goodbye for the week, here are 3 things you should know:
- If you hesitate before using a smiley face in your work correspondence, go ahead and do it. Research shows it makes people feel empathetic toward colleagues.
- Good news for Small Business borrowers! The approval rate for loan applications for small businesses increased to 18.9% in June.
- Curious what COVID-19 relief is still available? Here are some options to explore for ongoing small business support.