Wells Fargo/Gallup Survey: Three-quarters of small business owners say finding qualified employees is difficult; close to three in ten call on their spouse for unpaid help
When small business owners are unable to afford to hire new employees, nearly half (47 percent) said they turn to family members for unpaid help. Of those, 57 percent say they ask for help from their spouses, representing nearly one-third of all business owners surveyed.
“Having quality employees is critical to the success of my business, and it can be a challenging process to find and hire them. At times, I need to rely on family members and friends when I need an extra set of hands,” said Monique Hayward, owner of Dessert Noir Café & Bar in Beaverton, Oregon. “When I do find and hire employees, I provide them as much support as I can because my business would not be as successful without them."
For small business owners who have employees, they do what they can to retain their staff. Seven in 10 offer paid-time-off (69 percent) to their employees and two-thirds offer pay raises on a regular schedule.
“Small businesses generate most of the job opportunities in the United States and their ability to recruit and retain employees, even in tough economic periods, is incredibly important,” said Rebecca Macieira-Kaufmann, executive vice president and head of Wells Fargo’s small business segment. “Less than half – forty-six percent – of small business owners offer medical, dental or other health benefits. This creates recruiting and operational challenges for businesses and it is why Wells Fargo has developed insurance and retirement solutions to help small business owners navigate these hurdles."
About the Small Business Index
For the last 19 quarters, the Wells Fargo/Gallup Small Business Index has surveyed small business owners on their current and future perceptions of their business environment relating to their business situation. Results are based on telephone interviews with 600 small business owners nationwide conducted January 15- January 30, 2008. The margin of sampling error is ± 4 percentage points.
About the Gallup Organization
For more than 60 years, the Gallup Organization has been a recognized leader in the measurement and analysis of people’s attitudes, opinions and behavior. While best known for the Gallup Poll, founded in 1935, Gallup’s current activities consist largely of providing marketing and management research, advisory services and education to the world’s largest corporations and institutions.
About Wells Fargo
Wells Fargo & Company is a diversified financial services company with $575 billion in assets, providing banking, insurance, investments, mortgage and consumer finance through almost 6,000 stores and the internet (wellsfargo.com) across North America and internationally. Wells Fargo Bank, N.A. is the only bank in the U.S., and one of only two banks worldwide, to have the highest credit rating from both Moody’s Investors Service, “Aaa,” and Standard & Poor’s Ratings Services, “AAA."
Wells Fargo is America’s #1 small business lender in total dollar volume according to the most recent Community Reinvestment Act data (2006) and the #1 SBA 7a bank lender in total dollar volume. Wells Fargo has loaned close to $35 billion to women, African American, Latino and Asian business owners since 1995. For more information, speak with a Wells Fargo banker, visit wellsfargo.com/biz or call the National Business Banking Center at 1-800-CALL-WELLS.