According to the National Federation of Independent Business small businesses raised compensation in March in an effort to gear up for increased hiring. The net 33% increase is the largest share growth in almost 18 years (since November 2000).
“Small businesses are telling us that they’re optimistic, hiring and willing to raise wages to find the right employees for the businesses,” Juanita Duggan, president and chief executive of the NFIB, said in a release.
Many businesses both small and large are seeing an increase in compensation offering with a strong economy and shrinking talent pool. This fact is reflected in the articles as while “the number of firms reporting job openings climbed to 53 percent in March from 52 percent a month earlier, 47 percent indicated that they had few or no qualified workers to fill those positions.”
Don’t be shocked if this trend continues as people gear up for the Spring and Summer action.