The FINANCIAL — One-third (33 percent) of Miami respondents plan to hire over the next 12 months, according to the Small Business Owner Report, by Bank of America. Yet more than half (55 percent) say finding qualified employees is difficult.
Of those small business owners who plan on hiring new talent in 2014, 30 percent are staffing up for an increase in business. With good talent difficult to find and small business owners looking to increase business, they are also focused on keeping valuable employees. The report found that the top actions small business owners in Miami take to retain employees are offering a competitive salary (50 percent), bonuses for high performers (47 percent) and flexible working arrangements (43 percent).
Half of Miami small business owners agree that managing their staff is a source of great pride for them. But more than half (55 percent) admit to having some level of frustration with their employees. Their top frustrations are poor time management (23 percent), lack of proactive thinking (20 percent) and lack of enthusiasm (19 percent), according to Bank of America.
“By being on the ground and connecting face-to-face with small business owners in Miami, we’re better equipped to address any challenge or opportunity our clients face,” said Odalis Martinez, Miami Small Business Banking manager, Bank of America. “These report findings reinforce what we’ve been hearing from our clients – that talent is critical for success, but often times difficult to find and retain,” Martinez added.
Small business owners feel optimistic about the future of their businesses, according to the report. Sixty-four percent of those surveyed in Miami expect their revenue to increase in the next 12 months. The report also found that 34 percent of Miami small business owners believe their local economy will improve over the next 12 months, but are not as confident about the national economy. Only 29 percent of Miami respondents think that the national economy will improve in the next 12 months, compared to 41 percent nationally.
Nearly three out of four (71 percent) Miami small business owners are concerned about the effectiveness of U.S. government leaders over the next 12 months and 61 percent are concerned about health care costs. Other concerns that may affect the success of their business in the next 12 months include:
Consumer spending – 59 percent.
Strength of the U.S. dollar – 54 percent.
Commodities prices (e.g., oil, gas) – 53 percent.
Interest rates – 53 percent.
Despite concerns about health care costs, almost half (48 percent) of Miami small business owners say their hiring plans will not change in the next year due to new health care legislation. In addition, only 30 percent of Miami small business owners currently provide health/wellness benefit packages, consistent with national levels (27 percent).
Almost nine out of 10 (87 percent) small business owners in Miami think Black Friday has little or no impact on their bottom line, with the same amount feeling Cyber Monday is similarly overhyped, according to Bank of America.
Maintaining a work-life balance during the last months of the year does not appear to be an issue for many Miami small business owners as only a quarter (27 percent) report working longer hours during the holidays.
Miami small business owners are especially generous when thanking their employees during the holidays. Approximately three out of five (59 percent) award salary bonuses, 10 percent higher than the national average, and almost half (46 percent) close their office during the holidays, 11 percent higher than the national response. Other popular perks are:
Giving gifts – 39 percent.
Offering flexible working hours during the holidays – 39 percent.
Hosting a holiday party – 33 percent.
Less than one-tenth of Miami small business owners (7 percent) do not intend to offer holiday-related perks this year, according to the report.
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