New March Survey: Small Business Owners Back Away from Recession Fears; Gen Z Gets Failing Labor Market Report Card

The March version of the Freedom Financial system Index survey (FEI) was launched at this time, discovering that small enterprise homeowners have taken a big step again from their recession fears, but additionally aren’t posturing for large progress…but. The survey, a joint challenge of PublicSquare and RedBalloon, sampled 80,000 small enterprise homeowners from March 15-19.

Key Takeaways

1. Recession fears are easing. 67% of employers consider the US will head right into a recession, down from 78% in February, and the bottom studying in 8 months. On the similar time, optimistic sentiment moved solely barely from February. Most employers stated they’re shelving any staffing change plans, and respondents indicated they’re holding their money, making solely essentially the most important purchases.

“Small enterprise homeowners are clearly feeling a turning within the financial system,” stated PublicSquare CEO Michael Seifert. “However they’re not keen to wager the farm simply but on which course the financial system will flip subsequent.”

2. Gen Z Doesn’t Make the Grade. Employers gave a failing report card to Gen Z within the office, with:

• 68% of small enterprise homeowners discover Gen Zers to be the “least dependable” of all their workers.
• 71% of employers say Gen Z is the almost definitely group to have a office psychological well being challenge.
• Lower than 4% say that Gen Z is the era that “most aligns with their office tradition.”
• 62% say Gen Z is the almost definitely group to trigger division and toxicity within the office.
• 57% say Gen Z is the almost definitely group to put up a danger of a office lawsuit.

“The 2024 labor market shall be probably the most troublesome in many years,” stated Andrew Crapuchettes, CEO of RedBalloon.work. “With giant scale retirements by child boomers, the market wants an inflow of latest expertise, however Gen Z is clearly struggling to make the grade.”

3. Reliability Drought. 70% of employers stated that “lack of reliability” is their prime downside when hiring, and 60% of employers stated they’d quite be under-staffed with much less folks, much less issues, however extra hours for the enterprise homeowners, than poorly staffed with extra workers however extra issues.

“The labor market is a tricky battleground proper now, and it’s weighing closely on employers who want expertise to each preserve their operations and to develop for the long run,” continued Crapuchettes.

4. Employers are Burdened Out. One quarter of small enterprise homeowners stated that their exhaustion degree on this financial system is ten out of ten, and one other 35% stated they’re at an 8 or 9.

“The Biden financial system has taken its toll on these small enterprise homeowners,” Seifert stated. “They’re prepared for stability and optimistic sustained course in our financial system. If the White Home is critical in regards to the upcoming election, they’ll be paying consideration.

5. Divisions Over Banning TikTok. Small enterprise homeowners are keenly conscious of, and sharply divided over, the invoice in Congress to ban TikTok. 35% have heard of the laws and are supportive. 41% are opposed. Simply 2.2% say they haven’t heard of the problem.

“There are sturdy sensitivities over free speech and banning voices, significantly after all of the exercise by the US authorities to ban medical doctors and others on social media through the pandemic and 2020 election,” stated RedBalloon Communications Director Isaac Lopez. “So, it is smart that the home is split over the TikTok ban.”

There’s far more within the full report of the Freedom Financial system Index, which could be discovered right here. To talk with the RedBalloon and PublicSquare staff of specialists, contact Isaac Lopez Isaac@redballoon.work.