230,328 Boston area companies fit the description of being a small business, according to the US Census Bureau. A recent survey by the National Federation of Independent Business Owners found that after inflation, the most critical problem facing these businesses is the inability to recruit and retain quality employees.
Right now, says the Federal Reserve, unfilled jobs remain near an all-time with 1.7 openings per unemployed person. As a result, only one person is being hired per every four job openings. To put this dismal hire-to-opening ratio in perspective, ten years ago, there was one hire per every job opening.
Compounding the recruitment woes of Boston's small business owners is the very stubborn quit rate. According to the Federal Reserve, for every ten hires made, seven current employees quit.
Although the labor crunch affects Boston business owners of every size, nearly half of all job vacancies are at companies with fewer than 50 employees.
So what is the best way for local small business owners to attract qualified candidates to fill open jobs? Most metrics indicate that advertising on Boston radio may be the optimal choice.