2022 State of Small Business Hiring Report shows one-third of small businesses experienced stalled financial growth, 27% have lost customers, and 24% have had delayed product launches due to open roles
Indeed Launches $50M Small Business Hiring Fund
Austin, TX (May 10, 2022) – Indeed, the leading hiring platform, is proud to announce the Indeed Small Business Hiring Fund, delivering $50 million to aid hiring efforts and hasten the speed of small business recovery. The right hire can have a significant impact on businesses, even more so for a small business. Through the fund, Indeed aims to support small businesses’ growth by streamlining the hiring process.
The Indeed Small Business Hiring Fund is designed to address the pain points of small business hiring needs. This much-needed relief comes at a pivotal time as hiring demands hinder their business revival and growth. Coupling the launch of the fund, Indeed today also released its 2022 State of Small Business Hiring Report, outlining these sentiments and emphasizing the importance of delivering increased support now.
According to the U.S. Small Business Administration (SBA)1, there are 32.5 million small businesses in the U.S., which accounts for 99.9% of U.S. businesses. The Indeed 2022 State of Small Business Hiring Report2 showed that over one-third (38%) of small businesses surveyed believe they could have 11-20% business growth within the next year if they could hire faster. Results from the businesses surveyed also indicated:
- More than half of small businesses (58%) have had between one and four open roles over the past three months
- One-third (33%) state financial growth stalled due to open roles, 27% said they have lost customers, and 24% have experienced delayed product launches due to hiring woes
- One-third (33%) have experienced burnout, 31% have been unable to take time off or a vacation, and 41% say their stress level has significantly increased
- On average, it takes small businesses more than a month – about 4.5 weeks – to find the right person for an open role. And more than 1 in 5 (22%) say it takes up to two months
- Nearly 1 in 5 small businesses (18%) cite lack of the right hiring technology as holding them back in finding the right people
With hiring identified as holding small businesses back, the Indeed Small Business Hiring Fund offers U.S.-based small and medium businesses up to $500 in sponsored job credits to apply toward finding their next hire when they conduct an interview using Indeed.
To connect with job seekers and provide a mutually beneficial experience for both employers and candidates, Indeed’s full service platform allows employers to find, schedule, manage, and conduct interviews all in one dashboard, whether on desktop or mobile. Proving that quality and simplicity can coexist, employers who use and conduct interviews on Indeed’s platform are on average 22% more likely to make a hire3 – and 67% say Indeed’s solution got them to the interview stage faster4. In addition, 16 people are hired every minute on Indeed.5
“At Indeed, we are focused on helping people get jobs. Every day we come to work to make it easier for employers who are hiring,” said Raj Mukherjee, executive vice president and general manager, Indeed. “Small businesses, which are the lifeblood of the U.S. economy, are finding it challenging to hire for their open roles. For many businesses, a lack of qualified workers is the biggest business challenge they face. The Indeed Small Business Hiring Fund is a step to help these businesses hire qualified workers faster, and focus their energy on business growth.”
To find out more visit: https://go.indeed.com/hiringfund.6
1U.S. Small Business Administration Office of Advocacy, 2021 Small Business Profile, 2021
2Survey to 3Gem Research and Insight’s pre-recruited panel of “double opt” in B2B panelists. Research conducted between 20th April and 26th April 2022 to n=1000 hiring managers in companies of 2 – 1000 employees
3Indeed Data, Worldwide
4Indeed Survey, n=121
5Indeed Data, 2021 Average
6Terms, conditions, and eligibility requirements apply