A New Survey published of 600 Small Businesses in the United States

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The Verizon-Morning Consult published a survey of 600 US small businesses. The survey found that30% of business owners have adopted digital tools to help maintain operations amid a labor shortage. It said at least one in three small businesses is using technology to compensate for a shortage of workers during the COVID-19 pandemic. Moreover, nearly 40% of business owners are using technology to help onboard and train new workers, and nearly 40% of businesses experienced declining employee productivity. The chief revenue officer for Verizon Business, Sampath Sowmyanarayan issued a statement and said, “There is still a long road ahead for recovery but there is an overwhelming sense of optimism; that technology will enable the competitive edge our customers need to scale their business for the future”.

Sowmyanarayan added, “Technology that addresses security, reliable connectivity and enables mobility will be integral to their success as Verizon customers enter their next phase of growth”. The survey also indicated that more than 60% of business decision-makers are using digital tools and technologies to enhance customer experiences and create new business opportunities. At least 50% of decision-makers were using similar tools at the same time last year. More than 61% of small businesses reduced employee hours in August 2020 compared to 48% in 2021. 43% of decision-makers laid-off employees in 2020 compared to 35% in 2021. The survey also found that technology adaption has increased significantly for small businesses overall since August 2020. The Job Opening and Labor Turnover or JOLTS of the US Labor Department released a survey on Wednesday.

The survey of JOLTS said, “The total number of job openings rose by 749,000 to a seasonally adjusted 10.934 million at the end of July”. The number of job openings in June was revised higher by 112,000 to 10.185 million. Economists surveyed by Refinitiv were expecting 10 million available jobs. However, US hiring slowed sharply last month as the resurgence in Covid-19 infections stunted job gains. Nonfarm payrolls added 235,000 workers in August, widely missing the expected 728,000 jobs. At least 1.05 million jobs were added in July. September is shaping up to be a critical month for the fate of the US economy because the labor market’s recovery and the Federal Reserve’s tapering and rate-hike plans remain in limbo. Many small businesses have expressed concerns about worker shortages throughout the summer.