While 70 per cent of small businesses struggle to find and retain skilled employees, attracting and retaining talent is the number one challenge facing small business owners. This was the main recipe of the 10,000 Small Business Summit of Goldman Sachs: the great power of small businesses.

The Challenge of Attracting and Retaining Small Business Talent

The two-day summit is the largest gathering of small business owners across the United States. This year’s meeting found that the biggest obstacle to small business growth was the inability to attract and retain talented talent. Due to the inability to recruit and retain skilled workers, small business owners must play an important role in training their employees, which is time consuming and expensive.

Employee training means that small businesses use energy, time, and money to put employees off the table. On the other hand, attracting the right talent and keeping it can allow small businesses to save time, money and effort because little or no training is needed.

Offering benefits to potential talent, especially millennials, such as flexible working conditions, can be an effective means of attracting and retaining skilled workers. So can offer business rewards and recognition.

At the publication of the event, Steven Strongin, Head of Global Information Research at Goldman Sachs, spoke of the summit’s findings and the need to relax the lending requirements for homeowners small businesses. train the staff.

“Our research highlights the unique dynamics of small business ownership and the common challenges facing entrepreneurs across a range of industries,” Strongin said at the Summit.

Strongin commented on both the importance of employee training and easing loan requirements, saying:

According to our analysis, in order to boost the growth of small businesses, legislators should consider legislative initiatives that facilitate loan requirements for small business owners, reward the training that small businesses offer their employees and create a central local repository , state and federal. regulations and a common certification standard to meet the requirements of these levels of government. “

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