Small Business Worker Shortage in 2025: Hiring Challenges and Wage Trends

Small businesses across the nation continue to grapple with a persistent worker shortage amid a competitive labor market in 2024.

According to a recent survey by the National Federation of Independent Business (NFIB), 50% of small business owners reported unfilled job vacancies, only slightly down from May's historic 48-year peak. This data underscores ongoing hiring difficulties despite efforts to attract talent.

The NFIB's latest monthly jobs report reveals that 23% of small business owners identify labor quality as their primary concern, ranking just behind inflation. Additionally, labor costs have surged in prominence, with 8% of owners citing it as their top business challenge—a new record high.

Despite these hurdles, small business hiring intentions remain robust, with 19% of owners planning to create new positions within the next quarter. However, 33% reported a scarcity of qualified applicants in June, and 27% found no suitable candidates at all.

Regarding compensation, 48% of small business owners have increased wages, a slight decrease from May but still near the highest levels recorded in the past 48 years. Furthermore, 28% anticipate raising pay rates over the coming three months to remain competitive in attracting and retaining talent.

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