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Q3 2013 SMB Job Generation Outlook Infographic

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The Lucas Group SMB Job Generation Outlook began in 2013 as the only national report defining the economic and employment landscape for small to mid-sized businesses.

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Q3 2013 SMB Job Generation Outlook Infographic

  1. 1. SMB JOB GENERATION OUTLOOK Q3 2013 TITLES & COMPANY REVENUE Respondent title: 46% $50M - $150M 21% $151M - $300M 22% $301M - $600M 11% $601M - $1B 2012 company revenues of responding executives: 35% President 36% CEO 29% Business Owner HOW RETIREMENT IMPACTS COMPANIES IMPACT OF PATIENT PROTECTION AND AFFORDABLE CARE ACT SMBs report a mixture of both positive and negative business impact from Baby Boomer retirement. (multiple responses allowed) How much of an impact will the Patient Protection and Affordable Care Act have on your business plans? 60% CREATES A KNOWLEDGE GAP THAT’S DIFFICULT TO BRIDGE 10% NO IMPACT 20% A LITTLE IMPACT 36% SOME IMPACT 34% A LARGE IMPACT 28% IMPROVES ABILITY TO CONSIDER NEW APPROACHES & PROCESSES 14% IMPAIRS ABILITY TO COMPETE 5% OTHER 17% ENHANCES PROSPECTS FOR FUTURE INNOVATION AND GROWTH ECONOMIC PROSPECTS FOR COMPANY AND COUNTRY Almost 68% of SMBs report a somewhat or very optimistic opinion on their own company’s 2013 economic prospects, while only 44% feel the same toward the overall U.S. economy. 22% VERY OPTIMISTIC 46% SOMEWHAT OPTIMISTIC 17% NEITHER OPTIMISTIC NOR PESSIMISTIC 14% SOMEWHAT PESSIMISTIC 1% VERY PESSIMISTIC ECONOMIC PROSPECTS FOR YOUR COMPANY IN 2013 12% VERY OPTIMISTIC 32% SOMEWHAT OPTIMISTIC 22% NEITHER OPTIMISTIC NOR PESSIMISTIC 26% SOMEWHAT PESSIMISTIC 8% VERY PESSIMISTIC ECONOMIC PROSPECTS FOR THE UNITED STATES IN 2013 59% OPTIMISTIC 20% NEITHER OPTIMISTIC NOR PESSIMISTIC 21% PESSIMISTIC 36% OPTIMISTIC 27% NEITHER OPTIMISTIC NOR PESSIMISTIC 37% PESSIMISTIC JOB GROWTH PROSPECTS FOR YOUR COMPANY IN 2013 JOB GROWTH PROSPECTS FOR THE UNITED STATES IN 2013 HOW SMBs SEE THEMSELVES IN 2013 The vast majority of responding SMBs report a position of maintaining stability or growth in 2013. 5% 7% 45% 43% Survival Controlled Retrenchment Maintaining Stability Growth WORKFORCE RETIREMENT IN 2013 Expected percentage of SMB workforce to retire in 2013, according to survey respondents. Respondents % to Retire 67% <5% 16% 5% - 10% 6% 11% - 15% 4% 16% - 20% 7% Don’t know SMBs ARE THE JOB GENERATORS OF THE U.S. ECONOMY. I SEE MY COMPANY AS A JOB GENERATOR. 41% AGREE STRONGLY 40% AGREE 6% DISAGREE 0% DISAGREE STRONGLY 13% NEITHER AGREE NOR DISAGREE 31% AGREE STRONGLY 44% AGREE 6% DISAGREE 0% DISAGREE STRONGLY 19% NEITHER AGREE OR DISAGREE HIRING VETERANS The majority of SMBs surveyed were amenable to hiring veterans, though most do not have specific plans to do so in 2013. Specific plans to hire military veterans 16% Will not target military veterans for hiring 9% Hire military veterans but do not have a specific plan 75% WORKFORCE, WAGES & SALARIES, AND BENEFITS INCREASES IN 2012 2012 changes in SMB workforce and related expenses as shared by survey respondents: WORKFORCE WAGES & SALARIES BENEFITS EXPENDITURE 51%Increased 63%Increased 57%Increased 38% Stayed the same 34% Stayed the same 39% Stayed the same 11%Decreased 3%Decreased 4%Decreased HOW SMBs VIEW THEMSELVES REGARDING JOB GENERATION SMB presidents, CEOs, and business owners were asked how they viewed both the market and their specific company in terms of U.S. job generation. IMPACT OF RETIRING BABY BOOMERS With 10,000 Baby Boomers retiring each day in the U.S., 58% of SMBs expect some level of business impact from retirements in 2013. 50% SOME IMPACT 8% VERY BIG IMPACT1% DON’T KNOW 41% NO IMPACT AT ALL HIRING DIFFICULTY Rate the level of difficulty your company faces in finding qualified candidates for professional and management positions. 5% EXTREMELY DIFFICULT 46% DIFFICULT 9% EASY 40% NEITHER EASY OR DIFFICULT JOB GROWTH PROSPECTS FOR COMPANY AND COUNTRY While more than half of SMBs report feeling somewhat or very optimistic about their own company’s job growth, only 36% feel the same about overall U.S. job prospects.