Nearly two-thirds of small-business owners have considered closing down or shuttering their businesses because of the labor shortage in the post-Covid-19 environment.
The findings, from a new survey of 500 business owners by invoicing and accounting software firm Skynova, come as business owners are increasingly struggling to fill vacant positions, raising wages and offering bonuses to help lure workers. But even some of those initiatives aren’t working the way they did prior to the pandemic.
About 30% of respondents believe the labor shortage is a long-term challenge. That falls in line with a recent study that found long-term trends, such as older workers retiring in greater numbers with fewer younger workers to replace them, will mean the problem is likely to worsen over the coming years.