Expected approval of Senate Bill 2018 will have consequences for small business
Honolulu, Jan. 24, 2022—From Melissa Pavlicek, Hawaii state director for the National Federation of Independent Business (NFIB) on today’s upcoming vote on Senate Bill 2018 in the Senate Committee on Labor, Culture, and the Arts, which is scheduled to meet at 3 p.m.
“We doubt that SB 2018 will be de-railed despite weekly news reports of so many long-time local businesses shuttering their doors. Increasing the minimum wage is too popular of an issue, even though the after-effects could exacerbate problems for small-business solvency and growth. Right now, small-business owners are offering record highs in compensation and still having a difficult time finding employees. This is the ideal time to work to foster small-business growth rather than to increase the cost of doing business here.”
From NFIB’s latest Jobs Report
A record-high number of small business owners are raising compensation to help retain and attract new employees.Seasonally adjusted, a net 48% reported raising compensation, up four points from November and a 48-year record high reading. A net 32% of owners plan to raise compensation in the next three months, unchanged from November’s record high reading.
From NFIB’s latest COVID-19 survey of its membership
The labor shortage is the other significant challenge facing many small employers. Twenty-three percent of small employers are currently experiencing a significant staffing shortage and another 20% are currently experiencing a moderate staffing shortage. One-quarter (25%) percent reported having a mild staffing shortage … When asked what adjustments, beyond normal hiring practices, small employers have taken to attract applicants for open positions, 83% reported increasing wages.”
Note to Reporters, Editors: NFIB’s research reports are national surveys not broken down by state.
For more than 77 years, NFIB has been advocating on behalf of America’s small and independent business owners, both in Washington, D.C., and in all 50 state capitals. NFIB is a nonprofit, nonpartisan, and member-driven association. Since its founding in 1943, NFIB has been exclusively dedicated to small and independent businesses and remains so today. For more information, please visit nfib.com.
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