October Brings Boost in Small Business Hiring - Seite 2

To view an infographic with data from the employment index, visit the CBIZ website.

Additional takeaways from the October SBEI include:

October’s snapshot: 25% of companies in the index boosted employment, while 53% did not alter staffing levels and 22% lowered their employee counts.

Industries at a glance: Hiring increased in Transportation, Accommodation and Food Services, Non-Profits, Retail Trade and Healthcare, but decreased in Construction, Wholesale Distribution, Financial Services and Real Estate.

Geographical hiring: Hiring activity expanded in all major regions. While the West posted dramatic growth, hiring also grew considerably in the Southeast and Central regions, with more modest growth in the Northeast.

What’s next? Important factors to watch for small businesses include consumer confidence, the potential for additional lockdowns due to COVID-19 and developments regarding economic stimulus.

The CBIZ SBEI reading for October follows the release of the CBIZ Main Street Index, which surveyed over 1,600 small and mid-sized businesses throughout the U.S. on the impact of the COVID-19 pandemic.* According to the CBIZ Main Street Index, while over 43% of surveyed businesses identified a significant to severe impact, the data revealed signs of optimism, including plans to increase marketing spending and grow workforces. Please see the CBIZ Main Street Index webpage for additional data on small and mid-sized businesses.

*Note: Not all of those surveyed in the CBIZ Main Street Index are clients of CBIZ.

Editor’s note:
(1) The SBEI illustration is licensed under a Creative Commons Attribution-NoDerivs 3.0 Unported License. Based on our work at https://www.cbiz.com.

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About CBIZ, Inc.

CBIZ, Inc. provides professional business services that help clients better manage their finances and employees. CBIZ provides its clients with financial services including accounting, tax, financial advisory, government health care consulting, risk advisory, real estate consulting and valuation services. Employee services include employee benefits consulting, property and casualty insurance, retirement plan consulting, payroll, life insurance, HR consulting and executive recruitment. As one of the largest accounting, insurance brokerage and valuation companies in the United States, the company’s services are provided through more than 100 company offices in 33 states. CBIZ Employee Services Organization is a division of CBIZ Benefits & Insurance Services, Inc.

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