5/3/2013 - Hiring intentions put on hold for most employers due to rocky economy
Even though the economy has made some strides toward recovery, business owners still carry enough concern that prevents them from making any significant changes to their current employee base, a recent survey reveals.
According to financial services organization PNC, a considerable number of business owners - approximately three out of every four - say that they will likely hold off on hiring more people for open jobs that they have available, largely due to the fact that the country's economic function isn't quite at the level that makes them feel comfortable.
Stuart Hoffman, PNC chief economist, noted that there are a variety of indications suggesting that the nationwide economy is at the very least approaching normalcy.
"The powerful engine of the U.S. economy is not firing on all cylinders, but there are sparks of optimism related to sales, profits and housing prices," said Hoffman. "These findings support our baseline forecast that the moderate U.S. economic and jobs expansion will persist in 2013."
Stability is apparently the operative word for employers and how they plan on approaching their intentions to expand their business through hiring. In a separate analysis performed by the job search engine CareerBuilder, most employers plan on holding the line with regards to new hires, with approximately 26% of company owners looking to increase their workforce by adding some new, full-time positions.
"The U.S. job market is in a better place today, but concerns over spending cuts, wavering global economies and other factors are weighing on employers' minds," said Matt Ferguson, CareerBuilder CEO. "We expect continued stability and improvement as the year goes on."
While it's always a good idea to review businessowners insurance policies, it's particularly advisable when hiring, as a larger staff affects liability.