ECONOMY WATCH: STAFFING
Family-Owned Businesses Optimistic About Economy and Growth in 2024 and Plan for Increased Hiring and Employee Engagement
Business Wire (03/19/24)
Family-owned businesses have grown increasingly optimistic regarding the strength of their organizations in the last year and are focused on recruiting and retaining employees, according to a survey of 575 family businesses by the First Bank Center for Family-Owned Businesses. Overall confidence in the economy rose strongly in the last twelve months, with 61% of respondents strongly agreeing that they feel confident in the direction of the economy over the next year, a 12% increase.
In addition, they are confident in the health of their own businesses, with 75% of respondents strongly agreeing that they expect business and revenue to grow over the next five years, an 11% increase over a year ago. Hiring more staff was noted as a top business priority by 38% of respondents, an 18-point increase from 2023, and employee engagement and satisfaction rose 12 points to 35%, from 23% in 2023. Respondents identified the skills next generation leaders will need for continued success. People management was highlighted as most important.
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