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36
STRATEGY

Benchmark: The Growing Labor Challenge
 

Some data that show the challenges faced by small and midsize companies looking for an adequate labor force.
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A 1995 survey revealed that a growing number of small and midsize companies find labor issues to be among the most significant obstacles to their growth and survival. The companies that were the leaders in revenue, profit, and employment growth were affected by that trend most acutely, with 35% reporting a lack of qualified workers as one of their biggest challenges.

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Percentages of respondents indicating that the issues cited were among their most significant challenges:

1993 1994 1995
Labor costs 29% 35% 37%
Lack of qualified workers 13% 20% 25%
Cost of training workers 8% 8% 10%
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Source: "Survey of Small and Mid-Sized Businesses, Trends for 1995"; Arthur Andersen's Enterprise Group, St. Louis; and National Small Business United, Washington, D.C.

Last updated: Aug 1, 1996

DONNA FENN is the author of Upstarts! How Gen-Y Entrepreneurs Are Rocking the World of Business and 8 Ways You Can Profit From Their Success, an exploration of the ways Gen Y is changing the entrepreneurial landscape.
@donnafenn




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