While large companies continue to announce sweeping layoffs, it looks like small businesses are on a course for growth. Can they maintain it?
According to ADP, small businesses under 50 employees added 95,000 jobs this fall, while large employers with 500 or more employees cut 83,000 jobs. The opposing trends point to small employers still needing growth in order to produce, while large employers can afford to trim their workforce down to mediate the effects of inflation on their businesses, explains Tina Wang, vice president of HR at ADP. This is good and bad news for jobseekers who may have been disheartened by low hiring rates this fall — there are jobs out there, but they may not come with the most competitive wages and benefits.
