Hiring New Talent & Online Security are Top Economic Concerns for Business Owners in 2020

January 13, 2020

A Gallop® Small Business Index survey taken at the end of 2019 found that business owners cited “hiring top talent” and “online security” as the top challenges they face in 2020—concerns that reflect the ever-growing complexity of finding qualified talent without interrupting growth in the global marketplace.

Hiring Top Talent
The labor market is stable, with unemployment sitting at its lowest point since the 1960s. This leaves Human Resource Managers looking for skill sets they can’t find in available candidates … or worse, a lack of people even applying for open positions. This is not likely to change any time soon, with the unemployment rate expected to average 3.5% in 2020, as posted by the Board of Governors of the Federal Reserve.

That’s why it is now crucial for business owners to reduce turnover by investing in existing employees. Retaining current employees costs far less than hiring new ones. Turnover can really take a toll on a company through lost productivity, putting a strain on staff, as well as recruitment and training costs. To lessen employee stress, consider implementing enticing options to make your team love where they work like adding a few vacation days or a Friday flex schedule.

Still need to find the perfect hire? Think about looking for talent from professional groups whose positions are on the decline. The same Small Business Index Survey concluded that three occupational groups would see a reduction in jobs in 2020: Production, Administrative Support, and Sales as these jobs are slowly replaced by computer and technological solutions. Retail sales positions are also at risk as e-commerce use grows. Look for talent from these sectors, which could be retrained to fit other roles you need to fill. For example, a college-educated floor manager at a retail store might be the perfect e-commerce manager for your business with just a little software training.

Despite Fraud Risks, Still Embrace Business Technology
As emerging technologies and cybersecurity risks become a daily part of doing business, more executives report taking action to prepare for cyberattacks while still taking advantage of new opportunities that technology offers. The most successful companies are using technology to stay ahead of the competition, drive efficiency, and build a seamless customer experience. Evaluate the latest cyber-security tools to make sure your business isn’t left behind.

Business planning for 2020 should include training employees on new technologies, backing up systems and data, and hiring a dedicated IT team.

Want to discuss your business finances to make sure you’re on the right track?
Contact our Business Loan Officers by visiting any Texas Gulf Bank location
or contact our team via e-mail or telephone.