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If you have any questions or concerns, please use the contact information provided in this email as this inbox is not monitored for replies.
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Finding, Keeping, and Training Labor Are Among Critical Issues Family Businesses Face, according to New Data in Family Enterprise USA Annual Survey
Finding and holding on to workers are key issues facing America’s largest private employer, Family Business, according to a new study.
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The study by Family Enterprise USA, a bipartisan family business advocacy group, says the top worries family businesses of all sizes face are the growing demand for workers, training them, and retaining them. These issues have been further heightened by the emergence of hybrid workplaces and remote work hiring.
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The survey, the group’s Annual Family Business Survey 2023, assessed a cross section of America’s multi-generational, family-owned industries, which contribute $7.7 trillion annually to the U.S. gross domestic product. Family businesses account for 83.3 million jobs, or 59 percent of the country’s private workforce, according to research.
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Labor challenges and tax policies were found as the biggest challenges family businesses faced in relation to growth.
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These worries come at a time when 61 percent of family businesses said they added jobs during 2022, a pandemic year, and 91 percent kept or added employees. Only nine percent lost jobs in 2022, the survey found. It was also found 46 percent of family businesses provide above average salary and benefits.
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Labor worries, in general, ranked as the number one impediment to growth for this year and 2024, the survey showed.
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When family businesses were asked what the “greatest impediment to growth” would be in the next 24 months, 31 percent said “Cost and Availability of Labor.”
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The second greatest perceived impediment was “Market Conditions.” The third greatest impediment was “Inflation,” with 15 percent citing it as a concern. “Government Regulations” ranked fourth, with nine percent seeing this as a main barrier to growth.
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Despite these concerns, the study showed 74 percent of multi-generational family businesses have been in business for 30 years or more, 65 percent expect to grow in 2023, and 71 percent saw their business increase in 2022. Nearly, 40 percent of the respondents have revenues of $21 million or more.
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“Being the largest private employer, family businesses face the unique challenge of trying to grow their business while competing with large corporations for the best labor in the market,” said Pat Soldano, President of Family Enterprise USA and the Policy and Taxation Group, both Washington DC-based bipartisan, non-profit family business advocacy organizations.
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“One advantage is that family businesses tend to pay better and provide longer-term security for their employees, and they give back to their communities,” Soldano said. “Our policy makers need to understand the power of family businesses and they need to make sure they are not disadvantaged when it comes to hiring and training policies.”
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This year’s survey shows once again the resiliency of our country’s family businesses, according to Soldano.
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“Family businesses keep jobs, add jobs, pay better than average wages, and give back to their communities, all of which are strong arguments to keep our family businesses thriving,” she said.
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Upcoming Events
- May 23: Family Office Symposium, Washington, D.C
- May 31- Penn State FBC, PA
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June 1: Chicago Loyola Family Business Center with USI/Chubb, IL
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June 2: Event in Minneapolis, MN
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June 13: Presentation in Hilton Head, Okatie, SC
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Sign-Up For New Podcast: "Voice of Family Business on Capitol Hill" with host Pat Soldano.
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Join our growing family of podcast listeners by clicking on the links below to our new podcast, "The Voice of Family Business on Capitol," where each episode delves into the major issues facing family businesses and family business centers today. Subscribe by clicking on these links, or wherever you get your podcasts.
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We hope you’ve enjoyed this article. While you’re here, we have a small favor to ask…
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As we prepare for what promises to be a pivotal year for America, we’re asking you to consider becoming a supporter.
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The need for fact-based reporting of issues important to multi generational businesses and protecting a lifetime of savings has never been greater. Now more than ever, multi generational businesses and family businesses are under fire. That’s why Policy and Taxation Group is passionately working to increase the awareness of issues important to generationally-owned family businesses built on hard work, while continuing to strengthen our presence on Capitol Hill.
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About Policy and Taxation Group
Policy and Taxation Group is your voice in Washington on economic freedom. We advocate for policies that allow American families to fully enjoy the economic liberties and benefits of a robust free market unique to our nation. For over 25 years, we have been the loudest voice in the nation’s capital on eliminating the death tax. This ill-conceived tax has a destructive impact on families, family businesses, job creation, and the national economy.
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Have questions or would like more information about becoming a Supporter or donating? Please contact John Marino at [email protected].
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