National Survey Finds Nearly 75% of U.S. Businesses Have Been Affected by the Labor Shortage
October 20 2022 - 8:00AM
Provident Bank, a leading New Jersey-based financial institution,
has released the results of its 2022 National Labor/Staffing
Shortage Survey. The survey includes insights from 1,000 hiring
managers and department heads, small business owners, recruitment
and talent acquisition specialists, and compensation and/or
business managers, and explores how businesses are dealing with the
effects of the labor shortage.
As companies nationwide struggle to attract and
retain talent, both small businesses and larger organizations
reported feeling impacts from the staffing shortage; Provident’s
survey found that nearly 75% of American businesses have been
affected.
Turning down business and cutting back operating
hours were cited among the most common ways the labor shortage has
affected businesses. Professionals also noted that inability to
fill crucial roles and high employee turnover rates added
additional stressors to their business operations.
The most common reasons employees gave for leaving
their jobs included low salary, inability to work from home, and
uncompetitive benefits. Additionally, childcare issues and burnout
were common themes.
More than 33% of respondents said their company had
revised perks and/or benefits to retain employees and/or attract
talent. The most common additions included tuition assistance,
enhanced paid time off, and childcare reimbursement while the most
popular added benefits were additional paid sick and holiday leave,
401k matching, and sign-on bonuses.
“Organizations that are placing the employee
experience at the center of their business strategy are benefitting
from improved retention rates and the ability to attract talent
during the current job market,” said Anthony Labozzetta, President
and CEO, Provident Bank.
Among those surveyed, 69% of businesses have had
candidates decline opportunities because of better offers. 79% of
that group have attempted to combat this issue and remain
competitive by raising salary offerings by up to 20%.
Additional Survey Findings:
- 40% of survey respondents were small business owners, and of
that group, 60% said their company has been impacted by staffing
shortages.
- 85% of individuals employed by a business with over 101
employees reported impacts due to the labor shortages.
- The most common employee perks implemented to attract and
retain employees included: wellness stipends, casual dress code,
and extended maternity/paternity leave.
- The importance of hybrid and work from home options were a
common theme among responses – 57% reported their company has
instated a work from home and/or hybrid option to attract and/or
retain talent.
For the full survey results, please contact Lauren
Stralo.
About Provident BankProvident
Bank, a community-oriented financial institution offering
“Commitment you can count on” since 1839, is the wholly owned
subsidiary of Provident Financial Services, Inc. (NYSE:PFS), which
reported assets of $13.72 billion as of June 30, 2022. With $10.87
billion in deposits, Provident Bank provides a comprehensive suite
of financial products and services through its network of branches
throughout northern and central New Jersey, as well as Bucks,
Lehigh and Northampton counties in Pennsylvania and Queens County
in New York. The Bank also provides fiduciary and wealth
management services through its wholly owned subsidiary, Beacon
Trust Company and insurance services through its wholly owned
subsidiary, Provident Protection Plus. For more information about
Provident Bank, visit www.provident.bank or join the conversations
on Facebook (ProvidentBank) and Twitter (@ProvidentBank).
Media Contact:Lauren StraloPR
Supervisorlstralo@levlane.com610-401-4825www.levlane.com
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