10 10 2014

10 10 2014

Small Business Owners Looking To Increase Wages, Expand Staff

Now may be the right time to consider small business loans, as a recent report stated that more small businesses are gearing up to increase wages.

The latest PNC Economic Outlook Survey found a rising number of small and midsized businesses in the U.S. are planning to raise salaries.

“Wage growth has been a missing piece of the labor market puzzle to date,” PNC Chief Economist Stuart Hoffman said in a press release. “With more business owners planning pay raises and higher prices for customers, these findings strongly support our forecast for a faster economic and jobs expansion and also send important signals to Fed policy makers that the economic recovery is speeding up.”

Two in five business owners expect to increase employee compensation over the next six months – the highest number since 2008. Of this demographic, three in five plan to increase wages 3 percent or more.

These plans also appear to correlate with business owner optimism, as 85 percent of survey respondents described themselves as optimistic. This comes on the heels of a report from Deloitte showing 87.8 percent of corporate executives are optimistic regarding the economy, illustrating rising confidence across business sectors both large and small.

More than half of small to midsized business owners expect sales to rise over the next six month, while 45 percent are confident profits will rise.

In addition to rising compensation rates, the number of business owners looking to expand staff is up on an annual basis. Twenty percent of respondents said they plan to add full-time employees, up from 16 percent a year ago. Sixty-one percent of businesses hiring expect to add one to five employees.

Cash flow injection for expanded staff

While many small business owners are holding off on hiring until they see a boost in sales, owners looking to bring on new staff sooner rather than later could benefit from a small business loan to cover wages. This could be especially important in cases where business owners are looking to increase employee compensation.

With the holiday rush right around the corner, there’s no doubt many business owners will be looking to bring on new worker, even if only for a seasonal period. A cash flow injection from a small business loan could make hiring, training and paying new workers much easier.


  • Prepare your landscape business for summer

    4 Ways To Prepare Your Landscaping Business For Summer

    As the winter months come to a close, home and business owners will begin to ponder their lawns and gardens. They know their landscaping is important for inspiring positive first impressions of their property. And who will they turn to for the landscaping tune-up? Your landscaping company, of course! As such, now is the time… […]

  • Changes to the Affordable Care Act

    How to Prepare Your Company for an Obamacare Fallout

    After years of concern related to the Affordable Care Act and the additional burdens it placed on organizations, there's a new issue to contend with. President Donald Trump made promises in the past to roll back the ACA - commonly called Obamacare - and a potential replacement bill was released in early March. What does… […]

  • Encourage employee volunteerism

    4 Ways Companies Can Benefit From Social Responsibility

    Companies are taking corporate social responsibility more seriously than ever. According to The Guardian, more than 5,000 corporations release their environmental, social and corporate governance performance on an annual basis. And, nowadays, it's not hard to find an initiative designed to attract socially​ minded companies. The Guardian explained that today's trends in social responsibility are a… […]

  • Equipment leasing and financing video

    Equipment Financing and Leasing

    Most business owners need to acquire equipment sooner or later for their business.  It could be for replacement, to upgrade or to expand.  It’s always a question how to pay for it, though.  Sure you can purchase outright, but that takes cash.  And it’s more difficult than ever to try to get a loan from… […]