• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer
  • Facebook
  • Instagram
  • LinkedIn
  • Twitter
  • YouTube
Big Ideas for Small Business logo

Barbara Weltman

Big Ideas for Small Business, Inc.

Whitepaper download

Subscribe and download our eBook, "150+ Tax Deductions for Small Business A to Z."

This field is hidden when viewing the form
Get the:

  • Home
  • About Us
  • Big Ideas For Your Business
    • Idea Of The Day ®
    • SMB Legal
    • SMB Taxes
    • SMB Financial
    • Small Business
    • Newsletter Archive
  • Services
  • Books
  • Blog
  • Multimedia
    • Videos
    • Radio Shows/Podcasts
  • Be a Guest Blogger

Thoughts on Labor Day 2022

September 1, 2022 / By Barbara Weltman

Labor DayThis year Labor Day in the U.S. falls on September 5th. It is a federal holiday created in 1894 in response to unions’ urgings. This year marks the 20th annual World Day Against Child Labor. Labor Day is also the unofficial end to summer, with children returning to school, summer vacation spots closing up, and people preparing for the rest of the year.

My thoughts as we celebrate Labor Day this year:

Labor shortages continue

It seems that post-pandemic, the U.S. is at or near full (maximum) employment. This is deduced in part by measuring the maximum number of people who can be employed without pushing up inflation. Full employment also reflects the number of unemployed workers per job opening. I’ve also seen full employment tied to an unemployment rate of 3%, and in July we were at 3.5%. However you measure it, we’re in a tight labor market.

According to the July 2022 NFIB Small Business Optimism Index, nearly half (49%) of small businesses reported job openings they could not fill in the current period. Yet 20% plan to increase employment in the next 3 months. This is so even though we are likely in a recession. Small business owners must be confident enough in the economy to want to hire new workers.

Compensation and benefits

In light of the tight job market, many small businesses have already increased compensation and benefits packages for employees. And 2023 should see more increases. According to a Willis Towner Watson report, nearly two-thirds of employers (64%) are planning for pay raises in 2023 that will top those in 2022…a projected increase of 4.1% in 2023. This would be the largest percentage increase since 2008. As inflation continues, it’s likely that there’ll be more pressure for more increases.

A union boom?

It was the unions that spearheaded the creation of Labor Day. In 2022, there are reports that we’re in a union boom. CNN reported: “After years of declining influence, unions are having a resurgence. Employees from companies across the country are increasingly organizing as a means of asking for more benefits, pay and safety from their employers.” Chipotle workers in Lansing, MI, in August voted to unionize. Starbucks, Apple, and Google are other companies experiencing unionization now.

Final thought

I’ve always maintained that employees are your best assets and shouldn’t be thought of as expenses. Sure, they can’t be entered on your balance sheet. But they make all the difference in your company’s success. So let’s celebrate Labor Day!

 

Tags job openings Labor Day labor shortages small business tight job market

Primary Sidebar

Categories

  • General Business (506)
  • Guest Blog (113)
  • Homepage (24)
  • Small Business (1,004)
  • SMB Financial (329)
  • SMB Legal (67)
  • SMB Taxes (326)

Barbara’s Recent Posts

  • What the U.S. Supreme Court Told Small Businesses in This Term: Part 1 July 3, 2025
  • Mid-Year Business Planning for 2025 July 1, 2025
  • 10 Ideas for Coping with Cash Flow Challenges June 26, 2025
  • 5 Insurance Traps to Avoid June 24, 2025
  • Creating a Feng Shui Office Layout for Your Business June 20, 2025
  • Scaling Your Business by Optimizing Social Media Marketing June 19, 2025
  • The Timeless Value of Business Cards in a Digital World June 18, 2025
  • What Does the Latest IRS Data Book Tell Us? June 17, 2025
  • Business Advice from Famous Dads June 12, 2025
  • How Important Is Higher Education for Small Business Owners June 11, 2025
  • Business Planning in a Period of Uncertainty June 10, 2025
  • 9 Smart Financial Decisions for Business Owners in Retirement June 6, 2025
Awarded Top 100 Small Business Blog medal (link will open in a new window or tab)
Marquis Who's Who 2023 Badge
Top Small Business Blogs (Link will open in a new window or tab.)
8 Financial blogs small business Owners Need to Read. Invoice home.  (link will open in a new window or tab)
Best Small Business Blog, Expertido.org
Top 50 Small Business Blogs 2018
Best Small Business Blogs
BizHumm Top 100 Business Blog Award to Barbara Weltman
FitsSmallBusiness.com: Award for Best Small Business Blog 2017 (link will open in a new window or tab)
FitsSmallBusiness.com: Award for Best Small Business Blog 2016 (link will open in a new window or tab)

Footer

Big Ideas for Small Business logo

Small business ideas, business tax news and small business consulting from Barbara Weltman to provide business owners with the information they need to succeed. Visit our small business blog, Idea of The Day®, small business books and articles on small business taxes, small business finance and small business legal advice.

Contact Us

[email protected]

(772) 492-9593

gacor maxwin situs slot thailand terpercaya situs slot gacor situs gacor akun pro thailand slot bandar togel terpercaya

Latest Tweets

bigideas4sb Big Ideas for Small Business® @bigideas4sb ·
July 7

Yale psychologist: The No. 1 skill that the most creative and successful people have—'it's their superpower'

Reply on Twitter 1942307338083303854 Retweet on Twitter 1942307338083303854 Like on Twitter 1942307338083303854 Twitter 1942307338083303854
bigideas4sb Big Ideas for Small Business® @bigideas4sb ·
July 7

Print on Demand Design Trends 2025: What’s Actually Working https://bit.ly/4nlu3B9 #smallbusiness #printing #trends #Ecommerce

Reply on Twitter 1942260168785330487 Retweet on Twitter 1942260168785330487 Like on Twitter 1942260168785330487 Twitter 1942260168785330487
bigideas4sb Big Ideas for Small Business® @bigideas4sb ·
July 7

What the U.S. Supreme Court Told Small Businesses in This Term: Part 1 https://bit.ly/46sSKpd #smallbusiness #legislation #SupremeCourt

Reply on Twitter 1942247274320470502 Retweet on Twitter 1942247274320470502 1 Like on Twitter 1942247274320470502 2 Twitter 1942247274320470502
Load More

Copyright © 2008–2025 Big Ideas for Small Business, Inc  |  Designed by Hudson Fusion

  • Privacy Policy
  • Sitemap