The hiring crunch has affected family businesses large and small in central Ohio. Did you feel it?
Businesses across all industries have posted their “hiring” information on any available medium: brick-and-mortar buildings, online job boards, social media, billboards, and more. Spaces traditionally reserved to help drive business have been transformed into recruiting tools to find quality candidates to fill numerous open positions.
Has this shift in focus hurt family businesses in central Ohio? Not anytime soon, according to the 11th annual Family Business Forecast Survey conducted by the Conway Center for Family Business.
While the majority of family business leaders surveyed reported that finding qualified employees remains the most significant business challenge, 65% of family businesses plan to increase hiring over the remainder of 2022, with more than half expecting them to business will be at the end of the year.
“Hiring qualified candidates who fit the family business culture is the biggest pain point that family business forecasts identify each year,” said Bea Wolper, president of the Conway Family Business Center. “Especially in 2022, our members are finding new ways to bring in and retain talent in a business environment where costs are rising and resources are limited.”
The Family Business Forecast found that most family businesses in central Ohio will rely on referrals and online/other job listings to help fill open positions. More family businesses than ever will use digital means such as social media or advertising as a way to find new employees.
The Conway Center publishes its annual Family Business Forecast to measure the economic environment for family businesses in the region – including employment and related challenges.
Gloomy outlook for countries and national economies: reasons for local optimism
Only 28 percent of central Ohio family business leaders are optimistic about the U.S. business climate in 2022. That’s a significant drop from survey responses a year ago, when three-quarters of respondents were optimistic.
Sentiment on Ohio’s economic outlook was slightly positive, with four in 10 family business leaders having a favorable impression of the state’s business climate. More than eight in 10 are optimistic about the state’s prospects for 2021.
Growing threats, including recruitment issues, could negatively impact regional family business performance for the remainder of 2022. The vast majority of family business leaders say gas/energy costs and inflation will negatively impact their family business by the end of 2022. Others expect negative results due to supply chain disruptions and pressure to increase wages.
In just a few short years, the family business has suffered from one national crisis after another. However, family-owned businesses in central Ohio say they are on track to meet and exceed 2022 goals and expectations.
Local leaders praised the factors driving regional economic growth. Factors such as local infrastructure, cost of living, availability of business resources and the region’s culture of collaboration across businesses are some of the reasons family business leaders start and maintain family businesses in central Ohio.
The Conway Family Business Center helps family businesses meet challenges, including attracting, training and retaining top talent, through relationships with service provider experts, addressing the need for shared business resources and fostering collaboration with educational programs and peer groups.
Jill Hofmans, executive director of the Conway Center for Family Business, said: “Family businesses are resilient – by investing in people and culture, family businesses foster a sense of commitment that can help them improve during economic downturns. performance and retain employees.” “By maintaining the values of the family business and leveraging the vast resources available in our region, we believe that the family business will continue to be successful and play an important role in Central Ohio’s exciting economic future.”
The 2022 Family Business Forecast Survey was completed by 84 family business leaders in and around Franklin County.