Business Owners See Improvement in the Labor Pool According to the Michigan Future Business Index
Small- to mid-sized business owners see an improvement in the current labor pool, according to the June 2016 Michigan Future Business Index (MFBI), published today in partnership with Accident Fund Insurance Company of America and the Michigan Business Network. A majority believe Michigan is a good place to do business and to find qualified talent.
Fifty-one percent of survey respondents rate the labor pool positively, up five percent from December 2015. Those having difficulty filling open positions is down to 45 percent from 49 percent in December 2015. Fifty-six percent of those actively searching for talent are having difficulty, which is down from 63 percent in December.
The survey shows that many key indicators remain strong. Sales, hiring and wages have all held steady since December. Additionally, 68 percent of respondents rate Michigan favorably as a market for their goods and services and 65 percent say Michigan’s tax system is fair to their business. While plans for new hires and higher wages have ticked downward slightly, very few say they are planning layoffs or wage cuts.
“Small businesses remain largely positive about their prospects for doing business in Michigan,” said Mike Britt, president of Accident Fund Insurance Company of America. “Although projections of growth have slowed since December 2015, overall sales and profits remain strong with little sign of decline.”
“The latest survey shows that Michigan small business owners remain bullish about the future,” said Chris Holman, CEO of the Michigan Business Network. “We continue to see great optimism for future growth into 2016 and beyond.”
About the Survey
The semi-annual Michigan Future Business Index has been commissioned by Accident Fund Insurance Company of America and the Michigan Business Network since 2006 and is conducted by the Michigan-based marketing services and survey research firm, ROI Insight. A total of 636 Michigan business owners and C-suite executives were interviewed between May 3 and June 3, 2016 via phone and web for the June 2016 survey.