Entrepreneurs are just happier, according to Guidant Financial’s 2022 Small Business Trends report. The past two years and counting have been inordinately challenging for small business owners, but even amid these struggles, an overwhelming majority of these entrepreneurs (74.8%) reported being somewhat or very happy. When Guidant Financial compared these numbers to other happiness scales, the results portray business owners as happier than the average American.
There are still challenges ahead for these independent business leaders, not the least of which will be a continued lack of candidates in the workforce in the wake of the Great Resignation. In fact, 70% of participants described the recruitment and retention of employees as one of their top three challenges. Most small business owners are combating this struggle by increasing compensation for new hires (63%), and 33% are making significant efforts to retain current employees.
While they haven’t been spared from employee turnover and an absence of talent, small business owners have certainly driven the economy during this challenging season. Guidant Financial found that small businesses provide 46% of private workforce employment, describing them as “the backbone of the COVID recovery,” and cited that less than a quarter of small businesses had furloughed or laid off employees.