Indeed, a leading hiring platform, announces the Indeed Small Business Hiring Fund, delivering $50 million to aid hiring efforts and hasten the speed of small business recovery. The right hire can have a significant impact on businesses, even more so for a small business. Through the fund, Indeed supports small businesses’ growth by streamlining the hiring process.
The Indeed Small Business Hiring Fund is designed to address pain points of small business hiring needs. This relief comes as hiring demands hinder business revival and growth. Coupling the launch of the fund, Indeed also releases its 2022 State of Small Business Hiring Report, outlining these sentiments and emphasizing the importance of delivering increased support now.
According to the U.S. Small Business Administration (SBA), there are 32.5 million small businesses in the United States, which accounts for 99.9 percent of U.S. businesses. The Indeed 2022 State of Small Business Hiring Report showed that more than a third (38 percent) of small businesses surveyed believe they could have 11-20 percent business growth within the next year if they could hire faster. Results from the businesses surveyed also indicated:
- More than half of small businesses (58 percent) have had between one and four open roles over the past three months
- One-third (33 percent) state financial growth stalled due to open roles, 27 percent said they have lost customers, and 24 percent have experienced delayed product launches due to hiring woes
- One-third (33 percent) have experienced burnout, 31 percent have been unable to take time off or a vacation, and 41 percent say their stress level has significantly increased
- On average, it takes small businesses more than a month – about 4.5 weeks – to find the right person for an open role. And more than 1 in 5 (22 percent) say it takes up to two months
- Nearly 1 in 5 small businesses (18 percent) cite lack of the right hiring technology as holding them back in finding the right people
With hiring identified as holding small businesses back, the Indeed Small Business Hiring Fund offers U.S.-based small and medium businesses up to $500 in sponsored job credits to apply toward finding their next hire when they conduct an interview using Indeed.
To connect with job seekers and provide a mutually beneficial experience for employers and candidates, Indeed’s full-service platform allows employers to find, schedule, manage and conduct interviews all in one dashboard, whether on desktop or mobile.
Proving that quality and simplicity can coexist, employers who use and conduct interviews on Indeed’s platform are on average 22 percent more likely to make a hire – and 67 percent say Indeed’s solution got them to the interview stage faster. In addition, 16 people are hired every minute on Indeed.
To learn more, visit: https://go.indeed.com/hiringfund.