What companies are doing to compete in today’s labor market

Many companies, including mid-sized businesses, continue to struggle to retain and attract talent, according to Bank of America’s recently released 2023 Mid-Sized Business Owner Report. The inaugural report explores the perspectives, aspirations and future outlooks of mid-sized business owners across the country. Here we highlight actions companies are taking to help win the war for talent, including:

Raising wages to attract more competitive talent (41%)
Reducing the products/services they offer (37%)
Working more hours to compensate labor shortages (36%)

To help retain talent, mid-sized businesses are also:

Increasing vacation/paid time off (39%)
Offering cost-of-living bonuses (38%)
Providing additional health care benefits (37%)
Offering enhanced retirement benefits (34%)

of mid-sized businesses have seen a meaningful impact in employee morale and/or retention as a result of these added benefits.

To attract new employees, mid-sized business are:

Increasing salaries (43%)
Increasing vacation/paid time off (40%)
Providing enhanced retirement benefits (36%)
Introducing new employee training or resource groups (34%)

Download the full report to learn more about mid-sized business owners’ economic outlook, financing in their businesses and digital strategies.

Source for all data: Bank of America, 2023 Mid-Sized Business Owner Report, July 2023.