Employment and Small Business
Small business, big business, in today's business world, it is all business. Small businesses and big businesses must compete with each other on the global front, employment practices, benefits, and services. Small businesses must be able to operate their business very much like a larger business.
Employers today find that hiring and retaining employees is their biggest challenge. Researchers have found that 81% of small to medium sized businesses find this process to be very difficult. 69% of employers find that this is the most difficult and important task. 39% of employers find that retaining employees is the second most difficult and important task (Attracting and Retaining Employees Greatest Challenge).
Small businesses must comply with federal and state regulations concerning operating the business and employment practices. The different regulations that must be followed can cost small businesses billions of dollars and many worker hours annually (Warner, 2002). When hiring employees, there are regulations about minimum age standards, discrimination, minimum hourly pay, employee protection, and safety guidelines. Small businesses are held to the same standard as larger businesses, but it can cost small businesses more to comply with the regulations (U.S. Department of Labor, 2005). One state is trying to ease the burden for small businesses though. North Carolina passed a new law in 2004. The law is the Small Business Regulatory Flexibility Act of 2004. The new act requires state agencies to review their small business regulations this year, if the regulation/law is deemed too harsh towards small businesses and causes undue economic hardship, corrective action will be done. The agencies have until the end ...