Leading job matching platform Indeed has launched a $50 million fund to aid hiring efforts which should hasten the recovery of small businesses across America.
Indeed Launches a $50 Million Hiring Fund for Small Businesses
The fund was announced during the release of Indeed’s State of Small Business Hiring report for 2022, which also revealed that 38% of small businesses believe they could have 11-20% business growth within a year if the hiring process was more efficient. The report also says that well over half of small businesses have had between one and four roles unfilled during the last three months, with each role taking an average of over a month to fill.
Applicant Options Creating a Competitive Market
Indeed have noted that employers at small businesses are struggling in what has become a very competitive market for talented applicants who can pick and choose which role best suits their personal needs.
The $50 million fund is intended to help such businesses hire faster and more efficiently. The funding is especially important as Indeed’s report discovered that one-third of businesses say their financial growth has stalled due to open roles. A further 27% said they have lost customers due to lacking staff, and nearly a quarter said they have experienced delayed product launches due to their hiring issues.
Indeed Making the Hiring Process Easier
Indeed state on their website that: “We’re here to help you succeed. Indeed has created a Small Business Hiring Fund and committed $50m in Sponsored Job Credit to help businesses find great hires. With your credit, you can use our premium tools to increase your job’s visibility and connect with quality candidates more quickly.”
They also say that small business owners can earn credit to enhance their hiring with interviews via Indeed. They explain: “Hiring the right candidate is a lot easier with interviews on Indeed. You can connect, schedule, manage and conduct phone and video interviews all from your employer dashboard.”
Indeed are also offering a limited time promotion where small business owners can earn up to $500 in Sponsored Job credit, with $300 provided for completing their first interview and $50 in credit for each additional interview completed.
Lack of Vacations Causing Burnout
Other information discovered by the State of Small Business Hiring report includes 77% of small businesses still struggling with open roles, as well as one-third having experienced burnout from just the inability to take a vacation.
The Indeed Small Business Hiring Fund is directly trying to be a solution to this issue for as many small businesses as possible. The aim is to help relieve the time and financial burden of inflationary pressures and labor shortages, with the hiring process having been identified as one of the main issues holding small businesses back.
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The help is appreciated. It’s a tough market out there for employers, especially with entry-level positions like a Walmart order picker paying over $15/hour.