The latest findings from the March edition of the Freedom Economy Index (FEI) survey, a collaborative effort between PublicSquare and RedBalloon, reveal a nuanced outlook among small business owners. Surveying 80,000 small business owners from March 15-19, the FEI highlights a slight easing of recession fears, yet a hesitancy to commit to expansive growth strategies. Michael Seifert, CEO of PublicSquare, notes, 'Small business owners are clearly feeling a turning in the economy, but they're not willing to bet the farm just yet on which direction the economy will turn next.'
A significant concern emerging from the survey is the perceived reliability and workplace integration of Gen Z employees. With 68% of respondents labeling Gen Z as the 'least reliable' and 71% associating them with workplace mental health issues, the generation's workplace readiness is under scrutiny. Furthermore, a mere 4% of business owners feel Gen Z aligns with their workplace culture, while 62% believe they contribute to division and toxicity. Andrew Crapuchettes, CEO of RedBalloon.work, comments on the broader implications, stating, 'The 2024 labor market will be one of the most difficult in decades. With large scale retirements by baby boomers, the market needs an influx of new talent, but Gen Z is clearly struggling to make the grade.'
The survey also sheds light on the overarching issue of reliability in the labor market, with 70% of employers identifying it as their primary hiring challenge. This has led 60% of small business owners to prefer operating understaffed, valuing reliability over quantity in their workforce. For more detailed insights, the full report of the Freedom Economy Index is available here.
