Homebase Data Shows Workers at Small Businesses Feel More Valued, Supported and Connected and, In Turn, are Staying Put
SAN FRANCISCO, Sept. 29, 2022 /PRNewswire-PRWeb/ -- Small businesses are the lifeblood of the American economy. They drive 50 percent of US GDP and give our local communities charm and character. New data released today by Homebase, the one-stop shop for small businesses to run great teams, shows that workers at small businesses report feeling more valued, supported, and connected than those employed by big companies. Additionally, 59 percent of workers at small businesses (compared to 46 percent at big companies) say they have not considered resigning or quitting from their current job in the last 12 months.
Today, Homebase releases its inaugural Future of Local Work report, the first in a series of reports on small businesses and the hourly labor market. The Future of Local Work series explores how small business employees feel, what they value, the various personas working these jobs, and how they differ from gig-workers and workers at big companies.
In a nationwide survey of more than 3,300 hourly and gig workers, Homebase uncovered some distinct characteristics and sentiments among those working at businesses with less than 10 employees versus those working at businesses with more than 500.
Workers at small businesses stated they:
- Can be themselves at work: The majority (53 percent) of employees at smaller companies strongly agree that they can be themselves at work compared to only 36 percent of employees at big companies.
- Feel valued and supported at work: A staggering 81 percent of employees at smaller businesses say they feel valued and supported at work compared to 71 percent of workers at big companies.
- Feel connected to their employer: Thirty-five percent of employees at smaller businesses feel extremely connected to their employer compared to only 21 percent of employees at big companies.
- Are entrepreneurial: Employees at small businesses are more likely to aspire to become entrepreneurs than those at larger companies (39 percent vs. 26 percent).
"Thoughts and theories around the future of work have dominated media and social science for the past couple of years as we're undergoing a once-in-a-generation shift around expectations and opportunities. But the focus is primarily on office workers and "work from home", ignoring the vast majority of working Americans," said John Waldmann, CEO and founder of Homebase. "We want to shed light on the millions of people who support the daily experiences central to our communities. The workers at your favorite local business want to bring their authentic selves to work, find flexibility in their work, and feel human connection. Small business owners have to navigate all this without the same resources as big companies. We're here to help."
Small Business and Hourly Employees Value Flexibility, Benefits & More
- While wages remain the top driver to increase hourly employee engagement, these workers also value (in order of importance):
- 1. More opportunities to learn new skills
- 2. A four-day work week
- 3. Paid time off
- 4. Better health insurance
- 5. 10% higher bonus
- 6. More respect from management
- 7. Improved company culture
- 8. Remote work options
- 9. A greater commitment to diversity
- 10. Child care assistance
"For small businesses that can't afford to pay more, there is an opportunity to compete differently – they have a unique advantage to lean into assets like leadership, learning, respect, and culture as much as possible," says Waldmann. "In other words, prioritizing the people, not just the paychecks."
Workers' Concerns Range from Recession to Rent
- Homebase's data also uncovered what concerns small business employees the most amid high inflation and fears of a recession:
- • Approximately 80 percent of employees are concerned about a recession
- • The cost of gas is the top cited cost impacted by inflation (approximately 50 percent), followed by the cost of food products, rent, and electricity
- • Despite this, less than a third of employees indicated they were worried about becoming unemployed at some point in the next two years
To read the full report, visit joinhomebase.com/future-local-work. Homebase conducts extensive research — including real-time data, local and geographic perspectives, and industry analysis — to understand the landscape of small businesses and hourly employees. To learn more about our data and research, or to talk to a Homebase executive or business owner, please contact [email protected].
Methodology
Homebase conducted a national survey of more than 3,300 hourly and gig workers across the U.S. in June 2022. The survey was conducted in partnership with Precision Sample.
About Homebase
Homebase makes work easier for 100,000+ small (but mighty) businesses with everything they need to manage great teams: employee scheduling, time clocks, payroll, team communication, hiring, onboarding, and more. Just don't call us "Human Capital Management." Homebase is one easy app built for the busiest businesses, so owners, managers, and employees can spend less time on bullsh*t and more time on what matters. Homebase is backed by leading venture investors including Bain Capital Ventures, Baseline Ventures, Bedrock, Cowboy Ventures, GGV Capital, Khosla Ventures, and Plus Capital. For more information, please visit joinhomebase.com.
Media Contact
Tisha Ferraro, Homebase, 775-848-8231, [email protected]
SOURCE Homebase
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