by Wilfreda Wiseman

Small Businesses are the Backbone of the American Economy

The success of the small business is a vital part of the American economy. These businesses are essential for economic growth. They create jobs for local residents and put money back into the communities. Without small businesses, the unemployment rate would be astronomical.

According to the 2018 Small Business Profile, in 2015, small businesses employed 47.5% of the private workforce. They were able to create an additional 1.9 million net jobs during that period.

Benefits of Working for a Small Business

Working for a small business can be very lucrative for workers. Many people aspire to land a job with a large firm that has a distinguished brand name. However, these large businesses are not able to offer tailored opportunities or customized benefits that smaller companies can provide. Instead of trying to fit a new employee into a large cookie-cutter position, smaller businesses are able to provide the perfect fit for their new hire.

Here are some benefits of working for a small business:

  • Flexibility

If you are able to land a major corporate job and make it to the top of the ladder, you can have some flexibility. For those in lower level positions, these benefits are few and far between. Employees that work for small businesses usually have more flexibility in their schedule as well as being able to telecommute in some instances.

In smaller businesses, the bureaucracy doesn’t get in the way as much as it does with larger ones. This allows employees to express their ideas. Employees will feel more involved with the company, and they can see their ideas and projects carried out. This leads to employee loyalty and a happier work environment.

  • Advancement

Working for a small business allows employees to be noticed by business owners and top employees. Hard work and dedication won’t go unnoticed and can lead to better opportunities and promotions. In large businesses workers are just small fish in a large pond, and they can be easily overlooked no matter how hard they work.

  • Hands-on Experience

Working at a small business allows employees to work closely with managers who expose them to many different aspects of the company. This allows for more opportunities as well as the chance to learn new skills.

  • Bonuses

Small businesses may not be able to afford to give hefty bonuses like large corporations, but they don’t have all of the official procedures to go through. They are able to give extra fringe benefits to employees that deserve them. They may not be able to hand out a lot of money, but they can provide employees with special gifts like paid days off or small vacations. This can be more rewarding to an employee than money. Having an employer take care of their employees while making them feel appreciated can go a long way for employee morale.

Personal Responsibility and Growth

Given the great benefits and room for growth, small businesses can be the best option for many job applicants. Since businesses are small, this lets them be hands-on in the hiring process allowing them to pick the perfect applicant for the job.

Small businesses often hire employees that they feel will work well with other employees, are flexible, and are willing to learn different roles. Employees that are able to increase their knowledge and gain experience are able to take on more responsibilities. With these added responsibilities comes promotions as well as recognition.


Source:
Nationwide (August 4, 2017). 5 Benefits of Working for a Small Company Over a Big Business. Retrieved on April 2, 2019, from https://blog.nationwide.com/benefits-of-working-for-a-small-company/
U.S. Small Business Administration: Office of Advocacy (2018). 2018 Small Business Profile. Retrieved on April 2, 2019, from https://www.sba.gov/sites/default/files/advocacy/2018-Small-Business-Profiles-US.pdf
Pacific Community Ventures (July 15, 2015). Why Small Businesses are the Backbone of America. Retrieved on April 2, 2019, from https://www.pacificcommunityventures.org/2015/07/15/why-small-businesses-are-the-backbone-of-america/

 

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