Soaring food and energy inflation and a slowing economy could lead to job cuts in the small business sector. “To stay afloat, most businesses will have to do more with less staff, less capital for investment, and less product to sell,” Sean Sollitto, co-founder of Relish, told International Business Times.
In some sectors, the problem of slow job growth isn’t the slowing economy but rather the shortage of qualified employees, like in the high-tech industry.
“There is still a massive shortage of talent, Jacob Hess, co-founder & CAO at NGT Academy, told International Business Times. “From the recent tech layoffs, the labor market might see some relief in I.T. hiring with more new and fresh candidates in the talent pool. Companies are looking to scoop up tech employees with the right skillsets and experience to fill the demand.”