How SMBs Can Bounce Back from Hiring Challenges 

In today's competitive labor market, small- and medium-sized businesses (SMBs) are struggling to hire qualified candidates due to the Great Resignation and rising inflation, with 70-80% of SMBs experiencing revenue falls between 30 and 50%. Many SMBs have had to lay off employees and cut back on operations, leading some former self-employed individuals to return to traditional employment. To build back their workforces, SMBs are investing in benefits such as flexible work schedules, childcare benefits, and raises in salaries to attract and retain talent. However, this alone may not be enough, and many SMBs are overlooking the potential of fair chance hiring practices to widen their talent pool by delaying consideration of conviction history until the end of the application process. By adopting fair chance hiring, SMBs can benefit from retaining qualified candidates with great retention and promotion rates, while also contributing to society by breaking the cycle of recidivism.

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