Reports this week show that small business hiring is showing signs of improvement as the economy looks to continue to improve. Wednesday, the payroll giant ADP reported that small businesses added slightly more jobs in May than were recorded in April. The company also revised its March estimate significantly higher to 74,000 new jobs from the previously reported 60,000 small business hires in March, according to an Associated Press report in the Cleveland Plain Dealer.
Many of the new hires recorded in May were made in businesses with fewer than 20 employees. About one third of the new May jobs in small businesses were in companies with 20 to 49 workers. The U.S. Department of Labor will issue its report on May employment on Friday. The labor Department generally issues raw numbers, without breaking down those numbers based upon such considerations as company size.
These types of statistics are generally important for economists and those who watch the overall economy. But for a small business seeking to expand, the analysis may be more personal. A small business owner must look at a variety of factors when deciding whether or not to expand. Legal issues can be an important factor, over and above the economic analysis involved on whether or not to hire a new worker.
As a small business seeks to grow and expand, new issues may arise for the Ohio small business owner. A business law attorney can assist owners in anticipating issues and thereby reduce risks. Hiring a new employee may bring new regulatory issues, or may be better accomplished through the creation of a new kind of employment contract that fits an individual company’s specific goals and business plan.
Source: Cleveland Plain Dealer, “Small businesses gradually pick up hiring pace,” The Associated Press, June 05, 2013