The latest Freedom Economy Index survey conducted by PublicSquare and RedBalloon.work reveals nearly four in ten small business employers report that 30% or more of their workforce holds two or three jobs to survive. This trend is particularly pronounced among younger companies, according to the survey. RedBalloon CEO Andrew Crapuchettes noted this explains high job creation numbers in recent government reports, stating wages and spending power are being undercut by inflation, forcing many to work multiple part-time jobs with no immediate change in sight.
The survey also shows a split between employers in business less than 10 years and more established companies, with the latter reporting fewer instances of employees holding multiple jobs. Additionally, nearly 40% of employers reported frequent job switching among employees, continuing the 'Great Resignation' phenomenon, while only 11% said employee tenure had stabilized.
Another significant finding is the desire of many businesses to relocate, particularly those based in California. Only 13% of California small businesses expressed satisfaction with their current location, while 67% are planning, considering, or wanting to move but cannot afford costs. PublicSquare CEO Michael Seifert described the situation as businesses feeling trapped despite their intentions.
Crime has emerged as a major concern, with over 70% of small businesses reporting increased crime rates. In response, some have closed locations, moved, or considered moving. Looking ahead to political priorities, 46.1% of small business owners believe US border security should be President Biden's top focus, followed by government spending and debt, election integrity, inflation, and foreign policy.
The Freedom Economy Index survey, conducted from February 6 to 9, 2024, with 840 respondents from over 80,000 small business owners, provides insight into current economic challenges. The findings underscore the need for solutions to address inflation-driven multiple job holding, business relocation pressures, and crime concerns to foster economic stability.
