The president-elect recently vowed to reduce the cost of prescription drugs, which is encouraging news for health consumers — including small business owners who say the high price of medications is affecting their bottom lines.
Small Business Majority released a new scientific opinion poll last week that provides a picture of the difficulties small business owners face when it comes to the cost of prescription medications. Most entrepreneurs surveyed include prescription drug coverage in the plans they offer their employees, and more than half say drug costs are a consideration when selecting a plan. But these small employers find themselves struggling to afford prescription drug costs and believe that these costs are hurting small businesses. In many cases, small business owners are either absorbing these increased costs themselves (31 percent) or passing them on to their employees (39 percent). Continue reading
The skills gap is a significant hurdle to growth for most businesses in the United States. And while this gap is well documented in sectors like manufacturing, which had 353,000 open jobs per month on average in 2016 (through August), it is not as well known that small employers face a similar shortage of well-qualified workers.
As with many economic challenges, the dearth of workers with adequate credentialing and training disproportionately hurts small businesses, which don’t have the same resources as large corporations when it comes to spending on recruitment. This problem also significantly impacts our economy; small businesses are responsible for about two-thirds of all new jobs. Small employers with fewer than 50 workers created 37,000 jobs in November 2016 alone—up from a steady 34,000 in both September and October. As our nation’s job creators, if small businesses can’t find the right candidates to open positions, this hurts our workforce and our economy overall.