ADP recently partnered with the National Association of Women Business Owners (NAWBO) to survey their members about the issues they face today. We found there are five primary challenges.
1. Hiring
Finding people with the right talent and skills is an issue. Those who are struggling with recruitment are also losing top candidates to competitors.
2. Financing
Most NAWBO members (65%) are using their personal savings to support operations. This figure is up from last year, especially among the smallest businesses and sole proprietors.
3. Growth resources
Learning how to use tech tools that can help support growth is a top priority for micro businesses. Larger businesses are interested in tools and training related to hiring.
4. Employee experience
Women-owned businesses with employees are interested in systems that would make them more desirable to workers, such as retirement, employee recognition, engagement and employee assistance programs.
5. Payroll and HR tools
A significant portion of women-owned small businesses still manage payroll manually or use accounting software. Relying on a third party for payroll would optimize the process and save time.
