Acquiring and retaining talent remains the top challenge for Michigan’s small- to mid-sized business leaders, according to a survey commissioned by Accident Fund Insurance Company of America and the Michigan Business Network.
The latest Michigan Future Business Index (MFBI) data also show the rising cost of health insurance and higher wages have emerged as additional concerns. Forty-five percent of survey respondents plan to raise wages in the next six months, up 10 points from 35 percent one year ago. Concerns for rising health insurance costs were up 10 points since last December.
Overall, business owners enjoy continued strength in sales and profits, while many employers continue to point to an improving economy, excellent employees, in-demand products/services and the hope for more regulatory reform.
More than eight-in-ten (84 percent) of respondents are satisfied with the overall economy and 78 percent believe Michigan is a good or excellent market for their business.
On the flip side, the survey pointed to less optimism for continued increases in 2019 sales and profits, and a concern that new tariffs have and will continue to produce a negative impact on their business.
“Despite the challenges, the reasons for optimism are clear: business is growing and jobs are relatively abundant,” Mike Seling, vice president of Business Development and Regional Operations, Accident Fund Insurance Company of America, said in the company’s announcement.
The semi-annual Michigan Future Business Index has been commissioned by Accident Fund Insurance Company of America and the Michigan Business Network since 2006 and is conducted by the Michigan-based market research firm, ROI Insight. A total of 468 Michigan business executives from companies with 500 or fewer employees were interviewed throughout November 2018 via phone and web for the Winter 2018 survey.
Source: Accident Fund Insurance Company of America
Topics Talent Michigan Training Development
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