Businesses across the U.S. are struggling to cope with the effects of rising costs and inflation, according to a recent survey from Fiverr. Of the more than 1,000 business owners who responded, the vast majority (85%) say they will implement hiring freezes during the current economic downturn, and more than three-quarters (78%) plan to lay off employees.
Business owners are reporting a variety of concerns, including:
- Lowered productivity among their workforce (41%), even as more than 3 in 10 workers (36%) say their working hours have increased
- More salary and benefits requests from staff (31%)
- A need to re-examine their fixed costs versus variable costs (87%)
Remote-only companies are less likely to implement a hiring freeze (78%) than their fully in-person (87%) and hybrid counterparts (88%). They are also less likely to lay off staff (74%, compared to 80% of both fully in-person and hybrid).
The majority of respondents (81%) are already using freelance talent to support their staff, and 43% plan to hire freelancers to fill talent gaps.