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Home>New Survey: Most Asian-American Small-Business Owners Struggle to Find Employees

New Survey: Most Asian-American Small-Business Owners Struggle to Find Employees

New Survey: Most Asian-American Small-Business Owners Struggle to Find Employees

10/03/2017

New Survey: Most Asian-American Small-Business Owners Struggle to Find Employees

U.S. Bank survey results show owners fear business will be hurt by workforce shortages

More than three-quarters of Asian-American small-business owners say they are struggling to find quality employees, and they worry that will impede their business, according to a new survey by U.S. Bank.

“Asian-American entrepreneurs are more pessimistic than the average small business owner, and that pessimism is bleeding over into a lower level of satisfaction with being an entrepreneur,” said Ross Carey, head of business banking at U.S. Bank.

The findings are part of U.S. Bank’s annual small-business survey, which sought responses from 200 Asian-American business owners in the 25 states where the bank has branches.

Because of high-quality worker shortages, 77 percent of respondents said they are doing more on the job training, increasing wages, curbing company growth expectations and lowering job qualifications. Three-quarters also report they are worried that the workforce shortage will hurt the long-term future of their companies (compared to 66 percent of all owners).

Only about a third of the Asian-American owners said they were satisfied with the amount of compensation that they derive from their business, although nearly half (48 percent) predict an increase in their revenues over the next year.

“Business owners who are dissatisfied with the wealth they are earning from their company have a knowledgeable resource at their fingertips just by reaching out to their banker. Small-business bankers can be a trusted advisor for owners to help improve cash flow and build up the company so that it’s a joy to do business,” Ann Liu, regional sales manager for U.S. Bank in Los Angeles, said.

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