The labor market is challenging for small businesses to navigate, especially with the costs of hiring and labor shortages. It can be difficult to determine the best way to manage and retain employees.
One approach more businesses are considering is known as labor hoarding. A recent Skynova survey found that around 90% of small businesses are already practicing labor hoarding—and they plan to continue hoarding in 2023. In this article, we'll explore the idea of labor hoarding and discuss the pros and cons of this strategy for small business employee retention.