19% of Small Businesses Reduced Employees Because of Obamacare
CNBC asks and answers the question Will Obamacare Hurt Jobs? It's Already Happening, Poll Finds
Small business owners' fear of the effect of the new health-care reform law on their bottom line is prompting many to hold off on hiring and even to shed jobs in some cases, a recent poll found.
David Leonhardt delivers some bad news from the jobs report:
Businesses may be getting more confident, but they are far from wildly optimistic. The average work week in the private sector remained 34.3 hours in April, unchanged over the past three months. If businesses were on the verge of a hiring boom, an increase in the work week would be a leading indicator (given that companies often give their existing employees more work before adding new ones).
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In hopes of reducing the impact of Obamacare, Olive Garden and Red Lobster are reducing hours and studying the impact.
Right now, this is just a small test, involving only four stores. However, if large chains are testing in that direction, no doubt other companies are doing the same. I also suspect smaller chains have already shifted to that model completely.
Research has found that 25 per cent of small business owners feel overwhelmed with the running of their own business at times, according to a survey by Hiscox Insurance. Many owners also end up spending much of their working days performing tasks such as ordering stationery, manning reception, cleaning offices and dealing with invoices. For those who are burning the candle at both ends, there is a solution.