WASHINGTON D.C., July, 2022 – If you are one of the 83 million employed by America’s family businesses you are generally paid better, have more options, and are less likely to resign, according to recent research. A contributor of more the $7.7 trillion dollars to GDP, America’s family enterprises tend to hold on to their employees longer and treat them better than non-private sector workplaces, according to new research by Family Enterprise USA. There are 32 million family businesses in the U.S, 75% of which have been around for 30 years or more.
The solidity of America’s family businesses may have something to do with employees sticking around, but more than likely key factors are better pay/benefits and more flexible work schedules, the study found.
The country is nearly two years into what has been called The Great Resignation, or Great ReShuffle, as the pandemic, burnout, and government subsidies have employees wondering if there is greener grass somewhere else.
Family businesses in America consist of 23.7% in manufacturing, 10.4% in construction/facilities, and 9.75% in real estate. Only 5% of family businesses today are in agriculture, according to the survey.
“America’s family business is the hidden giant of our economy,” says Pat Soldano, president of Family Enterprise USA. “The family business is no longer a small farm, but rather a vibrant, large enterprise that operates across multiple states and is a major contributor to local communities, both in terms of jobs and charities.”
Over 45% of family businesses ranked new income taxes as their biggest tax worry, the research showed. Estate taxes, commonly known as The Death Tax, is the second biggest tax headache.
For the full details of the “FEUSA 2022 Annual Family Business Survey” can be found at www.familyenterprise.com
About Family Enterprise USA
Family Enterprise USA promotes family business creation, growth, viability, and sustainability by advocating for family businesses and their lifetime of savings with Congress in Washington DC. FEUSA represents and celebrates all sizes, professions and industries of family-owned enterprises and multi-generational employers. FEUSA is a 501.C3 organization. For more information go to www.familyenterpriseusa.com
Contact:
Pat Soldano
pmsoldano@family-enterpriseusa.com
714-357-3140
www.familyenterpriseusa.com
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