June 9, 2023

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Data download: Burnout drives new businesses

New businesses are booming—for a couple of key reasons. Continued inflation is one of the factors driving new business creation. According to Gusto’s 2023 New Business Survey, 41% of new business owners (up from 24% last year) started a business because they were concerned about their financial stability or wanted to supplement their household income. 

Another factor behind new business creation is mid-career burnout. The number of entrepreneurs who quit their jobs to start their own businesses rose from 36% in 2021 to 49% in 2022. Among those, mid-career workers (ages 35–54) were the most likely to say they started their own business because they felt burnt out. 

Want more interesting insights into business and hiring trends over the last year? Read our full article on the latest entrepreneurship data from Gusto Economist, Luke Pardue. 

8 ways to embrace business change

Embracing change is no easy feat, but it’s essential to running a successful business. To stay productive and continue innovating, you have to be prepared to adapt to change, whether it occurs within or outside your operation. 

In our latest blog post, Gusto’s Chief Diversity and Engagement Officer, Bernard Coleman, shares his eight best strategies for managing change at your small business. Learn how communication and goal-setting can help you stay ahead of the curve, and why creating a clear vision sets the tone for your change management skills. Read more here.

Team building tactics that work

One of the most effective and overlooked ways to raise your employee engagement and happiness levels is to make time for team building. Doing intentional team building activities doesn’t just create deeper interpersonal employee connections in the workplace—it can also teach employees better ways to collaborate, communicate, and support one another.

Whether you have onsite or remote employees (or a mix), there are easy and helpful team building exercises you can facilitate as an employer. Check out these articles for ideas and inspiration: 

Stay compliant this June

We’re almost halfway through the year, which means it’s time to check in on your business goal progress and compliance deadlines. Estimated taxes for Q2 are due this month, as are partnership quarterly payments vouchers and tax returns for U.S. taxpayers living and working abroad. 

For the full list of deadlines for taxes, payroll, and HR, read our June compliance calendar here.

Read with Gusto

Hey Talk Shop readers, Caleb here. Right now the two debates that I can’t stop reading about are between: 1) remote workers and their in-office bosses and 2) the A.I. doomsayers and A.I. believers. Each side in both debates seems laughably certain that their position is the right one, and you can read plenty of convincing (and not) arguments making each case.

And I guess I’m here for it? Like, I’m open to the possibility that empty office buildings might end up being a big problem even if I believe that remote/hybrid work is better for everyone. I can also be persuaded by pro A.I. arguments made by someone who will likely enrich himself to an even more ludicrous degree with the development of A.I.


The point being, it’s okay to hold two contradictory positions simultaneously. Our brains can handle it! If we let it.  

Fresh from Gusto

Watchlist

JUN 13: How to Disrupt a Massive Market & Innovate

If you feel stuck or need some business inspiration, this upcoming webinar is for you. As part of their Leadership Lessons series, Entrepreneur is hosting Brent Handler, a longtime CEO and entrepreneur, to discuss the biggest lessons he’s learned throughout his 20-year career. You’ll learn how to build your business around your passion, how to recruit the right leadership team, and how to pinpoint—and infiltrate—the right market for you. Register here

JULY 18: Identity of HR 2023

Like the business landscape in general, the landscape of HR is constantly changing. This webinar from HR Dive digs into the findings from their 2023 HR leadership survey to discuss the latest HR trends and concerns. You’ll pick up tips on crafting an employee value proposition and incorporating diversity and inclusion into your business. Register here.

ON-DEMAND: Increasing Employee Happiness and Retention Through AppreciationEmployee well-being has a direct correlation to high retention rates. But how do you actually improve employee happiness and raise retention? This webinar—featuring experts from JazzHR, Lever, Jobvite, and NXTThing—explains how you can create a more welcoming work environment at your business and promote a healthier work-life balance. You’ll also learn how to train managers to be supportive team leaders and ways to keep employees motivated on the job. Register here.

Want more news and resources? Check out past editions in our archive.

Mohini Kundu Mohini Kundu is a news editor on the Gusto content team. She studied journalism at Northwestern University and started her career at The Huffington Post before embracing the #startuplife.
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