Two-thirds of small businesses say hiring employees with AI skills could save them money

Washington, DC, June 26, 2024 — The Q2 2024 MetLife/U.S. Chamber of Commerce Small Business Index reads at 69.5, up from last quarter’s Index score of 62.3. While small businesses’ perceptions of the economic environment are generally stable from last quarter, they are now more optimistic about their future investments, hiring, and revenue. At the same time, small businesses’ perceptions of their operations have generally improved and now closely mirror highs from Q3 2023. Despite persisting concerns around inflation this quarter, small businesses are increasingly positive about their cash flow, their hiring, and their future.    

This quarter’s survey also explores small businesses’ perceptions of artificial intelligence (AI). Small businesses are generally optimistic about the future of AI, but about half worry about the costs it will take to bring employees up to speed. Age also plays a factor in perceptions of AI – small businesses owned by younger Americans tend to be more familiar with AI and more likely to report using AI tools. That said, we’re still in early stages when it comes to AI: small businesses are still searching for AI tools that best fit their business needs, and many are more likely to have future plans for AI than report using it now.

For more information about this study, please click here.

About the Study

These are the findings of an Ipsos poll conducted between April 19^th to May 6^th, 2024. For this survey, a sample of 750 small business owners and operators age 18+ from the continental U.S. Alaska and Hawaii was interviewed online in English.

The sample was randomly drawn from partner online panel sources that specialize in B2B sample and does not rely on a population frame in the traditional sense. Ipsos uses fixed sample targets, unique to the study, in drawing sample. Small businesses are defined in this study as companies with 500 or fewer employees that are not sole proprietorships. This sample calibrates respondent characteristics to be representative of the U.S. small business population using standard procedures such as raking-ratio adjustments. The source of these population targets is U.S. Census 2020 Statistics of U.S. Businesses dataset. The sample drawn for this study reflects fixed sample targets on firmographics. Post-hoc weights were made to the population characteristics on region, industry sector and size of business. Additional post-hoc weights were made to the population characteristics on the gender of the business’s owner and whether the business is minority-owned or not. The source of these two weight variables is the Small Business Administration’s 2022 Small Business Profiles.

Statistical margins of error are not applicable to online non-probability polls. All sample surveys and polls may be subject to other sources of error, including, but not limited to coverage error and measurement error. Where figures do not sum to 100, this is due to the effects of rounding. The precision of Ipsos online polls is measured using a credibility interval. In this case, the poll has a credibility interval of plus or minus 4.4 percentage points for all respondents. Ipsos calculates a design effect (DEFF) for each study based on the variation of the weights, following the formula of Kish (1965). This study had a credibility interval adjusted for design effect of the following (n=750, DEFF=1.5, adjusted Confidence Interval=+/-5.9 percentage points).

Starting with the March 2020 survey, small business decision makers are reached via an online survey, in place of the typical phone-based approach. This methodological shift is in response to lower anticipated response rates in dialing owners at their businesses as a result of mandated closures related to the COVID-19 outbreak. While significant changes in data points can largely be attributed to the recent economic environment, switching from a phone to online approach may have also generated a mode effect.

For more information on this news release, please contact:

Mallory Newall

Vice President, US

Public Affairs

+1 202 374 2613

[email protected]

About Ipsos

Ipsos is one of the largest market research and polling companies globally, operating in 90 markets and employing over 18,000 people.

Our passionately curious research professionals, analysts and scientists have built unique multi-specialist capabilities that provide true understanding and powerful insights into the actions, opinions and motivations of citizens, consumers, patients, customers or employees. Our 75 solutions are based on primary data from our surveys, social media monitoring, and qualitative or observational techniques.

Our tagline "Game Changers" sums up our ambition to help our 5,000 customers move confidently through a rapidly changing world.

Founded in France in 1975, Ipsos has been listed on the Euronext Paris since July 1, 1999. The company is part of the SBF 120 and Mid-60 indices and is eligible for the Deferred Settlement Service (SRD).ISIN code FR0000073298, Reuters ISOS.PA, Bloomberg IPS:FP www.ipsos.com