What trends has the National Council of Nonprofits seen?

Challenges From Rising Yields

Higher yields could impact the cash flows of nonprofits that depend on loans or credit lines; because the cost of financing in the U.S. remains the highest since 2008, expense reduction becomes even more vital for nonprofits. [1]

Talent Competition, Shortage

“74.6% of respondents report job vacancies,” so the frequency of nonprofit job vacancy remains.” [2] By comparison, only 33% of private businesses had job vacancies at any time between August 2021 and September 2022, according to U.S. Department of Labor data.” [3]

The severity of the vacancy has pulled back since the 2021 survey reading of 76%, yet 33.8% of the responding nonprofits with vacancies reported 20% or more of their jobs were going unfilled. [4] Nearly another third 32.7% identified vacancy rates of between 10% and 19%. [5]

The root cause lies in the challenge to provide “competitive salaries and benefits, then “they may lose employees and candidates to higher-paying jobs in the for-profit sector.” [6]

Goal: Minimize Costs, Survival and Success

An intelligent insurance broker may have the capability to reduce operational expenses through data analytics, risk management, and insurance.

References

[1]–[6]

2023 Nonprofit Workforce Survey Results. Communities Suffer as the Nonprofit Workforce Shortage Crisis Continues (April, 2023). https://www.councilofnonprofits.org/files/media/documents/2023/2023-nonprofit-workforce-survey-results.pdf