5 Practical Ways To Protect Your Small Business Against Inflation

inflation inflation survival guide small business hr Nov 30, 2022
Protect Your Business Against Inflation

While consumer inflation has slowed slightly over the last months, it remains well above its global average. However, inflation's effects on workers' earnings can be frightening since they are seeing an average payment reduction of 2.8%. 

So, what can small businesses do to support their employees and thrive in an unstable economy?

The first step would be reducing nonessential expenditures, such as travel. Airline fares have increased a staggering 42%, so from a business leader's perspective, it's a good idea to reduce airline travel as much as possible. It's not about penalizing anybody but trying to save resources that could be allocated to other areas.

Yet perhaps a more problematic price increase has to do with employee health insurance. Of course, it's absolutely crucial for employees to have health insurance. But if its price is going up drastically, companies should find ways to mitigate that increase - which is also passed along to their team.

So, small businesses might need to reevaluate their health insurance budget. An excellent way to start should be to have a solid employee education about the plans you're offering.

If you want to learn more, make sure to tune in to this week's episode of 'While We Were Working'! 

Joey and Sommer share five practical strategies to protect your small business against inflation. 

They discuss some of the most notable price increases in different categories, what small business owners can do to offset them, and what to expect in the future.

In this episode's 'Consultant's Corner,' Sommer and Joey also discuss common mistakes small businesses make when handling layoffs. While this can be a painful process, there are a few legal caveats you should be aware of in order to protect your organization.

Additional Resources

📰 Article in question:

https://www.shrm.org/resourcesandtools/hr-topics/compensation/pages/october-2022-cpi-and-real-earnings-reports.aspx 

 

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Hosts: Joey Price & Sommer Ketron

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