Should Small Businesses Worry About Inflation's Impact on Employees' Wages?

The Consumer Price Index rose 7.9%, year-over-year in February- its highest point in more than 40 years, and it's steadily increasing. 

As a small business owner, it's essential to understand how outside forces impact your P&L and the lever you need to pull to successfully keep those things at bay. 

You also need to pay attention to how the economy works at a higher level - the cost of a cup of coffee in the neighborhood depends on many different factors. The simplest way to think about inflation is that the higher the inflation, the fewer goods your employees are able to afford.

Even if you're increasing your employees' rates, it's most likely that their earnings are still falling short - and that's the real problem here. So, what can small businesses do about this issue?

Today, Sommer and Joey discuss how exactly inflation can affect small business, especially regarding talent acquisition and retention. You'll learn the key tactics companies are developing to offset inflation and what small businesses can do to keep up.

In today's 'Consultant Corner,' Joey and Sommer discuss the blind hiring process - removing those identifiable characteristics from a resume that aren't related to the job, such as age, gender, ethnicity, education (when unrelated to the job), and even names.

While some companies have a bit of reservation around the concept, there are some compelling reasons why small businesses should incorporate blind hiring, particularly regarding profit and improved diversity.

Tune in to learn all about the blind hiring process: what it is, how it works, and why companies should utilize it.

You can listen to the podcast episode here. 

Additional Resources

📰 Article in question: 

While We Were Working:

https://www.shrm.org/resourcesandtools/hr-topics/benefits/pages/inflation-continues-to-surge-affecting-wage-and-benefits-planning.aspx

Consultant's Corner: 

https://www.glassdoor.com/employers/blog/blind-hiring-process/

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Hosts: Joey Price and Sommer Ketron

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