5 Practical Ways To Protect Your Small 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?

In this week's episode, Joey and Sommer share five practical strategies to protect your small business against inflation. Tune in to learn more!

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.

 

Key Takeaways 

• 5 practical ways small businesses can offset inflation's effects (00:00)
• Some of the most significant increases in prices since last year (06:38)
• Inflation's effects on employee's health insurance (08:51)
• How to handle layoffs the right way (19:04)
• What are severance agreements, and why do they exist? (21:51)
• How to avoid giving away pay for free (26:16)
• The importance of process documentation (33:59)

 

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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