Looking for your W-2's? Find out more here.

3 types of insurance plans for small businesses

Read More...
arrow down

3 types of insurance plans for small businesses

We know that health insurance can be expensive, and finding the right health insurance for your employees isn’t easy.  There are a lot of different choices out there for insurance providers and insurance plans, and employee health insurance will always be something that’s top of mind for small to midsize business owners—especially as the U.S. eyes a potential economic recession, businesses can start to look for any possible way to save money while still offering the best to their employees.  In addition to being expensive, health insurance is also often complicated, and that ma...

How to better attract and retain hourly workers

The talent shortage for hourly workers is unlike anything that’s ever been seen before in America. This was exacerbated by COVID-19 and the “Great Resignation” or “Great Reshuffle,” which saw millions quit their jobs in hopes of pursuing something else. What ensued was a significant skills gap and talent crisis among hourly employees that left companies scrambling to fill vacancies. And there’s a lot of them. Each day, nearly 58% of America’s workforce wakes up and goes to work at an hourly job, and these jobs had high turnover rates even pre-pandemic.  Now, employers are left ha...

CertiPay’s Market Outlook - September 2022

This tight job market seemingly won’t let up.  Many economists saw a previous drop in the job openings in June and said this revealed early signs of recession and signaled a “cooling down” of the job market. But then the Bureau of Labor Statistics released its latest Job Openings and Labor Turnover Survey (JOLTS) on Aug. 30, which pretty much reversed those predictions, showing an uptick in job openings on the last day of July.  There were other signs too, though. Layoffs in the tech industry spooked other industries and led many to believe that this was a sign of what was s...

5 Ways you can prepare for a recession in the restaurant industry

58% of Americans believe we’re already in a recession, and most restaurant and retail business owners would probably agree with the sentiment.  Supply chain issues have greatly impacted the restaurant industry, an industry that had already been pummeled by the COVID-19 pandemic. 2022 opened up with consumers adjusting to an increase in prices across the retail and restaurant industry related to supply chain issues and inflation. In a report from the U.S. Chamber of Commerce, in the first quarter of 2022, 67% of all businesses said they had to raise prices.  With current...

Why you should invest in training employees during a recession

As a business owner, when you hear the word “recession,” your mind immediately goes to ways you can make changes to save on your bottom line.  But your approach to savings shouldn’t be to cut programs that your employees have asked for—in fact, it could even be the time to double down on what you're currently offering them.  Companies that offer training programs have 218% higher income per employee than those that don’t invest in training and development. Employees have time and again listed skills training and professional development opportunities as one of the leadi...

CertiPay's Market Outlook - August 2022

Currently, the top banks in the United States aren’t seeing major signs of weakness or threat of a recession. But we know that the general sentiment is not the same among small to midsize businesses around the country.  In fact, 58 percent of Americans think the country is already in a recession. Fear is spiking and it's showing among American businesses and consumers.  We know that no two recessions are the same. The circumstances surrounding this one are vastly different—the biggest difference is the impact of the COVID-19 pandemic, which has been largely responsible for supp...

What we can learn from past recessions

We are living in an uncertain economic time, and with that uncertainty comes a lot of fear.  Fear is understandable at this time. We’ve spent the last two-plus years in a pandemic that required an acute response to fear and uncertainty.   But there’s no reason for us to panic right now. We can turn to what we’ve learned from past recessions. This has happened before, but this time is different The big difference between a potential recession today and past recessions is the COVID-19 pandemic. It’s hard to know if the resulting recession is just the normal course...

Why you shouldn’t cut benefits during a recession

Employee benefits will always be something that’s top of mind for small to midsize business owners. But as the U.S. eyes an economic recession, businesses can start to look for ways to reduce those benefits in order to save money. Experts say there’s a greater than 30% chance a recession will occur within the next year. The U.S Economy’s GDP shrank worse than expected by 1.6% last quarter, and this was the first decline since the start of the pandemic in the first quarter of 2020. Benefits like insurance, wellness programs or retirement plans are some of the larger expenses a business wi...

CertiPay Market Outlook - July 2022

It’s been over a decade since the last financial crisis, but experts predict we could face the next recession soon.  Overview  Goldman Sachs announced on June 20 that the chances of the US falling into a recession in the next year are about 30%, which is now double what they had predicted previously.  The bank recently downgraded its GDP growth expectations for the coming year following recent baseline interest rate increases by the Federal Reserve. Economic growth has dropped globally to 2.9%, which is a steep drop from 2021’s 5.7%. The economic slowdown ha...

How inflation hurts hourly workers

With inflation at its highest rate in more than 40 years, many hourly workers are seeing that their money isn’t going quite as far as it should. In May, the Consumer Price Index increased to 8.6 percent. The index accounts for costs across goods and services and is a key inflation measure. The increase was “broad-based” with the indexes for shelter, gasoline and food being the largest contributors. Those increased costs immediately affect businesses like those in the hospitality, retail and restaurant industries that rely heavily on hourly labor. Inflation particularly hurts employe...