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4 ways to build your cash reserves

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4 ways to build your cash reserves

One of the most practical ways to take care of your employees during hard economic times is to make sure you have cash reserves on hand to pay them.  If you have six months of operating expenses saved up, you can ensure that when something such as a recession happens you can take care of your employees.  Business owners should work this into their business plan. Putting money aside can be difficult when you feel the pressures of increased costs and lower revenue, but ultimately having those reserves on hand helps you take care of your employees.  Here are 4 way...

Is a hiring freeze right for your business?

There are a lot of conflicting reports about the state of the current job market and its impact on a recession.  We have started to see a slight uptick in the unemployment rate and a growing trend of layoffs and hiring freezes from large corporations across the U.S.  Implementing a hiring freeze is a big decision for any business owner. Many businesses have struggled to find talent to fill crucial roles over the past two years, so while you might still need the help, ultimately you’ll need to look at your bottom line and current costs before making the decis...

Why are assisted living facilities facing a staffing shortage?

The current market has created several challenges for many industries, but few have been hit as hard as the assisted living industry.  According to a National Health Care Association March 2022 report, nursing homes have lost 241,000 caregivers since the start of the pandemic, and the entire long-term care industry is facing a 15-year labor low.  This, along with additional cost burden, new technologies and a lack of the right-fit staff, makes this a challenging industry to find full-time staff. We’ve broken down some of the reasons why the industry is facing a staffing sh...

Getting through the holidays as a manager

For many, the end of the year and the holiday season can be “the most wonderful time of the year,” but for business leaders and managers, the holiday season can add even more stress to their busy schedules.  Here are some tips to help managers get through the holiday season this year: Managing time-off requests  It goes without saying, you’re going to be getting many additional time-off requests during the holiday season. Whether that’s because people are wanting to use up all of their vacations before the start of the next year, or because they have to do a lot of traveling...

CertiPay’s Market Outlook - October 2022

The hiring market has shown signs of slowing down with its most recent jobs report, but unemployment dropped yet again—this data coming before the impact on the market felt by Hurricane Ian.  While job creation has slowed, and many large corporations have begun shoring up their labor force or initiating a hiring freeze, the same can’t be said for small businesses as they are still actively looking to fill positions.  Key Facts When job growth slows, that’s an indicator that the labor market is cooling off. This has been supported by the latest data, and yet, the unemployment...

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...

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