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...
We are living in an uncertain economic time, and with that uncertainty comes a lot of fear. But there’s no reason for us to panic right now. We can turn to what we’ve learned 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...
With inflation at a 40-year high, everything costs more and businesses that have been profitable are not able to keep as much of that money as they’re having to spend more of it. As a result, they start to look for ways to save and reduce spending.
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...
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.
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...
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.
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...
The chances of a recession have been top of mind for bankers, economists, and small business owners. For countries around the world, the recession will likely be hard to avoid—it’s just a matter of time and how to prepare for it.
Experts are predicting that the next financial recession could be coming soon.
This global economic slowdown can be credited largely to the COVID-19 pandemic, and it was only magnified by the Russian invasion of Ukraine. We’ve reached record-high levels of inflation, and we’ve seen the U.S. Economy shrink for the first time since the first quarter of 2020.
The chances of a recession have been top of mind for bankers, economists, and small business owners. For countries around the world, the recession will likely be hard to avoid—it’s just a matter of time and how to prepare f...
Professional development is a way for your business to offer its employees opportunities to continue their on-the-job training and education. This training helps them develop new skills, stay up-to-date on trends, and can help them advance their career, whether internally or with a new company.
Taking a new job is the first step toward advancing in a career, but it’s a small step. If someone wants to continue to invest in themselves, then they need to focus on career development.
According to the 2022 Global Talent Trends Report, 59% of professionals around the world say that professional development opportunities are what attracts them most to a new company.
Putting a focus on professional development prioritizes your employees’ well-being, helps boost productivity and can be a crucial part of retention.
What is Professional Development?
Profes...
A Professional Employer Organization (PEO) can help you take care of important payroll responsibilities and make your life easier. Here are a few things a PEO can do to help make your life easier:
Picture this:
You’re a small business owner at the end of a long day—you were the first person in the door this morning, and now that everybody’s left for the day, you can finally take some time to finish some tasks. You take a seat at your desk and start to finish filing payroll for the week.
This is what it’s been like for you for weeks, months, and maybe even years now. There’s never enough time in your day for these administrative tasks, and all they do is take you away from the focus of what really matters: growing your business.
You are not alone. About 45% of...
Your business needs to be able to confidently manage its HR operations, but this can often be time-consuming and costly.
If you are the owner of a small business, the responsibilities of these HR tasks can often fall on your shoulders—whether or not you have the capacity to handle them. Enlisting the help of a Professional Employer Organization (PEO) can help free you from the burden of those tasks. A PEO partners with you to make sure that HR responsibilities such as payroll processing, compliance, employee lifecycle management and more are taken care of.
But before you deci...
If there’s anything the past two years have taught us, it’s the importance of being able to keep our best employees on staff.
It’s hard enough having to make the right hire for your business, and there needs to be an equal amount of attention after making that hire that goes toward keeping the best talent in place. In order to do that, you’re going to need to take a strategic approach to ensure that your employees get what they need in order to stay.
Here are 7 strategies you can adopt today to retain employees.
Encourage employees to give input: Th...
