HR Newsletter: How Employers Are Responding to Record-High Inflation

EmploycoUSA

The U.S. inflation rate has increased by 9.1% year over year, according to the Bureau of Labor Statistics (BLS). The BLS also reported that this is the highest the inflation rate has been since 1981. This has led to significant price increases across many consumer goods, and employers are responding in various ways. As employees face increased financial difficulty during this time, it has become crucial for employers to respond. While every employer may take a different approach to addressing inflation and its impact on their employees, the following are some common strategies that have emerged.

  • Reevaluating Employee Benefits – In response to inflation, many employers are altering their benefits offerings to help mitigate the effects employees are facing. For example, employers are offering options such as student loan repayment to help employees with budgeting and expenses at a time when prices are high and employees are looking for ways to cut costs.

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HR Newsletter: 2022 Midyear Trends in HR and Benefits

EmploycoUSA

2022 Midyear Trends in HR and Benefits

Heading into the latter half of 2022, there are several trends impacting Human Resources (HR) and Benefits. Over the course of the COVID-19 pandemic, employers have faced challenges ranging from the health impacts of COVID-19 on workers to ongoing attraction and retention challenges. Challenges that are both similar and new will likely be present in quarters three and four of 2022. The workplace continues to transform, and while the pandemic has had a significant impact on these changes, various social movements and technological advancements have also played a role.

Today’s labor market is forcing employers to do everything possible to attract and retain workers. Rising inflation and labor shortages are pressuring employers to respond to employee demands.

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Employco USA Hires a Receptionist

EmploycoUSA

A human resource and employment solutions firm, Employco USA is pleased to announce the growing expansion of its staff.

Employco’s newest team member:

Mary Gulczynski

Mary Gulczynski, Receptionist – Mary comes to us as a clerical professional adding a broad range of experience and expertise to assist our team in day-to-day operations. She will be handling phone calls, mail/deliveries, greeting guests, verifications of employment, and other duties.

“Everyone seemed very down to earth and I suddenly realized this is not an ordinary company. This was a multi-faceted company that intrigued me and therefore I wanted to be a part of that team.” –Mary

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Biden’s Auditing Army Will Push Small Businesses to the Brink

EmploycoUSA

HR expert Rob Wilson says small business owners need to be prepared for the IRS crackdown

IRS

If you are a business owner, an IRS audit could be headed your way very soon. Last Sunday, Senate Democrats voted unanimously to pass the Inflation Reduction Act, which will allocate billions and billions of dollars to beefing up the IRS department…including the addition of 87,000 new IRS agents.

“Biden’s legislation plans to devote $80 billion to the hiring of 87,000 new IRS auditors,” says Rob Wilson, President of Employco USA and employment trends expert. “The funds which are received from auditing Americans are meant to help curtail costs incurred from new tax legislation. Unfortunately, it’s going to be America’s small businesses who end up feeling the brunt of these measures.”

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What Does Stagflation Mean for the HR Side of Your Business?

EmploycoUSA

Stagflation

For workers in their 50s or younger, the term stagflation may be unfamiliar. But anyone who experienced the combination of high inflation and recession in the 1970s is well-acquainted with this unfortunate economic phenomenon. The factors that produced stagflation are back again today. Businesses will need to evaluate their operations to see what can be optimized to help fine-tune their operations in a challenging economy. Evaluating your HR processes and expenditures can play a significant role in helping your organization navigate stagflation.

Stagflation – Then and Now
During the 1970s, the Fed pursued aggressive strategies to reduce employment after the Vietnam War – even in the face of high inflation. Spending on social programs also rose significantly during this period. At the same time, the oil embargo and rising production costs added to the increase in consumer prices while generating a recession.

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Bye, Bye to Your Employees? New Survey Finds That 40% Of Full-Time Workers Are Considering Going Freelance

EmploycoUSA

Employment trends expert weighs in on new findings and what employers can do to reduce the ever-rising employee attrition rate

Last April, a report from Gartner HR predicted that the annual turnover of U.S. employees would increase by a full 20% this year. Now, a new survey from professional development company Kantata shows that 4 out of 10 full-time American employees are seeking to go freelance.

“The Kantata survey shows that flexibility and freedom are the new must-haves for employees,” says Rob Wilson, President of Employco USA, an employment solutions firm with locations across the country. “The pandemic is partially behind this new drive for more autonomy. Results showed that 60% of American workers say that working remotely became more attractive to them recently.”

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HR Tips When Entering a Recession

EmploycoUSA

HR Tips

Dealing with the prospect of an economic downturn is challenging for any organization. It’s better to be out in front of it than behind and the time to plan is NOW. Here are some HR strategies to help your organization weather a recession.

Evaluate Your Employees’ Skills and Provide Training
In an overall strategy to help reduce costs, employees are often asked to do more with less. That’s especially true during a recession, where employees may need to take on additional tasks or work when an open position is put on hold or layoffs are necessary. Now is the time to evaluate your employees’ skills to ensure you have the right people in the right positions. Investigate where you can upskill or cross-train people for potential new roles, and then provide that training. Succession planning can also help you evaluate who could step into a position if an employee departs, helping to maintain continuity.

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Can We Talk? Communication Policies in the Hybrid Workplace

EmploycoUSA

In any company, good communication is vital. Effective communication promotes trust and builds stronger teams across the company as it helps strengthen relationships. It boosts productivity and can help resolve issues quickly. Having the right communication strategies and policies in a hybrid workplace becomes even more critical and challenging. In-office communication is often synchronous, with many face-to-face interactions in real-time throughout the workday. But in a hybrid workplace, with employees spread out across various workspaces and time zones, much of the communication throughout the day becomes asynchronous, and it’s easy for communications to slip through the cracks. Here are some strategies for maintaining good communications in a hybrid workplace.

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