With a slowdown likely, experts say companies need to strike a delicate balance between defending their top performers — as talent poaching is still rampant — while also thinking carefully about how high they are willing to go with raises to avoid being stuck with a salary that’s too high for the output.
With the gap between job openings and unemployed individuals expected to persist in 2023, leveraging those untapped pools of talent could alleviate talent voids. “You see higher retention from skills-first hiring, you see a better fit between talent and the actual job,” said Maurice Jones, CEO of OneTen. “And frankly, people aren’t paying a premium for a credential that may be completely unrelated.”3. How to defend your small business against a recessionRecession predictions abound, but experts say there are some steps companies can take to limit the effects of any downturn and position themselves to capitalize on the recovery.
Since many small businesses don't have the same financial planning or analysis platforms as their larger counterparts, here areThe disconnect over workplace flexibility is unlikely to go away in 2023, but there’s likely to be a new element in the equation for many companies: a slowdown in business.