Business tips for success in 2023 - Phoenix Business Journal

Pragmatic pessimism. That might be the best term to describe how companies are approaching 2023.

Nearly three years after the pandemic sent shockwaves through the economy, Tomes said business owners are preparing for another new scenario: battling both a potential recession and crippling inflation at the same time. “Definitely look at all the costs. Generally, headcount costs are one of the main costs. You have to make sure for the good of the business and for everyone in the business that you are still going to be cash-flow positive,” Sokoloff said.

Salary budgets for U.S. employees are projected to grow an average of 4.1% in 2023 — highest since 2008 — according to a survey by Willis Towers Watson PLC. Employers are feeling the heat on multiple fronts, with a younger generation of workers demanding pay transparency — or just openly discussing their salary details — and a growing number of states requiring it.

Experts note pay transparency can also impact a company’s existing workforce as employees realize how much new hires and others are being paid, said Niki Jorgensen, director of service operations at human resources platform Insperity Inc. Experts say one culprit is artificial barriers employers are placing on candidates, such as four-year degree requirements.

Maurice Jones, CEO of OneTen, a national initiative aiming to hire, promote and advance 1 million Black individuals who do not have a four-year degree into family-sustaining careers, said eliminating those hurdles is critical. But Jones said recruitment is only one part of the equation. Many employers have underutilized talent within their businesses. As OneTen works with companies, it often finds diverse talent within companies that have been stuck in frontline roles for years. But that means biases and the other structural challenges in the promotion system have to be addressed.

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