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.

South Africa South Africa Latest News, South Africa South Africa Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

$200 million office project in north Phoenix proposed for potential company headquarters - Phoenix Business JournalA city report said this project would be considered one of the first large-scale office employment announcements since the Covid-19 pandemic started.
Source: phxbizjournal - 🏆 254. / 63 Read more »

City of Phoenix approves development agreement for potential office project in Valley - Phoenix Business JournalThe city approved a development agreement for up to $5 million in public infrastructure reimbursements for an unknown company.
Source: phxbizjournal - 🏆 254. / 63 Read more »

The top luxury Phoenix-area home sales of 2022 - Phoenix Business JournalWhile the overall housing market cooled in 2022, luxury sales remained strong. Click through to see images of the two mansions that sold for the highest prices this year, plus a slideshow of the top 10 luxury homes that sold this year, including buyers and sellers.
Source: phxbizjournal - 🏆 254. / 63 Read more »

Report shows demand remains high for tech workers in Phoenix - Phoenix Business JournalIf you are a tech worker looking for a new gig or thinking of changing jobs in the Phoenix metro, you're in luck. Job demand is growing.
Source: phxbizjournal - 🏆 254. / 63 Read more »

Walmart expands same-day drone delivery to Phoenix area - Phoenix Business JournalWalmart is launching same-day drone delivery in the Phoenix area, beginning with four stores in the West Valley.
Source: phxbizjournal - 🏆 254. / 63 Read more »

St. Augustine builder sees slowdown in 2023 but remains optimistic - Jacksonville Business JournalMasterCraft president said he will do what he can to keep his team together because he expects a relatively quick rebound.
Source: JaxBizJournal - 🏆 599. / 51 Read more »