{"id":4474,"date":"2023-02-14T15:08:47","date_gmt":"2023-02-14T21:08:47","guid":{"rendered":"https:\/\/www.employco.com\/blog\/?p=4474"},"modified":"2023-02-14T15:09:48","modified_gmt":"2023-02-14T21:09:48","slug":"hr-newsletter-5-small-business-tips-for-preparing-for-a-recession","status":"publish","type":"post","link":"https:\/\/www.employco.com\/blog\/2023\/02\/14\/hr-newsletter-5-small-business-tips-for-preparing-for-a-recession\/","title":{"rendered":"HR Newsletter: 5 Small Business Tips for Preparing for a Recession"},"content":{"rendered":"

\"HR<\/p>\n

There\u2019s growing anxiety that the U.S. economy is heading into a recession. While a recession impacts organizations of all sizes, small businesses often have limited resources and face a unique set of challenges. As a result, small businesses often must make difficult financial decisions to avoid issues such as insolvency or bankruptcy when a recession hits. That\u2019s why it\u2019s critical for small businesses to now consider how best to prepare for a potential recession.<\/p>\n

Tips to help prepare for and minimize the impact of a recession<\/strong>:<\/p>\n

    \n
  1. Re-evaluate compensation strategies<\/li>\n
  2. Prioritize employee retention<\/li>\n
  3. Assess organizational talent<\/li>\n
  4. Establish communication channels<\/li>\n
  5. Automate internal processes<\/li>\n<\/ol>\n

    <\/p>\n

    A recession can have serious impacts on small businesses. Fortunately, by properly preparing for a recession and developing preventive strategies, small businesses can be better positioned to minimize the financial hardships of an economic downturn. Read the full article, including more details on each of the 5 tips, here: 5 Small Business Tips for Preparing for a Recession<\/a>.<\/p>\n

    \"5<\/a><\/p>\n

    Contact us<\/a> for more resources and guidance on this topic.<\/p>\n","protected":false},"excerpt":{"rendered":"

    There\u2019s growing anxiety that the U.S. economy is heading into a recession. While a recession impacts organizations of all sizes, small businesses often have limited resources and face a unique set of challenges. As a result, small businesses often must… <\/p>\n

    Continue reading →<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[31],"tags":[],"class_list":["post-4474","post","type-post","status-publish","format-standard","hentry","category-hr-newsletter"],"featured_image_src":null,"author_info":{"display_name":"Employco USA","author_link":"https:\/\/www.employco.com\/blog\/author\/employcousa\/"},"yoast_head":"\r\nHR Newsletter: 5 Small Business Tips for Preparing for a Recession - Employco Blog<\/title>\r\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\r\n<link rel=\"canonical\" href=\"https:\/\/www.employco.com\/blog\/2023\/02\/14\/hr-newsletter-5-small-business-tips-for-preparing-for-a-recession\/\" \/>\r\n<meta property=\"og:locale\" content=\"en_US\" \/>\r\n<meta property=\"og:type\" content=\"article\" \/>\r\n<meta property=\"og:title\" content=\"HR Newsletter: 5 Small Business Tips for Preparing for a Recession - Employco Blog\" \/>\r\n<meta property=\"og:description\" content=\"There\u2019s growing anxiety that the U.S. economy is heading into a recession. 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Recessions\u2026","rel":"","context":"In "Employee Benefits"","block_context":{"text":"Employee Benefits","link":"https:\/\/www.employco.com\/blog\/category\/employee-benefits\/"},"img":{"alt_text":"The Value of Voluntary Benefits in a Recession","src":"https:\/\/i0.wp.com\/www.employco.com\/images\/newsletter\/HR\/Blog\/August2021_Benefits.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.employco.com\/images\/newsletter\/HR\/Blog\/August2021_Benefits.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.employco.com\/images\/newsletter\/HR\/Blog\/August2021_Benefits.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.employco.com\/images\/newsletter\/HR\/Blog\/August2021_Benefits.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.employco.com\/images\/newsletter\/HR\/Blog\/August2021_Benefits.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":4108,"url":"https:\/\/www.employco.com\/blog\/2022\/07\/19\/podcast-the-hr-side-of-preparing-for-a-recession\/","url_meta":{"origin":4474,"position":2},"title":"Podcast: The HR Side of Preparing for a Recession","author":"Employco USA","date":"July 19, 2022","format":false,"excerpt":"On this month\u2019s HR podcast Rob, Scott, and Jason cover the HR side of preparing for a recession, \u201cwe\u2019d rather be out in front of it than be behind it.\u201d They discuss recent stats and figures, triggering effects, wages not keeping up with inflation, the decline in consumer spending, tips\u2026","rel":"","context":"In "Podcast"","block_context":{"text":"Podcast","link":"https:\/\/www.employco.com\/blog\/category\/human-resources\/podcast\/"},"img":{"alt_text":"The HR Side of Preparing for a Recession","src":"https:\/\/i0.wp.com\/www.employco.com\/images\/blog\/Blog_Podcast_HR-Side-Preparing-for-Recession.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.employco.com\/images\/blog\/Blog_Podcast_HR-Side-Preparing-for-Recession.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.employco.com\/images\/blog\/Blog_Podcast_HR-Side-Preparing-for-Recession.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.employco.com\/images\/blog\/Blog_Podcast_HR-Side-Preparing-for-Recession.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.employco.com\/images\/blog\/Blog_Podcast_HR-Side-Preparing-for-Recession.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":4116,"url":"https:\/\/www.employco.com\/blog\/2022\/07\/26\/the-hr-side-of-preparing-for-a-recession\/","url_meta":{"origin":4474,"position":3},"title":"The HR Side of Preparing for a Recession","author":"Employco USA","date":"July 26, 2022","format":false,"excerpt":"Employment trends expert Rob Wilson weighs in on how employers can prepare for a recession While many people were encouraged by the positive jobs report at the beginning of the month, other experts say that we should brace ourselves for the possible reality of another recession. \u201cThe fact that we\u2026","rel":"","context":"In "HR Solutions"","block_context":{"text":"HR Solutions","link":"https:\/\/www.employco.com\/blog\/category\/hr-solutions\/"},"img":{"alt_text":"Recession","src":"https:\/\/i0.wp.com\/www.employco.com\/images\/blog\/Blog_Recession.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.employco.com\/images\/blog\/Blog_Recession.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.employco.com\/images\/blog\/Blog_Recession.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.employco.com\/images\/blog\/Blog_Recession.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.employco.com\/images\/blog\/Blog_Recession.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":4125,"url":"https:\/\/www.employco.com\/blog\/2022\/08\/02\/hr-tips-when-entering-a-recession\/","url_meta":{"origin":4474,"position":4},"title":"HR Tips When Entering a Recession","author":"Employco USA","date":"August 2, 2022","format":false,"excerpt":"Dealing with the prospect of an economic downturn is challenging for any organization. It\u2019s 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. 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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. 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