While We Were Working: Your Weekly Small Business HR News and Strategy Podcast - Biggest Pay Raise In 15 Years?! What To Expect With Salary Raises In 2023

Biggest Pay Raise In 15 Years?! What To Expect With Salary Raises In 2023

08/03/22 • 30 min

While We Were Working: Your Weekly Small Business HR News and Strategy Podcast

The tight labor market the US is currently experiencing has prompted employers to budget big pay raises for 2023. While the average is projected to be about 4.1%, data shows that this would be the most significant pay increase in the past 15 years. So, what does this entail for small businesses?

In this week's episode, Sommer and Joey discuss why pay raise should be a part of your executive strategy for 2023, how to identify a fair pay raise, and best practices in communicating pay increases with your employees.

Joey and Sommer also explore the benefits and hazards of remote work. While workplace flexibility it's a fantastic employee engagement strategy, letting your employees work from anywhere can also pose severe threats to your business. Tune in to learn how to create a solid work remote policy that benefits your team and protects your business!

Key Takeaways

WWWW: What expected pay raises in 2023 mean for small businesses (02:46)
Why salary projections are being increased (4:37)
How to calculate fair salary increases (12:08)
Best practices in communicating pay raise to your team (13:09)
'Consultant's Corner': The pros and cons of remote work (18:00)
The difference between 'work from home' and 'work from anywhere' policies (18:44)
The truth about employees working from abroad (25:20)

Additional Resources

📰 Article in question:

https://hrexecutive.com/employers-budgeting-big-pay-raises-for-2023/

Do you need HR consulting for YOUR small business? We got you covered!

👉 Learn more at: https://jumpstart-hr.com/

Do you have a question that you want us to tackle on the show?

📧 Email us at: [email protected]

Java With Joey (Monthly Small Business CEO Mastermind) - https://community.jumpstart-hr.com/offers/mwka2AyB/checkout

👉 Join our Empowered People Leaders Community [FREE Access] - https://community.jumpstart-hr.com/offers/MwchLoyL/checkout

👉 Join our Student and Early Stage HR Pro community -

https://community.jumpstart-hr.com/offers/pWTbD2Ue/checkout

Hosts: Joey Price and Sommer Ketron

This show is powered by Jumpstart:HR, LLC

www.Jumpstart-HR.com

Key Takeaways

WWWW: What expected pay raises in 2023 mean for small businesses (02:46)
Why salary projections are being increased (4:37)
How to calculate fair salary increases (12:08)
Best practices in communicating pay raise to your team (13:09)
'Consultant's Corner': The pros and cons of remote work (18:00)
The difference between 'work from home' and 'work from anywhere' policies (18:44)
The truth about employees working from abroad (25:20)

Additional Resources

📰 Article in question:

https://hrexecutive.com/employers-budgeting-big-pay-raises-for-2023/

Do you need HR consulting for YOUR small business? We got you covered!

👉 Learn more at: https://jumpstart-hr.com/

Do you have a question that you want us to tackle on the show?

📧 Email us at: [email protected]

Java With Joey (Monthly Small Business CEO Mastermind) - https://community.jumpstart-hr.com/offers/mwka2AyB/checkout

👉 Join our Empowered People Leaders Community [FREE Access] - https://community.jumpstart-hr.com/offers/MwchLoyL/checkout

👉 Join our Student and Early Stage HR Pro community -

https://community.jumpstart-hr.com/offers/pWTbD2Ue/checkout

Hosts: Joey Price and Sommer Ketron

This show is powered by Jumpstart:HR, LLC

www.Jumpstart-HR.com

Previous Episode

The Ultimate Recession Survival Guide For Small Businesses

While most of the jobs lost during the pandemic have been recovered, there's a growing concern for an impending economic recession among economists and organizations. Although the economy's future remains unclear, small businesses must prepare for the worst-case scenario.

In this week's episode, Joey and Sommer explore why recessions happen, their implications for small businesses, and a few strategies to successfully navigate an economic downturn. Tune in to find out more!

You'll also learn common mistakes small businesses make during recessions and the importance of maintaining perspective in uncertain times - all you need to know to make your business recession-proof.

Sommer and Joey also discuss stay interviews - what they are, why many small businesses fail to implement them properly, and best practices to improve retention and your workplace culture.

Key Takeaways

Intro (00:00)
How to protect your small business from a recession (02:06)
The one mistake small businesses make during recessions (06:27)
Why maintaining perspective is essential (10:16)
What is a stay interview? (13:42)
The main reason why conducting exit interviews can be so challenging (17:50)
Best practices to improve workplace culture and employee satisfaction (21:42)

Additional Resources

📰 Article in question:

https://www.inc.com/ali-donaldson/7-tips-on-how-to-recession-proof-your-business-from-leaders-who-have-been-through-it.html

Do you need HR consulting for YOUR small business? We got you covered!

👉 Learn more at: https://jumpstart-hr.com/

Do you have a question that you want us to tackle on the show?

📧 Email us at: [email protected]

Java With Joey (Monthly Small Business CEO Mastermind) - https://community.jumpstart-hr.com/offers/mwka2AyB/checkout

👉 Join our Empowered People Leaders Community [FREE Access] - https://community.jumpstart-hr.com/offers/MwchLoyL/checkout

👉 Join our Student and Early Stage HR Pro community -

https://community.jumpstart-hr.com/offers/pWTbD2Ue/checkout

Hosts: Joey Price and Sommer Ketron

This show is powered by Jumpstart:HR, LLC

www.Jumpstart-HR.com

Next Episode

A.I. Recruitment Tools: Could They Get Your Business In Legal Trouble?

A.I. technologies have drastically revolutionized and improved how we do business. A.I. tools play a significant role in H.R. processes, yet they can potentially get your business in legal trouble by implementing discriminatory practices during recruitment.

In this week's episode, Sommer and Joey discuss A.I. tools in H.R.: how organizations use them, their benefits and risks, and some tips on preventing potential discriminatory practices.

Joey and Sommer also explore the culture brewing around false COVID test information in the workplace. Tune in to learn what to do if you suspect an employee is faking a test to take sick time and the pros and cons of requiring tests at work.

Key Takeaways