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: hello@jumpstart-hr.com
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
Popular Podcasts
Dateline NBC
Current and classic episodes, featuring compelling true-crime mysteries, powerful documentaries and in-depth investigations. Follow now to get the latest episodes of Dateline NBC completely free, or subscribe to Dateline Premium for ad-free listening and exclusive bonus content: DatelinePremium.com
Stuff You Should Know
If you've ever wanted to know about champagne, satanism, the Stonewall Uprising, chaos theory, LSD, El Nino, true crime and Rosa Parks, then look no further. Josh and Chuck have you covered.
My Favorite Murder with Karen Kilgariff and Georgia Hardstark
My Favorite Murder is a true crime comedy podcast hosted by Karen Kilgariff and Georgia Hardstark. Each week, Karen and Georgia share compelling true crimes and hometown stories from friends and listeners. Since MFM launched in January of 2016, Karen and Georgia have shared their lifelong interest in true crime and have covered stories of infamous serial killers like the Night Stalker, mysterious cold cases, captivating cults, incredible survivor stories and important events from history like the Tulsa race massacre of 1921. My Favorite Murder is part of the Exactly Right podcast network that provides a platform for bold, creative voices to bring to life provocative, entertaining and relatable stories for audiences everywhere. The Exactly Right roster of podcasts covers a variety of topics including historic true crime, comedic interviews and news, science, pop culture and more. Podcasts on the network include Buried Bones with Kate Winkler Dawson and Paul Holes, That's Messed Up: An SVU Podcast, This Podcast Will Kill You, Bananas and more.