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!
📰 Article in question:
https://hrexecutive.com/employers-budgeting-big-pay-raises-for-2023/
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Hosts: Joey Price and Sommer Ketron
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