The last few years have been a series of trials and tribulations for small business owners. First, the pandemic, then the Great Resignation, a pending recession looming over us, and now the rise of inflation. In fact, 37% of small business owners list inflation as a leading concern.

With inflation rising steadily by 2% every year, how businesses can overcome inflation is a crucial piece of information. It can help you comprehend the impact of inflation on your business and develop viable solutions to navigate what’s to come. The overall goal is to make your business more resilient in the face of the next economic shift.

Below, you’ll find the tools and tips your small business needs to accomplish this feat confidently. 

How tech impacts your ability to keep up with high-velocity turnover.

In today’s world, processes that are outdated and done manually can hold you back, slow your growth, and make your business more susceptible to human error. All these heighten the risk of costly inaccuracies in your compliance and payroll. 

Integrating technology into your daily human resources (HR) functions is the best way to go, but don’t settle for just anything. Consulting a reputable and experienced HR and payroll provider is highly recommended. They fully understand your needs and can offer actionable advice on the best HR platform for your company.

What To Look For In A Robust HR System

• Automate manual processes and bring them up to today’s standard

• Reduce payroll redundancies

• Maintain compliance

• Centralize all payroll & HR functions within one platform

How to weather inflation might require you to run a leaner team, and that’s okay! 

Technology comes in handy when you may not have as many hands on deck. It alleviates much of your workload, so even a smaller staff can successfully manage what’s left over. Doing so empowers you to weather inflation and be more cost-effective.

The Benefits of Technology

No more overflowing filing cabinets or digital clutter

Once an HR system is implemented, the need for confusing spreadsheets, separate Word documents, and scanning PDFs are eradicated. Gone are the times of sifting through stockpiles of paper and digital clutter.

Hours spent on data entry can be put to better use

You might have one system for this and another for that; with technology, everything can be consolidated into one single platform. Your data entry becomes more accurate, and the time saved here can be utilized on more pertinent tasks.

Cloud accessibility

Employee records and data are stored securely and can be easily accessed without payroll. This way, you can adhere to compliance regulations on work equipment, employee training & education, performance management, certifications, licenses, renewals, and document storage security.

Manage the entire employee life cycle

Whether you’re onboarding a new employee or getting ready to retire your best and brightest, the right HR platform can assist you at each phase of the employee life cycle. You’re offered an application portal, the capability to integrate your benefits selection, and can handle their exit when they’re ready to move on.

Can HR technology help my business prepare for economic uncertainty?

How to thrive during inflation can be tricky as uncertain times continue to unfold. It leaves small business owners with two options: hunker down and commit to growth or remain lean and mean to weather the impact of inflation. Whichever choice is best for you, PrimePay offers a solution to assist you along the way.

If you decide to focus your efforts on staying small and being more cost-effective, take a look at your organization to see where you can: 

• Eliminate unnecessary spending 

• Lower production & labor costs

• Consolidate tasks

Most importantly, locate and re-strategize time-consuming processes. It may seem like it takes only a few minutes or a couple of hours to complete these tasks, but it can surprisingly add up over time. The average cost for HR functions completed manually is $4.51 per task.

Payroll alone can take up to 5 hours per pay period, and compliance can eat up approximately twenty hours per month. You can see how quickly unnecessary costs can tally up, and we haven’t considered the other critical payroll and HR functions.

In short, yes, HR technology can help you be more resilient and better prepared for the consistent rise of inflation. It can save time and money by allowing you to access the data you need to make impactful decisions all within one place.

• Employee data

• Payroll reports

• Compliance reports

• Monthly summaries

• Labor distribution and so much more

An HR system with this type of information is how businesses can overcome inflation by using it to make a pivot or make the final decision to help them maintain business as usual in times of economic uncertainty. 

If the last few years have shown us anything, it’s to be prepared for just about everything. Although that’s a tall order, we can be proactive in managing inflation and take steps toward being resilient versus handling it as it hits us in waves.

The impact of inflation on your business can force you to make hard decisions, but you don’t have to weather the storm alone. PrimePay has experienced HR and payroll professionals ready to assist you with an HR system that works! Feel free to ask any questions or schedule a demo.

PrimePay at your service.

PrimePay can partner with you to offer support throughout the entire employee lifecycle. Learn more about how PrimePay can help you streamline HR processes. Click here to view our breadth of HR Solutions.

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