{"id":46894,"date":"2023-02-16T18:11:57","date_gmt":"2023-02-16T23:11:57","guid":{"rendered":"https:\/\/www.arffinancial.com\/development\/?p=46894"},"modified":"2023-02-28T17:46:25","modified_gmt":"2023-02-28T22:46:25","slug":"labor-hoarding-in-prep-for-a-recession","status":"publish","type":"post","link":"https:\/\/www.arffinancial.com\/development\/labor-hoarding-in-prep-for-a-recession\/","title":{"rendered":"Labor Hoarding in Prep for a Recession"},"content":{"rendered":"<div class=\"wpb-content-wrapper\"><p>[vc_row][vc_column][vc_single_image image=&#8221;46896&#8243; img_size=&#8221;large&#8221; alignment=&#8221;center&#8221;][\/vc_column][\/vc_row][vc_row][vc_column][vc_column_text]While employees across the board are feeling the pressure of inflation and an <a href=\"https:\/\/www.arffinancial.com\/development\/when-will-the-recession-start\/?urlsource=blog\">impending recession<\/a>, small businesses also find themselves in a bind. A recent poll from from <a href=\"https:\/\/www.insightglobal.com\/blog\/recession-survey-november-2022\/\">Insight Global<\/a> found that over 77 percent of Americans plan to stay in their current roles, mostly for fear of a recession. Employees are concerned about job security. For small business owners, the mindset has shifted to \u201clabor hoarding\u201d as a way to offset the potential destruction a recession could present. This should ease at least a bit of the worries plaguing today\u2019s employees. But what\u2019s up with labor hoarding, anyway?<\/p>\n<p>A study from <a href=\"https:\/\/www.skynova.com\/blog\/small-business-and-labor-hoarding\">Skynova<\/a> unveiled that 91 percent of the small business owners who participated are \u201clabor hoarding,\u201d which <a href=\"https:\/\/www.insightglobal.com\/blog\/what-is-labor-hoarding\/\">Insight Global<\/a> defines as \u201cthe practice of keeping employees within an organization by any means necessary.\u201d What\u2019s more, 89 percent of those surveyed plan to keep the hoarding up into 2023. Labor hoarding can take a few different forms, but it may mean keeping on workers that are underperforming or avoiding layoffs that would have helped reach a monetary goal. With the labor market tightening and <a href=\"https:\/\/www.commerce.gov\/news\/blog\/2023\/02\/news-unemployment-its-lowest-level-54-years\" class=\"broken_link\">unemployment at historical lows<\/a>, resources are scarce\u2014and that\u2019s why employers are taking drastic steps to retain talent. Rather than replacing employees, companies that labor hoard are investing in them. One of the top ways businesses can prep for a recession is to invest in their existing talent pool. Plus, a slow-down in hiring frees up more time for management to really work on building up their employees\u2019 skillsets\u2014with less people to manage, there is more opportunity to develop. Another way labor hoarding can help businesses in the face of a recession? It cuts costs. Hiring and onboarding new employees is expensive in both time and money.<\/p>\n<p>In order to retain employees and avoid layoffs, the <a href=\"https:\/\/www.skynova.com\/blog\/small-business-and-labor-hoarding\">Skynova<\/a> study revealed several strategies that small businesses are looking toward. These include hiring freezes, cuts to benefits, switching to remote work (to reduce the cost of building leases), moving to a 4-day workweek, and cuts to contract\/freelance workers. Strategies for employee retention include increased compensation, more transparency with communication, and connecting more with their workers.<\/p>\n<p>While labor hoarding might sound like a great benefit to both parties, it\u2019s not necessarily for everyone. For instance, companies shouldn\u2019t hoard their workforce if there are critical roles missing from it\u2014you can\u2019t just shoehorn your existing employees into roles they\u2019re not cut out for, just for the sake of retention.<\/p>\n<p>Over at the <a href=\"https:\/\/www.arffinancial.com\/development\/blog\/?urlsource=blog\">Financial Pantry<\/a> we cover topics ranging from financial news to industry trends, but we\u2019re also committed to making sure you\u2019re aware of the ups and downs in the small business world. If and when a recession strikes, you can be sure we\u2019ll be talking about it. Check back with us every week for fresh content on everything you need to run a successful small business. Want to learn more about small business financing? <a href=\"https:\/\/www.arffinancial.com\/development\/company\/about-us\/?urlsource=blog\">Check us out today<\/a> \u2013 we\u2019ve got industry-leading loan products to help you weather any storm.[\/vc_column_text][\/vc_column][\/vc_row]<\/p>\n<\/div>","protected":false},"excerpt":{"rendered":"<p>[vc_row][vc_column][vc_single_image image=&#8221;46896&#8243; img_size=&#8221;large&#8221; alignment=&#8221;center&#8221;][\/vc_column][\/vc_row][vc_row][vc_column][vc_column_text]While employees across the board are feeling&#8230;<\/p>\n","protected":false},"author":5,"featured_media":46896,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"content-type":"","om_disable_all_campaigns":false,"footnotes":""},"categories":[698],"tags":[398,402,400,399,443,386,535,220,1057,213,944,943,401,224,222,172,226,142],"class_list":{"0":"post-46894","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-small-business-financing","8":"tag-affordable-business-loans","9":"tag-affordable-small-business-growth","10":"tag-business-expansion","11":"tag-business-growth","12":"tag-business-line-of-credit","13":"tag-business-loans","14":"tag-equipment-leasing","15":"tag-flex-pay-loans","16":"tag-labor-hoarding-in-prep-for-a-recession","17":"tag-line-of-credit","18":"tag-marketing","19":"tag-operations","20":"tag-small-business-expansion","21":"tag-small-business-financing","22":"tag-small-business-funding","23":"tag-small-business-growth","24":"tag-small-business-loans","25":"tag-working-capital"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.9 - 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