5 Essential Actions for Employers Impacted by Inflation

Checkr’s panel of experts, including Professor Lee Ohanian and Naeem Ishaq, a UCLA economics professor and Checkr's Executive Vice President and CFO, share five strategies to help organizations navigate today's challenging economic environment. The US economy is experiencing unprecedented times with low unemployment, declining GDP, and worker productivity, and the Federal Reserve continues to increase interest rates to combat inflation. Employers can respond by enhancing worker productivity through new approaches to compensation, motivating workers, training, and innovative tooling. They should also evolve their recruiting strategies to include fair chance hiring practices for former offenders, widen their talent pool, and prioritize internal promotions. Additionally, they should entice more experienced workers, particularly in the white-collar job market, which is softening. Employers should also prioritize the right goals, reducing costs and repositioning or raising capital if necessary. Finally, they should position their organization for growth by being honest with themselves about resources, making changes as needed, and embracing innovation to automate hiring processes.