According to economists at Nomura Holdings Inc, the US economy will likely fall into a mild recession by the end of 2022 as the Federal Reserve raises rates to tame prices. With mounting anxiety about an impending recession in the US, you may be concerned, or at least a little curious, about what this may mean for your business. Pandemic-related factors such as the lower labor force have radically reduced the US labor supply. Therefore, the labor supply is becoming a serious constraint on US economic growth. In this blog, we will discuss the ongoing labor shortage and what firm owners can do to prevent the possible recession from affecting them. As we will see, hiring a virtual assistant can be the smartest way to combat this trend.
Labor Shortage and Recession
The U.S. continues to see major labor shortages in multiple places around the country. In urban and rural areas, we see advertisements for jobs that indicate that many employers are not able to recruit the help they need. Although certain places in the country have seen improvements in the shortage, this is still a major problem in many parts of the nation.
One of the causes of the labor shortage is the federal unemployment money which came about to combat the effects of the COVID shutdown. Many workers, particularly in the service sector, began receiving more money from the State and federal unemployment assistance than from their regular paychecks. In response, many workers opted to remain unemployed and continue receiving unemployment benefits. Now, a new trend has supplemented this problem and contributed to the labor shortage: the so-called “great resignation.”
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People all across the country have been resigning from their jobs. One of the main reasons is that younger workers are trying to make a statement about their attitudes and preferences. Many younger workers are attempting to “reinvent” themselves and their professional lives, and they see the current environment as ideal for this end.
What’s the solution to this dilemma? How can a firm owner prevent the recession from affecting them? The answer is to hire smarter. Firm owners should look at new hiring forms to fill gaps in their staff. The form we recommend is to hire a virtual assistant. Virtual assistants can perform a wide range of functions at a high level of competency. Such as marketing, administration, scheduling, bookkeeping, accounting, web management, and so forth. VAs can perform these functions without ever having to set foot in the office. Through Get Staffed Up you can hire the top 1% offshore virtual assistants at a fraction of the cost. Hiring a VA can be one of the best ways to create value for your firm.
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Want to learn more? Contact Get Staffed Up, LLC today by calling 866-763-4405.