Small businesses have face several crisis situations over the past two years, including cyberattacks, The Great Resignation and Covid. In response to the challenges posed by the pandemic, many companies made important decisions about their budgets, spending priorities, resources and strategies.
UpCity noted that, “The pandemic has been a wake-up call for not just the workforce, but also business owners. While many businesses were helped by government programs such as the Paycheck Protection Program, not every small business was covered by the PPP, and therefore it was difficult to maintain payroll and staffing when many businesses had little to no revenue coming in.
“While layoffs were common, many businesses understood the human element involved and worked as hard as they could to maintain their staffs and adjust policies to meet their needs.”observed that, “It wasn’t too surprising to see a majority of small businesses pulling back spending since March 2020, but starting to look to increase spending in the coming year.
What was somewhat surprising were the areas of increased spend[ing] that were identified —only 13% of respondents identified HR Benefits and Payroll as an area of focus in 2022. Given the Great Resignation, we would have thought there would have been a higher number of respondents looking to invest more in this area in order to retain employees via additional pay and benefits.Olson said that, “...
“In particular, investing in your people has been and will continue to be an important area... as the demand for talent continues to increase. These investments don’t have to only be salary increases, but can also include increased employee benefits and expanding a culture budget for events and activities,” he concluded.Of course, the impact of the pandemic on budget priorities is not the only Covid-related issue that small business owners have had to worry about..
According to the company, the survey found that “small business owners are acutely feeling the impact on their mental well being and their ability to maintain work-life balance as a result of navigating pandemic-related disruptions and fluctuating mandates across the country for nearly two years.The burnout is disproportionately affecting the nation’s minority business owners.
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