Small organizations have overcome a range of HR challenges in recent years, from managing through a pandemic and converting employees to remote and hybrid work to talent shortages, widespread resignations, and inflation's impact on compensation and benefits. For those who manage small companies, these challenges can be even more difficult due to a lack of resources and training.
Next up likely is a recession, according to many economists who predict that rising inflation will slow business revenues through much of next year and prompt layoffs, some of which have already been announced at large companies such as Amazon, Meta and Disney.
While larger companies often are better suited to survive a downturn, small organizations can find it much more challenging, which is why many are taking steps now to prepare. The following are several ways in which small businesses can gear up for a possible recession while keeping employees' best interests in mind.
Cut Back on Spending
When a recession is on the horizon, smaller organizations should immediately review all spending and look for ways to reduce or eliminate unnecessary costs, said Linda Chavez, founder and CEO at Seniors Life Insurance Finder in New York City. As a result of the recession currently looming, Chavez said, she is keeping compensation flat for her 50 employees and is operating as lean as possible.
"We have been prudent in our spending in recent years and have built up a cash reserve that will help us weather any...
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