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Uncertainty is In the Air

This September, The Federal Reserve announced they’d attempt to tame the highest inflation we’ve seen in 40 years by raising interest rates three-quarters of a percentage point. This can lead to higher prices, wage hikes, and lost jobs. 

Franchise professionals have already been feeling the effects of inflation. A recent IFA/Frandata inflation study found rising prices have had moderate to significant impacts on 90% of franchise businesses surveyed.

Additionally, California’s FAST Act is a concern. The Fast Food and Accountability and Standards Recovery Act was signed into California state law on September 5, with a planned 2024 implementation. This legislation could dramatically increase operating costs and force consumer price hikes.  

Don’t Let Challenges Impact Your Progress

Uncertainty is scary. During uncertain times, especially when money is involved, it’s easy to make knee-jerk decisions driven more by panic than logic—it’s a perfectly human response but one to avoid. Yes, uncertainty is scary, but remaining calm and strategy-based will help you successfully navigate any speed bumps.

Tips for Navigating This Hiring Uncertainty 

Play the Long Game

The current hiring climate will undoubtedly have short-term effects on your business, but this isn’t the first time, nor will it be the last time you deal with inflation or changing legalities. What can you do to plan for success not just tomorrow but six months, one year, or five years from now? What effects will your current decisions have on your business once things return to “normal?” Think long-term. If your state adopts a version of the FAST Act, what preparations could you make now to soften the blow? 

Adjust Wage Expectations and Budgets

You’ll probably have to adjust budgets and wage expectations to combat rising costs. This is a good time to audit how you spend your money and see where costs could be trimmed. Remember, one of your most important assets is your talent, and right now, quality talent is scarce. Where can you trim so that your salaries remain competitive?

Retain Your Top Talent

Staff turnover is expensive, and it takes a while for new hires to reach full productivity. Proactively combat turnover and boost retention by ensuring that your workplace is an engaging, inclusive place people feel valued and want to work. Practice transparency, give scheduling flexibility, offer learning opportunities, and ask for employees’ input to help them feel part of a team. 

Make Quality Hires

With inflation often comes higher salaries, allowing you to focus less on quantity and more on increasing your hires’ quality. This could mean incorporating skills assessments into your recruiting process, embracing applicant pooling, or reassessing your ideal candidate—perhaps it’s time to target retirees instead of teenage talent! 

Streamline Your Processes When Possible

According to research by McKinsey, 60% of all occupations have at least 30% of activities that could be streamlined with automation. While auditing unnecessary costs, use this time to audit what tasks you could simplify and what technology can help. This can help the quality talent you have do their jobs better and means you can function with a smaller workforce.

An Applicant Tracking System Can Help

An applicant tracking system (ATS) is recruiting software built to streamline, automate, and strengthen hiring. A private label applicant traffic system for franchises allows you to brand your solution, customize your workflows, or integrate them into your existing systems. A private label applicant tracking system also lets you templatize key recruitment components such as job descriptions and offer letters to ensure consistency across your organization—78% of ATS users report that ATS use has improved the quality of their hires!

Make HiringThing Your Franchise ATS

HiringThing’s fully-supported recruiting platform ensures a consistent recruiting experience across locations while providing franchisees with software to improve their hiring workflows. Enable your franchisees with centralized hiring without taking on joint employer liability. Schedule a demo today to talk to an expert about our private label hiring solutions.