Do you know what you need to be prepared for 2019’s changing economy? Recently, 250 MRA members were given guidance and information to enhance their profitability, putting them in a strong position for 2019 and 2020.
The Winds of Change, an economic update given by Dr. Alan Beaulieu, an internationally known economist and Principal at ITR, an economic consulting firm in New Hampshire, spoke to area member CEOs and CFOs at the Briggs & Stratton Conference Center in Wauwatosa, WI. The event was also live-streamed to registered attendees.
Beaulieu touched on fluctuations in the U.S., and the rest of the world, including the Tax Cut and Jobs Act of 2017, tariffs, immigration reform, and changes in consumer behavior that will impact the economy. Here are a few nuggets of information from Dr. Beaulieu’s talk, aimed at employers to ponder for their organization.
- Take a look inside your company and identify the products or services that you shouldn’t be offering—and get rid of them. If it isn’t making a profit it needs to go. It doesn’t matter that the previous administration brought it in, or "that’s how we’ve always done it," things change.
- As an employer you need to ask how you are attracting employment candidates from other states, or even countries. In many states, including Wisconsin, the population isn’t being maintained and more people will be needed to sustain an adequate workforce.
- Once you attract that workforce, you must pay them above average to make them want to stay AND be happy. (Unhappy workers cost employers money with an unengaged work ethic and negative attitude.) In many cases, this will mean raising the price on what your company offers/sells.
- Spend the time and effort to attract millennials to work for you, they are the economic powerhouses of the future. Start simply by updating your website—maintain it and keep it fresh. It’s the first place millennials will look to see if they want to work at your organization.
At MRA, we are always striving to give our members the tools they need to succeed in today’s economy and what that looks like for their workforce. Have a HR question? Be sure to call our 24-hour hotline at 866-HR-HOTLINE (866-474-6854) where our experienced HR advisors are here to help.
Source: Angela Fischer, PHR, SHRM-CP, Director, Member Experience, MRA - The Management Association