Getting your Trinity Audio player ready...

With rates higher than they have been in decades, 92% of U.S. companies report inflation is affecting their business in some capacity with 87% adding that this hardship will impact their operations for years to come.

This is according to a recent survey from The Harris Poll commissioned by Express Employment Professionals.

In response to the high inflation rate, 40% of companies have raised prices, 39% have absorbed some of the additional costs, 27% have adopted new technology to automate processes, 24% have reduced transportation and 18% have outsourced a portion of their work.

Looking to the future, the 87% of U.S. businesses that predict inflation fallout is here to stay say this will be in the form of increased prices of goods and services (43%), increased wages (38%), increased taxes (35%), increased interest rates (31%) and decreased sales or revenue (24%).

And with perhaps more dire concerns, 47% of U.S. hiring decision-makers agree or strongly agree with the sentiment that their company won’t be able to survive much longer if wages/costs continue to increase so quickly.

For more information about this topic and the survey methodology, visit expresspros.com/Newsroom.

 

William H. “Bill” Stoller is chairman and chief executive officer of Express Employment
International. Express Employment Professionals serves the River Parishes from its Gonzales location. The organization is a member of the LaPlace Branch of Business 2 Business and the River Region Chamber of Commerce.