Issue link: https://nebusinessmedia.uberflip.com/i/1501853
24 HARTFORDBUSINESS.COM | JUNE 26, 2023 FOCUS: WEALTH MANAGEMENT ment for that, but oftentimes the long-term payback is well worth it." Baum said automation can be used to improve work flows in some cases, but that doesn't necessarily mean reducing the workforce. While layoffs can offer short-term savings, after the economy stabilizes, a busi- ness could find itself shorthanded. "Hiring and training is obviously very costly," Baum said. But automation and tech- nology don't solve all problems. Restaurants are still dealing with labor shortages following the COVID-19 pandemic, O'Donnell said, so finding ways to support employees during inflationary times is important. Without increasing wages, some businesses could opt to boost other benefits as a way to support staff and retain top talent. Olson said attracting employees costs money, and retaining them is sometimes even more costly. Finding ways to improve workplace culture could be the difference between growing or sustaining a workforce, he said. "Flex hours are an example, benefits beyond health insur- ance are another," Olson said. "Employees feel better about their work-life balance." Connecticut Wealth Manage- ment Partner and Chief Client Officer Emily Wood said the most important focus for a business owner going into or coming out of an inflationary period is setting a clear vision for where the company is headed, and what its goals are. "The reality is, it's not a matter of if inflationary pressures will come again, it's just the timing of when," Wood said. "It's about making sure that these potential pressures are included in how you are mapping out the vision of where the company is going, and how you're communi- cating that to key stakeholders." NUMBERS. PEOPLE. It takes balance. ©2023 CliftonLarsonAllen LLP. Investment advisory services are offered through CliftonLarsonAllen Wealth Advisors, LLC, an SEC-registered investment advisor. CPAs | CONSULTANTS | WEALTH ADVISORS 860-561-4000 West Hartford CLAconnect.com We'll get you there. COMPENSATION IN PRIVATE INDUSTRY AND STATE AND LOCAL GOVERNMENT, 3-MONTH PERCENT CHANGE SEASONALLY ADJUSTED