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By:
Christopher Stratton, CBC, Senior Employee Benefits Consultant, Univest Insurance, Inc. May 10, 2022
Hopefully 2022 will put the pandemic behind us. However, the impact will continue to loom large for the US workforce. The top trends impacting employee benefits are directly influenced by the COVID-19 pandemic and the “Great Resignation.” The combination of these factors makes it imperative for employers to create a strategic employee benefits package to ensure a healthier employee population and reduce employee turnover. Here are three things to consider.
1. Flexibility in how, when, and where employees do their job.
According to the U.S. Bureau of Labor Statistics, there…
By:
Dale Hershey, SVP, Director of Agricultural Lending, Univest Bank and Trust Co. May 9, 2022
The beginning of 2022 has seen quite a few challenges for the American economy overall and specifically the agricultural industry. Escalating inflation and interest rate hikes by the Federal Reserve have hinted at continued high costs for everything from daily expenses to business supplies and employee wages. A third wrench was thrown into the mix with the Russian invasion of Ukraine. Those two countries supply roughly 30% of global wheat exports, 20% of corn exports and more than 70% of the world supply of sunflower oil. The associated disruption has exacerbated already strained supply chains.
By:
Dan Yocum, SBA Administrator, Univest Bank and Trust Co. May 6, 2022
President Franklin Roosevelt said, “When you reach the end of your rope, tie a knot and hang on!” That is so true for small business owners—they face risks head on, overcome insurmountable obstacles and hustle every day to make their businesses successful. The innovation and determination of small businesses is what drives our economy forward.
In my role as an SBA Lender at Univest, I get to work with some of the most inspiring small businesses imaginable. These are people that took a concept, invested everything they had and work hard every day to make their dreams into reality….
In honor of Small Business Week, Edwin Roman, Vice President and SBA Relationship Manager, provided insight from his career working with local business owners. Check out the Q&A:
Tell us about your experience working with small businesses. I’ve spent more than 20 years working with small business owners as a banker and as a board member of the Greater Philadelphia Hispanic Chamber of Commerce. I truly enjoy and take pride in providing financing to small business owners to help them accomplish their goals. It’s special knowing that, with the support of…
By:
Peter Miklos, EVP & Central PA Commercial Banking Group Manager, Univest Bank and Trust Co. April 21, 2022
With inflation still on the rise, it is a pervasive topic of discussion with business owners. Along with inflation concerns, we have rising interest rates. We have already seen two rate hikes and additional increases are expected to be enacted at each of the Federal Reserve meetings this year. These factors result in higher costs for business owners. How can they plan accordingly?
How will rising interest rates impact business owners?
Without proper preparation, rising interest rates can have a substantial impact on business owners. To help prepare for the…
With the first quarter of 2022 behind us, it is clear that rising interest rates, inflation, ongoing supply chain issues and worker shortages will continue to challenge businesses this year. Now is a great time to look at your business plan and refine it, if needed. Here are six things to consider:
Account for inflation and interest rate increases: Inflation had a big impact on the bottom line of many businesses in 2021, and rising interest rates will only exacerbate this dilemma in 2022. Business owners need to plan for…
In late 2021, Univest Bank and Trust Co. provided the senior financing to support Argosy Private Equity’s acquisition of a controlling interest in AM-GPP Holdings, LLC d/b/a Global Power Products. This transaction represents the third current investment that the Univest team has financed for Argosy.
Argosy is a lower middle market private equity firm based in Wayne, Pennsylvania that invests in manufacturing and business services companies through management and leveraged buyouts, recapitalizations, corporate divestitures, growth financings and generational transitions of family-owned businesses.
By:
Thomas J. Jordan IV, Market President, Central PA, Univest Bank and Trust Co. February 15, 2022
The January 2022 Consumer Price Index report, which measures inflation levels within the economy, found that inflation jumped 7% during the previous 12 months, the biggest increase since 1982. High inflation levels mean rising costs for consumers and businesses alike, and as small or privately-held businesses currently make up more than 99% of companies in the U.S., inflation can have a large impact on these organizations if not properly planned for and addressed. Now, with the Federal Reserve poised to increase interest rates, getting ahead of inflation is even more important for business owners to ensure they…
By:
Jim Devine, HR Practice Leader, Univest Insurance, LLC December 29, 2021
With the unprecedented talent shortages being experienced in just about every industry and geography, employers have been turning to less conventional approaches to enhance job offers. One such approach becoming more widespread is a signing bonus. While this is not uncommon for more senior level positions, it’s traditionally not as prevalent among entry level new hires. Recent examples include:
Amazon offered a signing bonus of up to $3,000 to warehouse and logistics applicants as part of its massive holiday hiring initiative. Bonus amounts varied based on geographic market, part-time vs. full-time status, work shifts, etc.
By:
Mike Keim, President, Univest Bank and Trust Co. December 21, 2021
While we all hope an end to the pandemic is on the horizon, we’ll be dealing with its impact on the economy for some time. As businesses plan for 2022, it’s important to recognize the major factors at play in the macro environment. Here are the trends businesses must consider:
Supply chain issues are pervasive, and the impact is significant causing widespread price increases and difficulties in obtaining products. With cargo ships unable to dock and a lack of delivery drivers, many companies are unable to get key materials. For example, the automotive industry is struggling to source semiconductor chips,…
