Inflation is a process whereby prices and wages in an economy increase, meaning that goods will be more expensive, and people will need to work harder for less money than before. Inflation can positively and negatively affect businesses; the cost of doing business may increase due to inflation but rising demand or higher productivity levels may offset this. However, this also means that some business processes, like HR, will need to change to remain profitable. Outsourcing HR in a high inflation environment is the best option for your company. With employee salaries rising, hiring staff like HR is becoming increasingly expensive.
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