Just like that, small businesses found themselves operating in a very different environment.
Now, companies nationwide are coming up with creative ways to accommodate their team members’ wants and needs while also ensuring that shifts are covered, work is completed, and customers are taken care of.
For example, some companies are permanently moving over to using hybrid work arrangements, where employees spend some of their time onsite and some of it working remotely. Other companies have found success in remote-only models—particularly those that don’t physically need employees onsite in order to operate—and still others are returning to more traditional workstyles.
The good news is that when a small business puts the time and effort into connecting with and understanding the modern workforce, that company shows its commitment to being competitive, adaptive and flexible. Here are five current trends that all small businesses can use to develop their own workforce management approaches:
- Flexibility is the cornerstone of a successful workforce. Many companies have moved away from the 8am-5pm, Monday-Friday workday over the last few years and that momentum is expected to continue as companies and employees benefit from the change. One way to infuse flexibility into your company is by asking employees what they want.
- Work-life balance is more important than ever, but it’s also a moving target. Making sure employees have good work-life balance isn’t a “set it and forget it” exercise for small businesses. For example, Gartner, Inc., says remote employees who take on too many projects may wind up working around the clock from home, thus disrupting any work-life balance that remote work arrangements may afford them. “Employers must ensure work-life balance swings back and forth for each employee as their work distribution, time and life stages change,” Gartner recommends.
- Fairness and equity have become defining issues for all organizations. Nearly nine out of 10 of the world’s largest companies list equity as one of their corporate values, and mentions of diversity, equity and inclusion (DEI) on earnings calls have increased by 658% since 2018, according to Gartner, Inc. Borrowing a page from these companies’ playbooks, small businesses can emphasize fairness and equity with their teams by addressing questions like: Is it fair to pay new employees significantly more than what their peers in similar roles are making? Which of our employees should have access to flexible or remote work? And, should we adjust pay for employees who move to areas where they can enjoy a lower cost of living?
- Shorter work weeks could become the norm. The 4-day work week trend is growing in Canada, where several companies have adopted these shorter work weeks as part of a 4 Day Week Global pilot project. Taking this route may allow smaller organizations to offer better work-life balance without having to offer high salaries. “While some companies are able to compete for talent through compensation alone, others don’t have the financial resources to do so,” Harvard Business Review points out. “Rather than trying to win the war for talent by increasing compensation, we are seeing some employers reduce the number of hours worked by employees and keeping compensation flat.”
- Employees are looking for “special meaning” in their work. Their parents and grandparents may have been satisfied with ho-hum work experiences that produced a regular paycheck, but Gen Zers aren’t having any of that. In fact, Great Place To Work says younger workers who feel like their work has “special meaning” are three times as likely to stay with their organizations. Knowing this, Gartner says smart companies may make themselves more attractive not only by paying higher salaries, but by also offering employees an opportunity to make a meaningful impact. “Build a message that resonates and drives engagement,” the research firm advises, “by creating initiatives for employees to come forward with personal stories, experiences and successes in various social causes.”
Small businesses may want to use some or all of these trends to help reshape their approaches to hiring, management, and employee engagement and retention. The more flexible and adaptable your company can be in this dynamic work environment, the better positioned it will be to succeed—both today and in the future.
This article is intended for general informational purposes only and does not constitute legal advice or an opinion on any issue. It should not be regarded as comprehensive or a substitute for professional advice.