Category: Business

The Potential Future Effects of COVID19 on Businesses and Workforces

When a global health emergency like the outbreak of COVID19 takes place, it often highlights gaps in the infrastructure of the world, and in workplaces. Companies then need to figure out where these gaps are and make the essential changes and improvements to protect their employees in the future. And global pandemics and illnesses often cause a significant strain on the economy. The flu season alone racked up a cost of almost $6bn in healthcare and lost productivity in 2016, while the swine flu outbreak in 2009 caused serious economic losses in the affected countries. And today, the coronavirus outbreak is having a similar effect around the world. Here are some of the main ways that it’s likely to affect the future of the workforce.

More Remote Working

Telecommuting has grown massively over the last decade, with around 91% more workers now working remotely. And given the fact that coronavirus is so contagious, it’s suddenly become the new normal for a huge amount of companies, including many who’ve never had their employees working from home before. More and more companies are encouraging their employees to work remotely, and many have been forced to consider changing the way that they do things to make this possible. As a result, it’s likely that companies will be better prepared for remote working in the future – and may even realize the benefits that it can have.

Increased Reliance on Tech

Companies are going to be relying more on technology and less on travel during the coronavirus pandemic, with travel being canceled all over the world, borders being closed, and the future of many airlines put at risk. As a result, businesses who’d normally have somebody travel to meet face to face with clients overseas have had no choice but to rely more heavily on technological solutions like video conferencing; a trend that is likely set to continue after COVID19 is all over.

Unlimited Sick Days

Several companies, including LinkedIn and Netflix, have led the way in updating their sick time policies to allow employees to take unlimited sick days, which has actually led to employees taking less time off. Most people, when faced with the ability to take as many sick days off as they please, will actually do the right thing and only use their freedom when they really need to. And with an outbreak like that of COVID19, restricted sick days have risked employees coming into work when they are ill, and infecting others.

More Online Options

For businesses who’re not yet fully invested in their online presence, things are about to change. Small business owners who tend to deal with customers face to face are hurriedly looking for money to update their website, invest in online ordering facilities and brush up their social media profiles. If you’re a small business owner looking to boost the online side of your company during the COVID19 outbreak, visit LoanPigUSA who may be able to help you get a quick injection of cash to grow your online presence.

How do you expect businesses and workforces to change after the coronavirus outbreak?

5 Top Tips for Reducing Staff Turnover

One of the biggest challenges facing businesses is staff retention. This impacts not only the individual teams who are always getting new people but also the HR professionals who are responsible for maintaining the requisite workforce and talent levels for the productivity output needed. High staff turnover can be an expensive issue as training investments are lost while key skills need to be re-sourced or developed anew; the impact on your business’s bottom line can be significant. In this article, we look at a few of the ways you can minimize staff turnover and retain the kind of long-haul loyalty you’d expect from the core team members in your business.

Start as you mean to go

Prevention is always better than relying on a costly cure. When it comes to staff retention, one of the most effective methods exists at the very start of the journey with your hiring process. Always ensure that the role is clearly defined and understood by you as much as by your prospective employee. If expectations are apparent right from the get-go, then you are more likely to find your staff investing in their new role and the culture of your company for the long term.

Maintain fair remuneration

If an employee feels strongly that they are not being paid in alignment with current average rates for their role in your industry, then they might start to look elsewhere. As they develop, improving their worth and their value to your business ensure that their wage and the benefits are adequate with their output. Hence, set personal expectations that staff would eventually question their salary grade so you need to allocate time for a discussion. Undervaluing your staff is a sure way to risk their perception that the grass is greener elsewhere.

Make your engagement strategies consistent

Most companies restrict their staff engagement policies and efforts to the bare minimum, perhaps ticking a box with an annual survey. To invest in your team and ensure maximum retention, you need to make your engagement consistent and create a complete plan that focuses on engagement all year long, and this will ensure that everyone feels like their voices are being heard. There are experts and software platforms out there to help support you in this; inpulse.com is a great example. Invest in employee engagement to significantly boost staff retention.

Treat and reward your staff5 Top Tips For Reducing Staff Turnover

Alongside a fair pay and staff benefits structure, you should additionally look to positively reward your employees in recognition of their continued efforts, successes, and loyalty. Do not just make annual or Christmas bonus schemes, but also regularly throughout the year. This is as motivating as it is loyalty supporting, and if you aim to make your rewards targeted to the recipients a social experience, it will amplify the effect.

Support flexible working conditions

Too often today, the work-life balance presents a challenge to both employers and their workforce. Creating a flexible working environment for staff sends a strong signal that you are investing in the whole of their wellbeing. Studies have shown that remote working does not equate to a drop in productivity, and, very often, your flexibility will be rewarded with improved productivity, staff positivity, and retention.