Adapting Your Business for the Future

Hand placing blocks of letters together to form the word adapt.

Businesses are getting back to the business of doing business, but will it be business as usual?

It has been 15 months since the COVID-19 changed everyone’s lives, and according to the latest reports, the U.S. is making a significant impact in preventing the spread of the virus. To date, 38.6% of the country’s population fully vaccinated. In Nevada, that figure is 35.9%, with 40.5% receiving at least one dose.

With the vaccinated number of people increasing each day, people can return to offices and large gatherings without the risk of serious illness. But will they?

According to a survey by Prudential Insurance, one in three American workers would not want to work for an employer that required them to be onsite full time.

The survey asked many interesting questions that provide insight as to how businesses will operate in the future.

Millennials, at 34%, are the largest generation in the workforce and 1 in 3 say they are planning to look for a new job with a different employer once the pandemic is no longer an issue. That sentiment also holds true for one-quarter of the Gen-Xers, who make up 24% of the workforce.

The driving factors behind the employee moves are working conditions and career growth.

Of the workers who say they plan to look for a new job, 80% say they are concerned about career growth, and 34% say they want to find a job where they can work remotely.

Interestingly, nearly three-quarters of workers planning to leave their jobs say that the pandemic caused them to rethink their skill sets, and 59% have sought out skills training on their own.

Benefits of remote work

Nearly three-quarters (73%) of all workers say employers should continue offering and expanding remote-work options, even after the pandemic is over. The number one most common benefit experienced by workers is saving money. Other advantages include saving time as well as health and wellness benefits.

Graphic showing the benefits of employees working remotely

While the pandemic forced employers to resort to remote work to keep the businesses operating, some fine-tuning will be needed for its future success. Remote workers rank embracing more flexible schedules and increased resources to set up a home office, along with subsidies for their remote-work expenses as the benefits that would support them working remotely.

Adapting work habits

In general, remote workers report that communicating with colleagues, learning on the job, and sharing best practices have been easy to do remotely. However, socializing with co-workers, which is vital for building and maintaining culture, was reported as the most challenging to replicate in a remote environment.

But there are challenges to working remotely; 54% of workers say they have taken less time off, and 48% feel pressure to be online all the time. Over one-third (35%) report working more hours, and 1 in 4 ranked isolation as the top challenge of working remotely.

Returning to work

With the pandemic slowing down, employers are evaluating when to bring employees back into the office, and what percentage, if any, would continue working remotely.

However, current remote workers have many concerns regarding health and safety and mental comfort, with 73% saying the more time their employer gives them to understand their plan for returning to the worksite, the more comfortable they will feel in doing so. Another 43% say that they would be nervous about their job security if they continued working remotely while others returned to the worksite. But 44% who would like to remain remote after the pandemic say having vaccines more widely available and updating work site procedures to enhance cleaning and limit interactions would make them feel most comfortable returning.

Many companies are offering stipends and bonuses to employees who receive the COVID-19 vaccine to answer the vaccination concern.

Attracting Employees

While some of the workforce could work remotely during the pandemic, a record number of people were laid off or lost their jobs entirely. The challenge now is the rehire. One of the significant concerns about going back to work is childcare, which was a big concern before the pandemic and an even more significant concern now. Among all job seekers on ZipRecruiter, 18% cite childcare as a barrier to returning to work. Interestingly, a record number of pets were adopted during the pandemic, and pet care is also an increasing concern.

To compete for qualified employees, many companies are raising their hourly wages and paying stipends to applicants who show up for interviews. They are also paying bonuses to new hires that stay past a specific time.

Gearing Up

One of the challenges that employers face is the lack of cash for the added expense of rehiring and reopening space. There are many business options for getting the needed funds to expand a business, and nearly all of them are based on business loans that must be repaid with interest.

One option that is not a loan involves converting earned revenue that has been invoiced but not collected, into usable cash. During the pandemic, many businesses continued to sell products and services, but the customers delayed paying their invoices resulting in increased Accounts Receivables. At Business Finance Corporation, we assist businesses in turning their receivables into cash. For information on how accounts receivable factoring can benefit your business, go to https://bfc.vegas/ or call 702-947-3800.