This past year has been unique to say the least, some have prospered while it may have been a challenge for others. Overall, it seems like there is now a light at the end of this tunnel. The COVID-19 pandemic has had an impact in every industry in every corner of the world. While the effects of this pandemic are obvious, there are some potential impacts that you may have not considered and should be brought to your attention sooner rather than later. After all, with so many job openings, you want to do everything you can to stand out from the competition.
According to Forbes, The percent of small firms reporting open job positions reached a 47 year high at 48% in May’s NFIB Small Business Economic Trends survey. Over 60% of business owners report a shortage of labor, over 20% characterizing the shortage as “critical” to business operations. Over 80% reported a loss of sales due to the labor shortage, 19% experienced serious losses.
These statistics show how important it is for you to prioritize your culture, as that is one of the first things employees consider.
What is important to my employees?
We recently conducted our own survey, where we asked, “What is most important to employees?”, and our findings raised some eyebrows, with the majority of employees saying that work/life balance was the most important aspect of a position. Other selections included compensation, opportunity for advancement, and benefits. One would have to imagine that the results would have been very different before the pandemic, as employees have gotten accustomed to working from home, enjoying more time with loved ones, and having the necessary flexibility for a healthy work/life balance.
What can I do to assess my company’s culture?
First off, one of the best things a company can do is to have open lines of communication with it’s workforce. Schedule regular meetings and one on ones between employees and decision makers to get the necessary feedback to make any changes if needed. Also, it is crucial that you LISTEN to each employee, as everyone has different experiences and different interactions. You may find that lose who are lower in the chain of command have the most to say, and that is how it should be, as they often have the most contact with clients.
It’s time to go to work
While industries are pleading to get people back to work, it’s time for you to get to work on obtaining the company culture that you wish to implement. There are steps to take if you want to improve, and steps to take if you want to sustain.
Selecting the right health insurance plan for you or your employees can be a difficult task, but the experienced insurance brokers at MHG are glad to help you sort through the terminology and key features to determine the best health insurance plan for your situation. Our Insurance Specialists will help you assemble a complete insurance offering that includes health insurance, gap insurance coverage, life insurance, disability, and more. Call us today at 954-828-1819 or visit us online at mhginsurance.com for help in selecting the ideal health insurance plan for you and/or your employees.