Hiring and retaining quality employees has always been a top challenge for successful businesses, but now in 2022, it is a vital skill every business must master to continue to thrive. The post-pandemic world has forced employees to rearrange their priorities. It has also transformed the way many businesses operate. There have been challenges, and there have been successes. Moving with and adapting to change is how your business will prosper. Here's where we recommend new or existing business owners focus their time in 2022.
Recruiting and Retaining Talented People
The needs of job applicants are changing with the landscape, and what used to be considered job perks may no longer be enough to entice quality people. This is the year to re-examine what you have to offer employees in the way of benefits. Salary and medical are still important, but so is a solid work/life balance. Many people are discovering that having more time to spend at home with the people they love takes precedence over devoting unlimited overtime to an employer. If you can find new strategies to increase the flexibility of the work week, employee morale will improve. Consider options such as working-from-home or offering a hybrid work schedule that gives employees more time away from the office throughout the week.
Additionally, in this post-pandemic world of remote work-from-home opportunities, your business may no longer be limited by local applicant pools. Now is a good time to expand your job search to reach qualified applicants who may extend outside of your traditional geographic range. This way, your business can grow and expand beyond the brick and mortar while giving new employees freedom and flexibility.
Activism is also more important than ever. Many applicants want to feel that their workplace is making a difference. To this point, make sure you're involved in your community and supporting the causes that you're passionate about. And make sure your employees understand the depth of your contributions. Make your company accountable, and emphasize your corporate responsibility to employees, consumers, and the community.
Staying Ahead of Supply-Chain Traffic Jams
Orders are more difficult to fill right now with supply-chain issues causing upheavals in ordering and delivery. Stay ahead of the chaos by anticipating longer delivery times for out-of-stock inventory and supplies. It’s better to be proactive and anticipate consumer demand – place orders early to allow for extended delivery times and maximize the chance of obtaining shipments before items are out-of-stock. Supply chain issues are likely beyond your control. Focus on the areas of your business that you have control over and spend less time worrying about factors that are out of your hands.
Embracing New Technology
Change is good, but only if you embrace it wholeheartedly! If you're lacking in the latest technology or you've been reluctant to become fluid in it, 2022 is the year to step up your game. There are so many digital management tools and software programs available to help your business succeed in a number of ways. Social media is still an integral part of building your business, too. So, if you've been lax in updating social sites such as Facebook or Instagram, now is a great time to revisit these tools. Lastly, virtual money management tools such as online banking and treasury management solutions exist for a reason. Learn how to use them to your best advantage to stay competitive this year.
It's a different world than it was three years ago, but there's no reason your business can't thrive in it. If you start with recruiting and retaining a quality staff and leave yourself open to adapting to new methods and mastering new technology, there are few limits to how high you can rise. Lakeland Bank stands ready to help. Visit our Simply Speaking Blog for more tips on how to help your business thrive, see the business banking services we offer or contact us at 866-224-1379.
