By Shraga Jacobowitz
With so many multi-million dollar start-ups and tech companies being started and run by CEOs in their 30s, and even 20s (did you know the youngest billionaire was 19?!?), it’s easy to feel like a dinosaur in today’s business climate. Which is why it’s even more and more important to stay up-to-date on workplace trends and change your policies and perks to reflect some of the younger guys, especially since most of your hires today will be millennial workers who have their own set of expectations in the workplace.
Now, I’m not saying you need to be on fleek (google it for the meaning) or use text lingo in your day to day speech (actually, I beg of you, DON’T), but as much as it pains us to say this, there are some things we can learn from the younger generation, especially in how they handle their workforce.
So for those of us who still remember a time when apps were something you ordered before dinner, here are some trends in the workplace you may want to consider implementing at your company. And for those millennials reading this, you may want to check it out too and make sure that you too are on trend.
1. Give Constant Feedback
You may know that you need consistent employee performance reviews, isn’t that what the annual review is for? But with today’s employees growing in the “participation trophies” generation, they’re used to getting lots and lots and lots of feedback. And while you don’t need to coddle your employees with praise that is undeserved, it is important to give them feedback about their performance at regular intervals. According to a recent TriNet survey, 74% of today’s workers don’t know what their boss thinks about their performance and how they are doing at work. This lack of knowledge doesn’t really lend itself to growth, don’t you think?
If that sounds like a lot of work, it doesn’t have to be. A PEO can help you formulate, perform and evaluate these ongoing evaluations so that it becomes something that is built into your corporate structure without requiring a great effort on your part.
2. It’s All About the Flex
Today’s workplaces are getting cooler and cooler. I mean, what’s next – an in-office roller coaster? But contrary to this new wave of innovative workspaces, cool gadgets, toys, and perks are not what most employees want. About 96% of today’s employees just want flexibility in their jobs. What workers really want are flexible hours, the opportunity to work remotely and paid time off.
In fact, for that last one, it’s been proven that everyone needs a break (well duh!) and many companies are beginning to force their employees to use their sick and vacation days. Days off simply adds up to more productivity and with only 54% of paid days off being used currently, companies are finding they are not as productive as they can be. (Just one more workplace trend, I’ve thrown in for free.)
If your employee exceeds their paid days off, it is important to know whether they are in their right to do so under one of the many state or federal laws mandating work leaves. Many PEOs have leave-specialists who monitor the length of your employees’ leaves, the status of their return to work, and the state and federal laws and regulations regarding them, ensuring your compliance with applicable laws, and that your employees receive what they are entitled to. This is particularly valuable if you’re a multi-state employer, as a PEO can help you navigate multiple state and federal laws and regulations to keep you in compliance in every state where you have employees.
3. Outsource. Outsource. Outsource.
Gone are the days of in-house everything. Nowadays, even workspaces are outsourced to shared work environments. From marketing to secretaries and personal assistants, more or more of companies’ day-to-day jobs are being outsourced. And that includes some of the heavy hitters. Yeah, it today’s day and age you can even outsource your CFO and entire HR department.
Of course, an amazing option for that last one is the PEO. Besides, providing companies with competitive benefits packages and group insurance, many PEOs offer a full array of HR services, so that essentially you can have them take over the entire task of running that aspect of your business. Since outsourcing usually saves a company tons of money, trust us, a PEO definitely does, that’s a workplace trend, I’m pretty confident that any business owner can get behind.
That’s it for now, but in our next newsletter we will explore some other trends you should be considering to bring your company into the modern era. Until then, if you want to know how a PEO can help you stay up with these and many other workplace trends, contact ARC Consultants today.