Discussion #1: Navigating Changing Employee Expectations within the Post-Pandemic Labor Market.
Popular Bank Chief Operating Officer Manuel Chinea and Latin Biz Today corporate and advisory board member Elias Mendoza are continuing tackle important topics in Driving Business Success Through the Pandemic, a nine-part virtual discussion series that aims to empower small business owners to successfully navigate immediate and ongoing challenges and opportunities.
Session 7 video and highlights below:
- The COVID-19 health crisis has forced companies to reimagine how, where and when work gets done. As business leaders look to reinvent their real estate portfolios, they must address technology, workplace design and the employee experience. They must consider how to bring employees back safely, remotely and determine the best time.
- Business leaders must also consider reviewing new pain points and how to continue working from home. There is no one size fits all it is more of analyzing remote work practices and if this is here to stay going forward as well as consider employees’ personal circumstances.
- Businesses will need to overly communicate and be transparent – to answer questions on why employees need to come back when they have been accomplishing their responsibilities away from the office. You can no longer do business “the old way.” This is the wrong message – everyone had to take a hard look at processes. Many of them were digitized and made more efficient. Those improvements should not be lost. Keep the positive changes made and leverage the value of personal connection and engagement.
- Businesses must also be prepared for the rate of resignations as this trend may continue. According to the Labor Department, in April, the share of U.S. workers leaving jobs was 2.7%, a jump from a year earlier to the highest level since at least 2000.
- The need for flexibility is critical and it is going to be the biggest asset for small businesses to hold on to talent.
- The new business practices, approaches and key learnings from operating during the pandemic can also lead to an expansion in business opportunities in ways that were not considered before. These practices can also be leveraged to retain employee happiness and stability.