Many people dream of becoming entrepreneurs, and often the biggest...
Letting technology do the heavy lifting for certain monotonous tasks...
Financial reporting often appears to be a routine...
Financial operations encompass the systems and processes that...
July 8, 2021
An April 2021 report by The Conference Board, based on an online survey, shows that businesses across the U.S. are having immense difficulty in finding qualified hires. The crunch is especially pronounced for organizations that employ mostly industry and manual service workers. Some 230 HR executives from U.S. businesses, many of them employed at large corporations, weighed in on the pandemic’s effect on the workforce and workplace in the survey. The latest survey is a follow-up to similar ones conducted by The Conference Board in April and September 2020.
Attracting qualified workers is a growing challenge: The report finds 80% of businesses with a majority blue-collar workforce are experiencing difficulty in finding qualified candidates, with 25% describing the experience as “very difficult.” Pre-pandemic, only 4% of respondents reported difficulty hiring. Additionally, 60% of companies hiring white-collar employees cited recruiting as a pressing problem.
Retaining staff has become more arduous: Retention is also a predicament for a growing share of businesses. In the survey, 49% of organizations employing non-desk workers and 28% of employers of professional and office workers reported challenges with retaining employees.
Accelerating wage growth: The hiring crunch bodes well for workers. With companies vying to attract and retain talent, some employers are eyeing wage hikes and offering more employment incentives.
Remote work to stay the course: Nearly 40% of the HR leaders who responded to the survey expect a significant number of their employees — 40% or more — to continue working remotely even after the pandemic is contained. This figure has more than doubled since the April 2020 survey, when only 19% percent of respondents anticipated remote work to remain.
Productivity-well-being tradeoff: Almost 60% of companies reported increased levels of productivity over the past year. However, higher productivity may have come at the expense of employees’ well-being. More than 70% of survey respondents reported a surge in employee burnout and a jump in the number of employees seeking mental health support.
The hybrid model to gain steam: More than 70% of surveyed organizations plan to reopen by October. Correspondingly, over 40% of respondents anticipate their organization to sponsor a hybrid workforce to tackle what some analysts predict will be a mass employee turnover and exacerbated hiring crunch.
Amid the reopening economy, as more businesses aim to boost output to meet pent-up demand, companies across the U.S. economy are likely to encounter significant disruptions in the wake of COVID-19. The survey highlights these key business challenges in coming months:
Our team is made up of seasoned professionals who bring years of industry experience to the table. You gain a trusted advisor who understands your business inside out.
Say goodbye to the hassles of hiring, training and managing in-house finance teams. You will never have to worry about unexpected leave of absence or retraining new employees.
Whether you’re a small business or a global powerhouse, our solutions scale with your needs. We eliminate inefficiencies, reduce costs and help you focus on growing your business.
Financial reporting often appears to be a routine exercise, but for small businesses, it can be the difference between reactive...
Financial operations encompass the systems and processes that govern every monetary aspect of a business—from managing payables and receivables to...
For many small business owners, running payroll is a time-intensive chore that requires meticulous calculation, familiarity with tax codes, and...
Managing your business’s finances can often feel like juggling too many tasks at once, especially when you’re trying to keep...
Small business owners often grapple with tax obligations that can swallow a large portion of their profits if not managed...
Human Resources (HR) might feel like an afterthought for many small business owners juggling day-to-day demands, yet it has a...
Artificial intelligence (AI) isn’t just for tech giants anymore—it’s increasingly accessible to small and mid-sized businesses seeking a competitive edge...
Setting up a payroll system is an essential step that helps small business owners pay their employees accurately and on...
While small businesses must handle day-to-day tasks—like managing payroll or closing monthly books—long-term planning is the compass that keeps them...