The seismic and devastating impact of Covid-19 on the majority of business plans cannot be overstated.
It is a fair assumption that things will never be the same again for some time; if ever. Hence the appearance in the media of the phrase “The New Normal”.
Since time immemorial successful enterprises have had to adapt to new circumstances and seek new and alternative opportunities. Often radical change does present new opportunities – we just have to detect and exploit them.
The most important asset to any business is the people that work for it. Individual employees at all levels are currently reviewing their motivation and priorities – quality of life and appreciation thereof has become most important to many as a result of the pandemic.
There is interesting data emerging from the employee experience during the lockdown period:
- 97% of marketing and communications staff have reservations about returning to work and 82% nervous about travelling into work (Insight agency Question and Retain survey May 2020)
- 92% of US and UK marketers rate organisations as pretty/very well equipped for remote working (GlobalWeb Index survey April 2020)
- In the US company location as a top factor when accepting a job offer increased from 45% in Feb to 57% in April 2020 (theladders.com survey)
- Majority of 1000 workers surveyed feel that safer and more sensible to continue working from home (OnePoll)
- 45% of employers were comfortable with staff working away from the office; 70% considering changing previous rules after being so impressed with how staff have reacted; 57% of business owners looking at adapting usual work practices in the future (Vision Direct poll April 2020)
Coinciding with these survey findings, recent talent searches have revealed that more and more employees are now looking at the possibility of home working (or partial homeworking) or finding a workplace closer to home. Fat paycheques, long commutes, using public transport and realising the insecurity of working for large organisations is changing job seekers’ priorities. This presents entrepreneurs and small businesses with a great opportunity to attract talent that was previously unaffordable or considered unattainable. Growth of the economy, in general, is highly dependent on the success of the SME sector.
So, the message is clear to those looking to a brighter future – “Adjust to the New Normal”.
Contact Mike Pill on mike.pill@lgbusinessadvisors.co.uk for help with finding talent for your business and Stephen Cowburn on stephen.cowburn@lgbusinessadvisors.co.uk for HR support with adapting to the “New Normal”.