A question we have been hearing a lot lately is “when is this market going to get back to normal?”

Well we have some news for you. It’s not. There will be a new normal. We’re focused right now on working from home and the traditional nine to five has virtually disappeared. We will eventually find a balance, but very few people are ever going to be willing to come back to the office Monday to Friday. 

Think about it from an employee perspective: you’ve just got back an hour or two or more each day into your life. You’re working out of the house you’ve been paying a mortgage on, you’re spending more time with your family, you’re taking your kids to school, going to their events and sporting activities. You’re not having to rush around and waste time commuting to an office. People are realizing that they can do their job from home and are really enjoying it. 

The easiest breakdown we can give you is 40-40-20. 40% of the working population want to work strictly from home. 40% are looking for a degree of flexibility (more than a flex Friday where you get to leave early on Friday) and 20% of the working population are willing to come into the office. So, when business owners want to hire for a new position in the office Monday to Friday, they have effectively eliminated 80% of their perspective workforce.

Let’s walk through this. You’ve lost four out of every five people who might have been interested in your role, and no one’s saying the people with the best experience or the best fit are going to be in that 20%. It’s really limiting. But on the other side of this, as small business owners, there is a massive opportunity for you to upgrade your talent, to upgrade your leadership, to upgrade your team, to upgrade your output, your systems, or your processes. If you want to upgrade your team right now and bring some real heavy talent into your organization, here’s three tips to stay competitive in our new normal:

1) Be flexible and agile.

Know the game has changed. Large corporations have set work from home policies. They also have set salary structures, they have set policies, and it’s harder for them to make those changes. As a small business owner, you can make that change today.

In a small business we have the flexibility of working with individuals to hear what they’re looking for and try to accommodate them. So, if you’re interviewing a leader and they say they’re looking for a degree of flexibility, that’s something you can potentially offer.

2) Pay at or above the market.

What a lot of people aren’t aware of right now is there are more jobs than people and good qualified people are getting several calls per week. If you’re paying at the bottom of the market, you’ve eliminated yourself based on salary, because that is a driving factor in a candidate’s decision to take a new job. 

If I’m currently working for my current company that I mostly like, but I’m working from home and I’m making $100,000 and you call me and say: “I’d love to have you come and work for us, but it’s a Monday to Friday, nine to five in the job in the office.” Are they going to give up the comfort of working from home for a 5% increase? No way. 

A 10% salary bump used to work, but won’t right now due to the fact that other companies are calling and you’re in a bidding war. Think of it like the real estate market when a lot of people want the same house and it sells for above market. 

3) Upgrade their benefit package.

We’ve just gone through a medical crisis and people are realizing that benefit coverage is a big deal. They’re looking for the security of having a really good benefit package to fall back on. So, they’re looking for more security in terms of pay and more security in terms of benefits.

The many factors which have contributed to the large-scale changes we have seen in the employment market don’t seem to be going away anytime soon, and our market is currently adjusting to a new normal. Work from home and an enhanced focus on benefits and flexibility are here to stay, so it’s important that business owners recognize this to recruit the best and brightest talent.

If you’re looking to hire for your business, we are here to help! Sign up for a FREE Human Capital Consultation at www.keyhire.solutions.  

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