COVID-19 has left an indelible mark on many aspects of our lives. Even as the vaccines are being rolled out and the number of new cases is plummeting all over the world, things will not go back to the way they were before the coronavirus hit.
In this article, we discuss the three emerging realities around human resource management that are best navigated in partnership with a PEO:
1. Business Owners Are Now Managing a Remote Workforce
Zoom became a household name over the course of the pandemic. Others, such as Cisco Webex, Google Hangouts, Microsoft Teams and GoToMeeting, have also experienced tremendous growth during 2020.
Ventures such as Figma, Tandem, Eloops and Bluescape, among others, are platforms that facilitate their remote collaboration and have also enjoyed significant growth in the past year.
According to a Gartner ReimagineHR survey, 41% of employees will want to work remotely in the post COVID-19 employment scene. The report documents Gartner’s proposed new model to manage employment relationships: centering on giving employees greater freedom and focusing on the quality of output as opposed to the nature of a process.
However, according to the report, the fundamental challenge for managers will be how to foster emotional and social connections while handling a remote team. The report advises employers with remote teams to consider finding means to encourage connections that in turn fuel productivity and give a sense of belonging.
For employers, an obvious advantage of remote teams — in addition to increased productivity — is not spending on utilities, rent and insurance. However, it is our contention as MartinoWest that employers can harness the full benefits of having a remote team when working with a PEO.
Working with a PEO means your PEO will manage your remote team as you focus on the core of your business. PEO can help with factors such as:
- Virtual onboarding of new employees for remote work.
- Managing the risks of transitioning to remote working arrangements.
- Identifying suitable remote working tools and training employees on their use.
- Improving your security standards to help your employees access essential work-related data remotely without compromising the security of your systems.
- HR compliance support.
- Offering competitive benefits that enable your business to attract and keep top talent.
In short, an experienced PEO will design and implement a work-from-home policy that guarantees your business is run efficiently. A PEO will position your company to offer benefits as competitive as corporate giants, enabling you to attract and maintain top talent.
2. Companies Are Restructuring
The impact of the coronavirus on businesses has been devastating; most companies have had to either scale down or shut down entirely because of the disruption. For companies that have had to downsize, working with a PEO means it is the PEO’s responsibility to process government forms for lay-offs.
As businesses bounce back in the coming months, you may want to rehire some of your old employees. Managing a rehiring process is usually challenging for managers since employees who have been out of touch with the industry may require refresher training and onboarding post COVID. In such situations, you get to leverage the immense level of experience and professionalism offered by a PEO during your company’s volatile periods.
3. Baby Boomers Are Exiting the Workforce, While Gen Zers Are Joining It
Data shows that in the last quarter of 2020, 28.6 million baby boomers left the workforce, and the trend is expected to continue into 2021. On the other hand, as of last year, Gen Z made up 36% of the workforce.
Gen Z and millennials prefer working in environments where they get continuous feedback from their managers, have clear career development plans and get to work with a diverse and inclusive team. And with remote working conditions and the support of a credible PEO, it is possible to meet this generation’s expectations.
For instance, since proximity to an office is no longer an issue, more than ever it is possible to work with a multicultural team. A PEO with an extensive network in HR can apply strategic hiring techniques that enable you to hire people from diverse backgrounds. Furthermore, PEOs have a wealth of experience, which equips them to provide insightful feedback and design progressive career development plans.
Working with millennials and Gen Z means mobile phones become a central feature in the communication approaches and platforms you use. Email, phone calls and meetings are presently considered outdated, while mobile-based communication is considered to be more engaging, prevent misunderstanding and enhance productivity.
A PEO will understand such dynamics and will have the knowledge to provide a conducive working experience for your staff