When it comes to the Coronavirus and business, it’s safe to say that business owners and employees have been in close cooperation with each other. We’ve been trying to figure out how business owners can retain their workforce while sales are way down.
It’s quite the challenge, as employee salaries are by far the largest expenditure for any business. So it looks like it will be back to basics for enterprises around the world.
Those who work the hardest will be given rewards and bonuses in other forms, than just money. Let’s explore how the world of business is going to change and how you could keep your job by working harder and smarter.
Junior roles matter
In a world where the junior worker has become the essential worker, CEOs will want to reward their workforce of this caliber, more so than before. The workers in the hospitality industry, such as waiters, guides, receptionists and flight attendants, will be getting paid more than ever before.
This is because junior roles matter more than pre-COVID-19. Very often, these workers are the ones that make the most contact with the customers, as regards the company. They will be the face and voice of your brand.
They are not people who you can replace so easily. Many times, they will have developed a relationship with clients and customers, allowing for the human connection to form. In times like this, where sales are down and closures are occurring routinely, having this closeness is invaluable.
Room for promotion
Hard work will get you anywhere, but the correct timing can do just the same for just about anybody. Now is the time for companies to seek new hires and boost their current workforce into higher positions.
They will simultaneously, replenish their junior roles with new blood, and give their current workers a leg-up to higher roles. But, since there are so many more options opening up, you need to check to see if you’re making the right financial decisions.
When or if, you’re offered a ‘better’ role, always start by checking your annual income for this new role. Is it worth it? Check how much you’ll be paid by the hour, per week, per month, and annually. You can calculate your new income taxes, and divide this up into quarterly, bi-monthly, weekly, and so on.
As many CEOs are confessing, they will need to hire new people, once the downturn in the global economy is over. That in turn, means a potential push up the ladder for you.
No more silos
Before COVID-19, you may have tolerated silos as a business owner. You may have thought something along the lines of, ‘hey, some kind of thought separation and diversity is good’.
But, now you need to have closer collaboration.,as mentioned, a business might have lost a lot of employees due to necessary let-go. However, this puts pressure on the current and remaining workforces.
Smaller teams have to form to make larger teams. Inherently, departments will need to merge. This will prevent silos from occurring and force employees of different persuasions to collaborate and succeed or fail, together.
It’s quite clear that since any business won’t be needing a lot of their workforce to turn up to physical offices, in order to work, that operational costs will plummet.
This means that employees could get paid more! Productivity levels have remained the same, despite millions of professionals now transitioning to remote work only. We have seen that remote workers work just as hard, if not harder.
The latest research shows that remote workers work around 45 minutes longer than their office counterparts. Eventually, this could rise to 9 hours across the board. That would be one of the largest and most powerful changes in modern economic history.
Since business owners aren’t needed to pay for as much office space, their costs will go down. If workers are working for longer, their pay could automatically go up too. The potential for considerable salary rises across the spectrum is palpable.
From junior to senior roles, you can expect pay to rise and therefore, base salaries to rise to. Bonuses are also set to rise.
When COVID-19 finally comes under control and normality resumes, the workplace will have changed forever. Luckily, as remote working has shown, hard work is still rewarded. The junior worker is appreciated more than ever before, and business owners can use the money they save, to increase the salaries of their employees.