The old adage of evolve or dissolve has always been a part of the challenges that face businesses. This rings truer today than maybe ever before. We see daily the many changes that companies and their leaders must adapt to and prepare for. The most successful businesses must be constantly on the path of meeting their current business goals as well as have the foresight and strategy to look out further ahead to anticipate what others cannot. <\/p>\n
The Darwinism of business is stronger than ever in our changing business climate. From issues related to workforce, technology, and governmental policies, times are changing at a rapid rate. This is why many area businesses choose to connect with their local economic development group and Chamber of Commerce to leverage shared knowledge and best practices. <\/p>\n
Business as we know it today will not be the same in the next few years. Consumers will be seeing continuing changes in their shopping and dining experiences as technology continues to evolve. Businesses need to make bets on how they will adapt with the changing demographic of upcoming tech savvy generations. A couple areas where change has been happening at an extremely rapid pace is in the workplace culture and workforce development. <\/p>\n
In my work, Ive been seeing tremendous business evolution. Here are some trends of note: <\/p>\n
Millennials meet Generation Z The genZers have arrived! 2016 marked the first year they entered the workplace while a third of management roles were filled by millennials. What are some of the challenges? For one, there is an ever widening technology gap between younger and older workers. In addition, stereotypes abound between the groups which causes friction. Interestingly enough, both generations agree that they want businesses to transform the office environment, reward employees, embrace flexibility, and take on causes. <\/p>\n
The three Ws Workplace wellness and well-being are the three Ws of attraction tool trends. Getting creative with wellness programs is increasingly common. Companies that are leveraging wellness programs find multiple levels of benefits that affect their bottom line including attracting talent, lower absenteeism and lower healthcare costs. <\/p>\n
Changing employer\/employee contract Believe it or not, regardless of age, the tenure for employees is currently 4.6 years in the U.S. There is no lifetime employment contract and attracting employees is an ongoing activity for all employers regardless if you have current openings. In addition, the work relationship between employers and employees continues to change with more working at home, more operating as independent contractors, and also with employers utilizing technologies to leverage employees in remote locales. <\/p>\n
Evolving benefits All age groups, genders, and ethnicities care about fair compensation. Other important factors are healthcare and work flexibility. Studies have shown some employee groups value work flexibility above healthcare and yet only 1\/3 of companies even offer it. And those that do, often dont promote it to job seekers. Other new benefits include assistance with student loans and I even heard of a local business thinking about providing car insurance. <\/p>\n
While businesses continue to work on meeting the next challenges, especially in the area of workforce development, we have some local successes to celebrate. <\/p>\n
Congrats to I.C. System, Reell Precision Manufacturing, and The Specialty Mfg. Company for receiving the Star Tribunes 2017 Top Workplace achievement. <\/p>\n
Top Workplaces recognizes the most progressive companies in Minnesota through employee opinions, including employee feedback about workplace culture, the levels of employee engagement, organizational health, and overall satisfaction. <\/p>\n
The Northeast Metro community is fortunate to have a vibrant business community continually connecting together to get ahead of the curve on what is next around the corner. Regardless of what tomorrow brings, we are all committed to shared success together. <\/p>\n
Ling Becker is executive director of the Vadnais Heights Economic Development Corporation. <\/p>\n
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Business times are a changin' - White Bear Press<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" The old adage of evolve or dissolve has always been a part of the challenges that face businesses. Continue reading