Is Your Business Ready for Post- Pandemic Economic Recovery?
With COVID gradually moving into the rearview, the focus is now on the future – and it looks bright for business. As restrictions lift and offices open, the US economy is slowly but steadily regaining its footing, with S&P Global predicting a modest increase of real GDP of 5.7% for 2021, and 4.1% for 2022.
It'll take some time to move on from the pandemic, but these green shoots of economic recovery are a welcome sign. Hot on the heels of this optimistic outlook is a productivity boom, fueled by new technologies and a shifting labor market.
All in all, 2022 is shaping up to be an interesting year. Here's how to prepare your company for what's next.
Sharpen your team’s skills
With a newly revived market comes new opportunities. Your staff needs to be ready to grab them. Now's a good time to do a skills audit. Take a hard look at your industry and where it's going. Are you positioned to take the lead or will you lag behind? What are the core skills of your niche and how can these be strengthened or expanded?
A good place to start is your managerial team. These senior departmental leaders can help you identify any skills gaps in your workforce and how they can be addressed.
Bridging those gaps will look different for every firm. It may involve securing external training, bringing in new hires, investing in career progression courses for eligible employees or simply introducing a mentoring program so workers can move up the ranks and fill more senior positions as needed.
Your staff pulled together to ride out the pandemic, now's the time to reward that loyalty by investing in them, their future, and the future of your firm.
From labor shortage to hiring boom
Labor shortages broke out all over in 2021 as job openings soared while unemployment hit a high. In May, the labor market saw a record 9.2 million vacant positions as the workforce struggled to adapt.
Repeated closures and reopenings, baby boomers leaving faster than new graduates, stagnant wages - the seismic shifts in the workforce this past year were felt in a variety of sectors with hospitality and food and beverage the worst hit.
As COVID relief is phased out and the market strengthens, however, workers are expected to trickle back.
All of which makes it a great time for employers to snatch up highly skilled staff. The talent pool is currently wide open, with many eager to get back to work and put their skills to good use again.
Consider bringing on new team members so you can round out your workforce, add to your skill set and fill any positions that were left vacant by the pandemic. As the market heats up, you don’t want to be left in the lurch. Hire now and your new staff will have time to settle in, train and get to grips with their roles before work comes flooding in.
Retool your tech
Pandemic uncertainty, the labor shortage and supply chain disruption forced the business world to do more with less in 2021, increasing the US total productivity factor by 2.4% this year.
In a period of labor scarcity, productivity trends upwards. Businesses prioritize the staff they have, ensuring they’re making full use of their skills and maximizing their time. In many cases, this leads firms to invest more in their teams - providing training and materials so they can stretch their talents and take on more challenging roles.
Keeping employee productivity high with a smaller, leaner team also requires a large degree of technological support. In some cases, that means deciding which jobs can be phased out and fully automated. In others it means giving your staff the tools they need to work more efficiently and effectively.
And there’s plenty of productivity-boosting software solutions on the market. From asynchronous meeting apps to digital whiteboards, it's been a year of adaptation and innovation. As offices move towards hybrid workstations, demand for virtual collaboration and digital teamworking will remain high.
Making sure your team has access to the platforms, apps, and systems they need for secure and efficient project management will be crucial as the economy picks up – giving your firm the ability to scale as needed and meet any new challenges coming down the pipe.
That's why more and more businesses are turning to tools like Prodoscore – the productivity intelligence solution that lets you manage your team and measure their progress, whether they're in the office, at home, or at the local coffee shop. Contact us today for a free demonstration to see how we can help your company navigate the post-pandemic recovery.