The New Year will bring New Opportunities for Businesses

Make no mistake, for many businesses, 2021 will start the long road of recovery.  With the uncertainty of the elections, racial tensions and talks of additional shutdowns; many businesses can’t seem to catch a break.  The year 2020 has been a punch in the gut for organizations large and small.  We’ve seen unexpected and unprecedented revenue and profit loss and staggering numbers of layoffs, furloughs and salary reductions. Midway through the year, many businesses, like many individuals, have written 2020 off as a complete loss, turning attention, energy and creativity toward preparing for a better, brighter 2021.

The hope and desire for smooth sailing will drive enhanced expectations and increased pressure for businesses and employees to get back to pre-pandemic levels of performance and profitability. This charge will fall on the shoulders of a significantly reduced workforce because hiring often lags behind economic recovery, and experts project as many as 42% of pandemic-related job losses becoming permanent. It’s hard to conceive, but the already stressed workforce of 2020 may not get much relief in the year ahead.

A big question for business leaders will be: As markets rebound and companies demand better results, will the increased emphasis on employee well-being and support services during this time of pandemic and social unrest regress once economic recovery is in full swing?  Human resource professionals are the corporate world’s eyes, ears and conscience. Acting as the organization’s moral barometer, they focus on the welfare and well-being of their employees. Even if the pandemic subsides toward the end of 2020, HR leadership will be just as critical in 2021 because it will be up to us to ensure that as companies aim for blue skies, they don’t create darker clouds for their workforce.

It comes as no surprise that without the right talent, organizations will be hard-pressed to excel in 2021. The challenge instead becomes better understanding who this talent is in your organization and how to support them.  In looking to rebound as quickly as possible, business leaders may be inclined to push team members harder than ever before. It is imperative that your employees can thrive in new, high-pressure environments while delivering results. Being resilient, agile and dynamic and having a high EQ throughout the organization will make this possible.

Even those who previously excelled in a high-pressure environment are weary from the personal and professional stresses that the pandemic and social unrest have brought about. Elevated attention and resources to support flexible work schedules and mental health — made commonplace earlier in 2020 — will continue to be essential into 2021.

Organizations should not wait to prepare themselves for next year. As HR leaders, you need to gather teams and start planning, strategizing and working now on how you will position your organization in the future. Focusing on the right values and cultivating crucial talent will be key to preparing your organization for the year ahead. After facing the unthinkable in 2020, you can help your organization avoid an unwelcome surprise of a more stressful 2021, and thrive instead.

It is good to have a partner that is an expert in utilizing the most advance resources available today.  Questco is there to help you inspire your labor force through a plethora of HR Services such as: Payroll Services, Benefit Plans, Benefits Administration, HR Technology and Workers’ Comp & Safety Services.  Utilizing Questco’s vast experience, your company can thrive in today’s environment.

Charlie Reeves, Senior Business Development Manager, has decades of experience in Human Resource Solutions.  He is one of the most senior members at Questco and recognized for helping clients of all sizes save money, improve labor efficiency and provide the strongest support for HR Services.  As an entrepreneurs himself, he has lived the long days and sleepless nights on the road to success.  He brings the skill and scale to support you in the pursuit of your goals.  For more information on payroll services, benefit plans, benefits administration, HR technology, workers’ comp and safety services email Charlie.Reeves@questco.net or contact him directly at 936.521.5841.