Business Education

3 Common Long-Term Hybrid Workplace Challenges

A hybrid workplace is one that employs a combination of traditional office workers and remote employees. This setup has become more popular in recent years as technology has made it easier for people to work from home. While there are many benefits to this arrangement, there are also some challenges that must be faced in order to make it work long-term. In this blog post, we will discuss three of the most common challenges: employee work time, fewer team interactions, and time-sensitive deadlines.

Hybrid vs Traditional Workplaces

Traditional workplaces existed for many decades before the introduction of hybrids, which of course, became ubiquitous during the pandemic shutdown. At that time, businesses hurriedly transitioned from tradition to hybrid. Of course, this triggered a learning curb. And, some businesses experienced mostly smooth sailing. But, others struggled to make it work. Regardless of how it started, what’s unfolding or about to happen unleashes some unintended consequences.

One thing is clear about the future of work: At least in the near term — and possibly for much longer — hybrid work arrangements are going to be the norm for many organizations, in industries ranging from tech to pharmaceuticals to academia. There are good reasons why many companies and employees are excited about this mix of in-person and remote work — and equally good reasons why many feel trepidation about the shift. —Harvard Business Review

Businesses always face challenges. From small to large, there’s no end to obstacles and issues. Going hybrid will solve some of those problems. Still, the transition and new normal will also breed new challenges. Fortunately, there are ways to cope and deal with those obstacles.

3 Long-Term Hybrid Workplace Challenges

The great thing about a hybrid workplace is that it offers flexibility, freedom, and lessens commute woes and expenses. But, it does create unique challenges that weren’t likely present before its establishment. So, if your business is transitioning into a hybrid workplace or it’s already been implemented, here are three of the most common challenges facing hybrid companies:

Employee work time. One of the biggest challenges faced by companies with a hybrid workplace is ensuring that employees are working the same number of hours. This can be difficult to do when some employees are in the office and others are remote. It can also be difficult to track employee time when they are working from home. In order to overcome this problem, managers need to have clear expectations about when their employees should be available for meetings or assignments and how long they are expected to work each day. This might include having regular check-ins with remote staff during normal business hours so everyone knows what is expected of them.
Fewer employee team interactions. Another challenge faced by companies that have a hybrid workplace is that there are fewer opportunities for employees to interact with one another. For example, when people work from home they may not have as much time to talk about their day over lunch or exchange ideas in person during meetings. This can lead to feelings of isolation among employees which is never good for productivity levels. In order to overcome this challenge, companies need to find ways for employees to interact with one another even when they are not in the office. This might include using video conferencing tools or having regular team-building activities.
Time-sensitive deadlines. A final challenge faced by companies with a hybrid workplace is that remote employees can sometimes have trouble meeting time-sensitive deadlines. For example, if someone is sick or has an unexpected emergency that requires them to be away from work for a few days then this could mean missing out on important projects which could lead to loss of revenue and customers. In order to avoid this problem, managers need to make sure they are clear about expectations when it comes down to deadlines so that employees know what needs to be done by when. This might include having regular check-ins with remote staff during normal business hours so everyone knows what is expected of them and how long they are expected to work each day.

What other common challenges do hybrid workplaces face? Please take a few moments to share your thoughts and experiences so others can benefit from your input. Interested in learning more about business? Then just visit Waters Business Consulting Group.

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How to Choose the Right Business Bank Account

May 17, 2021 No Comments

The right business bank account can do wonders for any entrepreneur. Whether you’re starting a new venture, are an independent contractor, or just have a side gig, a commercial bank account is generally a very good idea. Not only does it help you separate business transactions from your personal purchases, it can also serve as legal protection. So, read on to learn more about how to choose the right business bank account. Top Business Bank Account Benefits A commercial bank account makes it a cinch to tracking business expenses. You can monitor spending with ease. Plus, it can also be a big help in preventing overspending. What’s more, having a dedicated business account will be a huge time-saver come tax time (which can be every quarter, by the way). Business checking accounts can make it easier to separate business spending from personal spending. If you run a small business, are self-employed or earn money as an independent contractor or gig worker, a business checking account is something you may need. But which one is best for you? Just as with personal checking accounts, choosing a business bank account comes down to finding one that offers the right combination of features, benefits and cost. —Forbes.com Additionally, a business bank account makes your organization look more professional. This, not to mention you can also usually enjoy some personalized and professional services of your own. For instance, having documents notarized for free or a minimal fee. Or, helping you to choose the right business credit card and/or debit card. How to Choose the Right Business Bank Account Unfortunately, choosing the right business bank account can also be a bit intimidating. After all, you want to get the most out of it while paying the least (since practically all commercial accounts charge fees). So, here are a few helpful tips to find the best business bank account: Ask about fees and requirements. There are very few business bank accounts without fees and requirements. But, some financial institutions waive one or more fees if the account continually maintains a certain minimal balance and/or has a number of business transactions. Know not all introductory offers are the same. Some banks offer very tempting introductory offers. Of course, these expire, so you want to make sure you understand the exact terms. Moreover, pay close attention to what occurs thereafter because it might well be a lot more trouble than it’s worth. Do your homework. Of course, you can always get recommendations from other businesses. But, don’t just go on their experiences alone. Take some time to research different banks online and see how they perform with the Better Business Bureau. Commercial customer reviews could also tell you a whole lot about how a bank treats its business customers. Compare and contrast. Obviously, you’ll need to stack your possible options up against one another. While one might charge a bit more in fees, it could offer waivers. Or, you could value having several branches because it’s more conducive to your business’ needs. Be sure to go over the pros and cons of each to decide which is the best overall fit. What other suggestions do you have in selecting a good business bank account? Please share your thoughts and experiences so others can benefit from your unique perspective! Interested in learning more about business? Then just visit Waters Business Consulting Group.

How to Avoid the Prisoner’s Dilemma Business Trap

February 18, 2021 No Comments

The prisoner’s dilemma is a simple principle that explains a very inconvenient paradox. That being, when two or more people are in competition to reach the same goal, instead of working together, they’ll more often make self-serving or sub-optimal choices to their desired end. In other words, they won’t work as a team, attempting to obtain the same result, but rather, as mutual competitors. When this happens, it can easily lead to unhealthy competition, jealousy, infighting, and poor company morale. Fortunately, there are a few effective strategies to cope with such situations. What Causes the Prisoner’s Dilemma in Business Named for a scenario to explain why prisoners do not routinely rise up against the guards of a penitentiary, the prisoner’s dilemma attempts to define why it is that inmates don’t rally together to overtake the facility in order to ultimately escape. (After all, they greatly outnumber the guards and other staff.) …a teaming mindset must be adopted on purpose. Team leaders must paint success in the team as something shared and expansive. Because seeing success this way is rarely spontaneous, leaders have to go out of their way to convey — to sell, really — the upside of collaborative work. The message must be that success can be greater and more exciting when people work together. When this is done well, team members tend to focus more on the work than on themselves. They also focus on what the work means for the company’s value proposition — for their customers. —Harvard Business Review The reason behind it is simple — while everyone might be ostensibly working toward the same goal, that is taking over and breaking out of the prison, each person will act in their own individual best interest — this ultimately leads to chaos and of course, makes the end goal of escaping nearly impossible. Effective Strategies for Dealing with the Prisoner’s Dilemma in Business You might have noticed this dynamic working out among your sales team or any given group of employees. They seem to be in a constant state of competition, even to the point of harming your company’s overall goals. The good news is there are ways to deal with such scenarios, like the following: Encourage healthy discussions. Although some individuals seemingly always do what’s only in their self-interest, very few will continue such behavior if they know that it’s counterproductive to their future. During sales meetings, come up with common strategies that everyone can agree to follow and put everyone on the same path toward your desired goals. Scrutinize potential hires. If someone has a very impressive track record, but hops from one company to another, that’s obviously a red flag. So, listen carefully during the interview process for attitudes that convey job dissatisfaction, unhealthy competition with previous employees/employers, and other negative perspectives and emotions. Such individuals will tell you in not-so-subtle ways that they don’t work well with others. Reward genuine teamwork. Ronald Reagan copied a famous inspirational phrase by repeating this sentiment, “It’s amazing what can be accomplished when nobody cares who gets the credit.” This is very difficult for any group, especially those in a competitive environment. But, if you reward everyone involved for working as a team to reach their goals, you reinforce positive behaviors. What other suggestions do you have? Please take a moment to comment and share your thoughts and experiences so others can benefit from your unique perspective! Interested in learning more about business? Then just visit Waters Business Consulting Group.

3 Big Reopening Mistakes Businesses should Avoid

June 24, 2020 No Comments

Businesses are anxious to reopen. Consumers are likewise ready to return to normal (or as close to normal as possible). But, any business reopening must do so responsibly. After all, not providing a safe environment will only backfire and cost them in a number of ways. This means taking a smart, incremental approach and one that can help to get things back on track. What to Know about Post-Pandemic Reopening The first thing any business owner needs to know is exactly what their state and local governments will allow and disallow. If you run afoul of the rules, even those which seem unfair, you’re only setting yourself for a lot of grief and probably a huge amount of regret. For these small businesses to come back after the pandemic abates, and once again serve as an engine of American innovation, they need aid. The Coronavirus Aid, Relief and Economic Security (or CARES) Act set aside $349 billion in loans and assistance for small businesses and there may be more to come. But business owners also need to make the best possible decisions to get them through this difficult period. —Harvard Business Review Another thing to know about reopening is how your patrons or clients will respond. Just because there’s a green light to open from the state and local government doesn’t mean the public will respond positively. In other words, you need to understand public sentiment. 3 Big Reopening Mistakes Businesses should Avoid Now, as for reopening, there are many things you should do to get back to full operation. But, there are also things you need to avoid doing, as well. Here are three of the biggest reopening mistakes businesses should avoid: Expecting employees to immediately return to work. Just because you’re ready (and willing), doesn’t mean your team members will feel or act the same way. So, speak with each one individually and listen to their concerns. Plus, encourage them to be open about their circumstances and be supportive, if necessary. Some business owners are expressing challenges with employees who are receiving unemployment which exceeds what they earned as an employee so they are reluctant to return. Business owners need to be prepared by discussing the need to help the business serve its customers. Also, if the employee does not return, there is no guarantee the employer will not have replaced the employee’s position when the previous employee’s unemployment checks end Not having procedures in place to maintain social distancing. At this time, it’s expected there will still be a need for social distancing into the foreseeable future. So, be sure to formulate a realistic plan to maintain those social distances in order to provide a safe and healthy environment. Trying to rush through the reopening process to get things back to normal ASAP. Whatever you do, don’t fall into the trap of trying to reopen to soon or at too fast a pace. While it’s completely understandable you’re ready to resume operations, if you rush, you’re likely to make rash decisions that will cost you in more ways than one. Remember to offer what the Customer wants. Instead of trying to reinvent your service offerings, ask the Customer what they want and most enjoyed or valued about your services and deliver what the Customer wants. What other mistakes would you say businesses that reopen are likely to experience? Please share your thoughts by commenting! Interested in learning more about business? Then just visit Waters Business Consulting Group.