Business Education

In the Hybrid Work World, Some Perks are Disappearing, But Should Your Business Take Advantage

In the Hybrid Work World, Some Perks are Disappearing, But Should Your Business Take Advantage?

Summer Fridays were once widely embraced by businesses to boost employee satisfaction and provide adaptability in a highly competitive employment landscape that demanded companies offer certain perks and fringe benefits.

Back in 2019, a significant 55% of U.S. companies adopted summer benefits, allowing employees to either take Fridays off or depart early during the warmer months, as indicated by Gartner’s research. However, the onset of the pandemic in 2020 and the subsequent growth of remote and hybrid work models have seemingly diminished the appeal of this particular Friday perk for many companies.

Recent data from Flex Index reveals that 37% of U.S. companies now follow a structured hybrid approach, marking an increase from 20% in early 2023. Additionally, 32% of companies offer complete flexibility, while 31% maintain a full-time, in-office attendance requirement.

The surge in hybrid and remote work arrangements might be responsible for the decline in Summer Fridays. A 2023 survey by Monster.com, a job recruitment website, reported that only 34% of U.S. workers were offered summer benefits. This data begs the question: how do companies deal with employee perks amidst a changing business landscape?

How Businesses Can Strike a Balance When Deciding Which Workplace Perks to Adopt and Which to Drop

Balancing workplace perks for small businesses involves considering the needs and preferences of employees, the company’s financial capabilities, and the overall impact on productivity and morale. Here are some steps small business owners can take to strike a balance:

Understand employee needs. Conduct surveys or hold discussions to understand which perks are most valued by employees. This can help in prioritizing benefits that align with their needs and preferences rather than guessing or relying on intuition.
Financial viability. Evaluate the cost of each perk and its potential return on investment. Consider the financial health of the company and the long-term sustainability of the benefits package. The answers you find may surprise you and it’s better to know definitively than to ballpark estimates.
Legal requirements. Ensure that the benefits package complies with all relevant laws and regulations, such as the Family and Medical Leave Act (FMLA) and the Affordable Care Act (ACA).
Flexibility. Consider offering flexible benefits that can be tailored to the individual needs of employees. This could include options for remote work, flexible working hours, or additional benefits like gym memberships or childcare support.
Regular review. Regularly review the effectiveness of the benefits package and make adjustments based on employee feedback and changing business needs.
Communication. Keep employees informed about changes to the benefits package and the rationale behind these decisions. Open communication can help to manage expectations and maintain morale.
Benchmarking. Look at what similar companies are offering to ensure that the benefits package is competitive within the industry. This also helps you to keep your employee retention high as they’ll have less incentive to go elsewhere.

Additionally, be sure to consider alternatives. If certain perks are too costly, consider alternative ways to achieve the same goal. For example, instead of offering a full gym membership, the company could provide a fitness stipend or organize group fitness classes.

By doing just a bit of research and listening to employee feedback and concer, small business owners can create a benefits package that supports the well-being and productivity of their employees while also being financially sustainable for the business.

Want to Accomplish More?

Do you want your company to grow faster and earn more while you spend more time with your family doing all the things you started your business to do?

We can make that dream a reality. Give us 30 minutes and we will show you how to get your life back. Skeptical? Good! Put us to the test.

You can call us for your free appointment at (602) 541-1760, or, if you prefer, Waters Business Consulting Group to learn more about us and the services we offer.

Like this article?

Cheap But Meaningful Ways to Boost Your Company’s Local Awareness

June 8, 2023 No Comments

In today’s competitive business landscape, it’s crucial for small businesses to enhance their local awareness and brand recognition to stay ahead. While advertising and marketing campaigns can be expensive, there are cost-effective yet meaningful ways to increase your company’s visibility and establish a strong presence in your local community. Cheap But Meaningful Ways to Boost Your Company’s Local Awareness Obviously, this is all easier said than done. With all this in mind, let’s go ahead and explore several inexpensive strategies that can help boost your small business’s local awareness and improve brand recognition. Community Involvement and Partnerships Engaging with the local community is an excellent way to enhance your company’s visibility and build meaningful connections. Consider sponsoring local events, sports teams, or charitable causes that align with your business values. Participate in community service activities or collaborate with other businesses to host joint events or promotions. These activities not only showcase your brand but also demonstrate your commitment to the community, fostering positive word-of-mouth and strengthening your reputation. Example: If you own a bakery, partner with a local charity to donate a portion of your sales to a cause. This initiative not only supports a worthy cause but also generates positive exposure for your bakery, as customers appreciate businesses that give back to the community. Online Presence and Local Directories Having a strong online presence is essential for increasing local awareness. Create a professional website that highlights your products or services, and optimize it for local search engine optimization (SEO) to improve your visibility in local search results. Register your business with online directories and review platforms such as Google My Business, Yelp, and TripAdvisor. Encourage satisfied customers to leave positive reviews, as online reviews play a significant role in building trust and attracting new customers. Example: If you run a boutique clothing store, optimize your website by including location-specific keywords and updating your Google My Business profile with accurate information, attractive images, and positive customer reviews. This increases the likelihood of your store appearing in local search results when potential customers are looking for nearby clothing stores. Social Media Engagement Utilize social media platforms to engage with your local audience and promote your brand. Regularly share valuable content, such as tips, behind-the-scenes glimpses, or customer success stories. Encourage user-generated content by running contests or featuring customer photos. Engage with followers by responding to comments and messages promptly. By building an active social media presence, you can foster a sense of community and increase brand recognition among your target audience. Example: If you own a coffee shop, use Instagram to share aesthetically pleasing photos of your drinks, cozy corners, or latte art. Encourage customers to share their photos using a branded hashtag, and feature their pictures on your profile. This not only creates buzz but also encourages others to visit your coffee shop to experience the ambiance themselves. Local Collaborations and Cross-Promotions Collaborating with other local businesses can be mutually beneficial in terms of brand exposure. Identify complementary businesses in your area and explore opportunities for cross-promotions or joint marketing efforts. For example, you can offer exclusive discounts or package deals when customers make purchases from both businesses. By tapping into each other’s customer base, you expand your reach and increase awareness of your brand within the local community. Example: If you own a gym, partner with a nearby health food store to offer a discount coupon for a gym membership when customers make a purchase at the store. This encourages a healthy lifestyle and exposes your gym to potential customers who are interested in fitness-related products. Local PR and Media Coverage Building relationships with local journalists, bloggers, and influencers can help generate media coverage for your business. Reach out to local media outlets, offering them story ideas or insights related to your industry. Consider hosting local events or participating in local trade shows, which can attract media attention. Being featured in local publications or online platforms increases your company’s visibility and establishes you as an authority in your field. Questions Example: If you operate a pet grooming salon, collaborate with a local pet blogger or influencer to offer tips on pet grooming or demonstrate grooming techniques. This partnership can lead to a feature article or blog post that introduces your business to a wider audience. What other suggestions would you include for how to boost a company’s local awareness in meaningful ways but doing so inexpensively? Please take a moment 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 to learn more about us and the services we offer.

How Strangers Can Teach You to Personally Connect

May 16, 2017 No Comments

Meeting strangers is something we do often. It’s part of life, and, most first time encounters are awkward. We meet new people in our professional lives and that creates anxiety. Even in social situations, it can be difficult. As you become more familiar with others, the apprehension subsides. It’s a process with a learning curve because everyone you meet is different. Personality type plays a big role in how we interact with others, carefully choosing words that are appropriate for the situation. For some, like full-blown extroverts, meeting new people is a cinch — it comes quite naturally. For the majority, however, that’s simply not the case. You always want to make a good impression and be liked from the very first moment. It’s how to accomplish that goal you probably fret over most. How Strangers Can Teach You to Personally Connect Strangers are everywhere. No matter where you go, chances are excellent you’ll be surrounded by strangers. Even people you see all the time, but don’t interact with, are part of day-to-day life. You can learn from this common phenomenon by watching and listening. Taking a bit further, think about and compare those interactions to people you consider friends. At one point, you didn’t know one another, but now, you do. You’ve found you share an interest, hobby, or personality trait. The most powerful way to create an instant connection with your friends, family, co-workers and everyone you will ever meet from this moment on is simple. Just shut up and listen. —Entrepreneur.com When you were new to one another, think back to what led you to become friends. Perhaps you had children in the same classroom, shared office space, or, got your morning coffee from the same place. Whatever brought you in contact, you eventually interacted. So, when you meet someone new, be mindful of how he or she connects with you. Some are better than others, but, no matter their demeanor, you’ll still learn. Of course, those you’ll learn the most from are people who are instantly likable. In business, connecting on a personal level is a must to foster a solid relationship. It’s the people you meet and help who will be some of your best brand ambassadors. If you want to connect with others nearly instantaneously, pay close attention to strangers you meet who have that very ability. What you’ll notice is there are commonalities, like the following: They genuinely smile. This simple facial expression that indicates joy, pleasure, or entertainment, is very powerful. It sets the tone and makes you approachable. In addition, it conveys you are an amicable person. The trick is to do so naturally — a forced or fake smile will do the opposite of a genuine one. If you are a person with a natural scowl, then just think of something that makes you happy. They greet you and use your name. You’ve probably gone through a conversation with someone new and never once heard your own name. People who naturally connect, greet you with enthusiasm, and, use your name. It’s something our brains are hardwired to enjoy because it identifies us as individuals. Do the same: greet with eagerness, smile, and use his or her name. Just a few mentions will do a lot to establish a rapport. They interject levity. Another common part of interaction is the dreaded bore — the person who drones on and on about this or that. It’s the exact opposite of people whose company we most enjoy — those who make us laugh. Little anecdotes, small observations, and even humorous situations really help to break the ice. Not only is a great way to be amicable, it also helps to foster a more casual conversation. Just be mindful to use appropriate language and not go overboard. They gesticulate smartly. People who connect instantly gesticulate, but do so in a savvy manner. They use their hands and arms to show enthusiasm and energy, which helps to hone your attention. Use the same technique when you are meeting someone, but do so without going too far. They truly listen. There’s practically nothing more frustrating than being barraged by words without being able to reply. People who naturally connect do so in-part, by letting others talk, and, by listening. When you meet someone for the first time, one of your goals should be to get them to talk about themselves. Another commonality is they talk to everyone. No, not in a babbling or bombastic manner, but in an inclusive way. If you adopt this practice, small talk will flow naturally and you’ll be able to connect faster. Connecting and continuing the Communication is what builds the Relationship. If it is a Relationship worth building, continue the process and you will move to Trust which brings on a higher level of interaction and experience which can transform your life. Go out and meet new people … and see where your journey takes you! [shareaholic app=”follow_buttons” id=”26833294″]

Small Business Owners in the Trades – Should You Provide Your Techs with Tools or Have Them Supply Their Own?

October 10, 2024 No Comments

Trades-based small business owners, from plumbers and electricians to HVAC and carpenters, often ask one question that sparks debate among newcomers and seasoned professionals alike: should you provide your technicians with tools, or should they bring their own to the job? This decision is far from trivial because it can significantly impact your business’s operations, finances, and even team dynamics. On one hand, supplying tools ensures consistency and control over equipment quality, but it comes with substantial upfront costs and ongoing maintenance responsibilities. On the other, having techs supply their own tools can reduce your overhead and potentially attract more experienced professionals, but it may lead to inconsistencies in work quality and create liability concerns. With this in mind, it’s important to take a close look at the pros and cons of each approach, exploring how this choice can affect your bottom line, workforce satisfaction, and overall business efficiency. Whether you’re a seasoned trades business owner re-evaluating your current policy or even a newcomer to the industry trying to make an informed decision, this short but informative guide will help you navigate this crucial aspect of managing a trades-based small business. Tools of the Trade: Should Small Business Owners Provide Them or Let Techs Bring Their Own? When you’re running a small business in the trades, every decision counts. One big question you might face is whether to provide tools for your techs or let them supply their own. This choice can shape your business culture, affect costs, and influence your workers’ morale. So, what’s the right move for you? Well, it depends on several factors, some of which are more consequential than others. Now, let’s get into the nitty-gritty and provide a few answers. Why You Might Want to Supply Tools Providing tools shows commitment to your employees. Just think about it: when you hand over a quality tool, it sends a message. It says, “I trust you to do your best work.” Plus, you can control the quality of the gear. If you’ve ever used a low-quality drill or a dull saw, you know how much it can affect the job. When you supply reliable tools, you ensure that your team has what they need to get the job done right. Consider this scenario: you have a new tech on your team. You give them top-notch tools. They feel valued and more confident about their work. That confidence can translate into higher-quality results and fewer mistakes. When you supply the tools, you can also streamline your operations. Everyone uses the same gear, which means less time wasted figuring things out. But, don’t forget about cost factors, either. Supplying tools means you’ll have to spend money upfront. Depending on your business size and the number of employees, this can add up fast. If your workers have their tools, you can save some pretty penny while also encouraging them to bring their best selves to work. The Case for Techs Bringing Their Own Tools On the flip side, letting your techs supply their tools can encourage a sense of ownership. When someone buys their tools, they’re likely to take better care of them (and not forget them on a job site). That personal investment can lead to pride in their work. Also, if your techs have their own favorite tools, they probably know how to use them best. This familiarity can speed up jobs and enhance quality. When the tools are owned by your employees, they’re the master of their domain. No need to seek approval from anyone – not even the boss. This makes their freedom palpable. Techs don’t have to wait for a painfully slow approval process. Plus, they don’t have to suffer delays to wait for the tools to arrive. All they need is right there, ready for them to pick up and put to use. Techs who own their own tools feel empowered to work on their term. They can dive into a project without bureaucratic hurdles or logistical roadblocks. Finding the Right Balance So, where does that leave you? It’s not always black and white. Some businesses choose a middle ground. For example, you might provide basic tools and let your techs bring specialized ones. This way, you maintain quality without breaking the bank. Additionally, think about offering incentives for tool maintenance. A tool bonus could encourage your employees to keep their gear in shape, whether it’s yours or theirs. The Team Factor Now, let’s look at team dynamics, which play a crucial role in this decision. If you have a collaborative environment, having similar tools might strengthen that bond. Everyone’s working with the same equipment, which can foster teamwork. On the contrary, if your crew thrives on individuality, let them shine with their personal tools. Moreover, open communication is key. Ask your techs what they prefer. You might discover a shared sentiment that could guide your decision. Creating a culture of inclusiveness not only builds trust but also enhances productivity. Consider the Following Whether you provide tools or let your techs supply their own is a complex choice, shaped by your business goals, team dynamics, and budget. Whichever path you choose, prioritize your team’s needs and consider the long-term implications. Remember, successful businesses don’t just focus on profit; they also invest in their people. In the end, your decision will set the tone for your workplace, creating a space where everyone can thrive. Want to Accomplish More? Do you want your company to grow faster and earn more while you spend more time with your family doing all the things you started your business to do? We can make that dream a reality. Give us 30 minutes and we will show you how to get your life back. Skeptical? Good! Put us to the test. You can call us for your free appointment at 480-636-1720, or, if you prefer,