Last week, McKinsey released its latest McKinsey Global Survey on economic conditions. More than 70% of the respondents said economic conditions are better now than they were six months ago — the largest share to say so since McKinsey started asking the question more than a decade ago. Even more impressive, 81% expect the economy to continue growing in the months ahead.
Businesses across industries are seeing (or expect to see) growth, especially in California where vaccination rates are among the highest in the nation. People are traveling again, unemployment is down, and consumer spending continues to trend upward.
California’s June 15 proclamation gave businesses permission to fully reopen, though as we explored in last month’s webinar — the return to work can be full of landmines. Many of our clients are opting for a hybrid model for now, with an expectation of being fully back in September when schools reopen.
Experts across the board agree one key driver for success post-pandemic: hiring and retaining top talent. We continue to see an uptick in job searches. Employees are weighing their options, planning their next career moves and reconsidering what’s most important to them.
Business leaders must understand what it takes to retain talent in this ultra-competitive landscape, including flexible work policies, career development opportunities, workplace culture, non-traditional benefits and, of course, salary.
From a hiring standpoint, when you find the right person, hire quickly. With so much competition for top talent, it’s imperative to move fast, expect multiple offers and be prepared to negotiate.
It’s also a great time to leverage consultants who can fill in any gaps you might have, relieving some of the stress of an overworked team and allowing you to mitigate lost productivity from unfilled positions.
Harvard Busines Review recently looked at the businesses that will do best post-COVID. They identified these critical behaviors related to productivity that companies will need to follow to capitalize on the rebound.
- Seize on the specific learnings from the crisis. The pandemics forced many companies to adapt to new realities, often by exploring new, digital, and often more efficient processes and channels.
- Institutionalize the learning process from the crisis. COVID also forced business to try things they wouldn’t have otherwise tried, often at surprisingly little cost. These learnings need to become “standard operating procedures.”
- Understand that the old playbook of plugging gaps by hiring the next worker will be hard. Instead, focus on leveraging technologies and processes to improve productivity with existing team members. This can also have a positive impact on retention.
- And lead effectively. Leadership that gets everyone pushing in the same direction (ranging from the operational to the inspirational type) can unlock significant productivity gains.
There’s no doubt: We are in a recovery period, with most leaders expecting the second half of 2021 to gain even more speed. There’s no time to waste with open positions or non-optimized teams.
Alliance Resource Group is standing by to help you build the accounting and finance team that will help you make the most of this unprecedented time.