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The Future of the Work Force

Keeping top talent happy has become pivotal to obtaining and retaining the best clients.

Due to massive shifts in technology, the work force has been rapidly evolving over the last decade. Take for example the ability to work remotely (especially for computer based jobs and careers). Younger employees are especially hoping new technology will make work schedules more flexible.  Businesses that want to attract and retain the smartest and hardest working new talent must consider adapting these new requirements set forth by the work force.  Those that do not adapt, or cannot adapt, will find themselves unable to find and keep the best talent. This will cause the work to suffer, and the clients to eventually look elsewhere.

Flexibility (and Benefits) in the Work Force

As the work force trends towards younger (and more technologically savvy) employees, the landscape of required benefits has also changed. Many years ago, most employees were happy with a decent wage, a comfortable retirement (usually through a pension), and health benefits. Nowadays, employees are more apt to find a job that provides the best technology, the flexibility of a reduced schedule and/or working remotely, additional vacation time, tuition assistance, and increased parental leave.

With the rapid increase in technology, it has become increasingly easy for employees to work from home, the beach, or the local coffee shop.  Since this might bring challenges with supervision, it is important to only allow trustworthy and hardworking employees the flexibility that they desire.  Additional vacation time and other non-monetary benefits will hopefully convince your new age employees to perform to the best of their ability.

The Importance of the Best Employees

Finding and retaining the best employees is just as important as finding and retaining the best (most complex and highest paying) clients. Without the best employees, the level of work and responsiveness to clients will almost definitely suffer. Once the service to the client suffers, it will be extremely difficult to keep the clients you have. Once negative reviews hit the internet, it will also be very difficult to find new clients.

It is often difficult for smaller firms and companies to provide the most cutting edge benefits, so it is very important to make up for the difference with a higher salary and additional vacation time.  The most up to date technology (such as the latest iPhone and a new laptop) is also a great way to keep employees happy.

Conclusion

The current work force is rapidly changing as technology advances.  It is important to keep up with the ever-changing world, or there is a good chance that your business will be kept in the past.  Employees (especially the younger generation) are more in tune with working at home or other locations outside of the office.

Along with a more flexible working environment, employees are looking for other benefits (in addition to a good salary). Flexible hours, additional vacation time, and more robust health benefits have become very important to retaining the best employees.  Keeping the best employees has become very important to retaining the best clients.

My name is Andrew and I am a CPA. I focus on taxes and accounting for various individuals and small to medium sized business. I also invest in real estate. Lastly, I focus on individual and family wealth management, retirement, college savings, and life/disability insurance.

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