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The Covid-19 crisis is changing current employer to employee relationships dramatically.

Forced business closings are resulting in unplanned employee layoffs. But many businesses remain open due to innovative methods of connecting with customers and employees. 

We all hope these pandemic conditions will fade quickly. We know that eventually business conditions and the economy will return to normalcy.   But some ways of doing business and managing the business owner to employee relationship were already changing before the crisis. 

These new attitudes and methods, currently expanded due to necessity, will likely continue even when the Covid-19 crisis becomes a memory.  These changes could actually increase profits and strengthen employer to employee relationships. 

Following is a short list of what to expect in the future, when the economy bounces back from the Covid-19 crisis.

Technology and Evolving Attitudes Will Enhance Employer/Employee Relationships.

As referenced in this Forbes Magazine article, businesses are rediscovering the value of employee engagement. 

Respecting employees, encouraging their participation concerning decisions, embracing them as a positive factor in the business’ big picture, rather than simply as cogs in a wheel – creates loyal, productive employees.  

Loyalty creates employees who better serve customers; associates who act in the best interest of the business itself, rather than simply offering the minimum performance needed to earn a paycheck.   

Working Remotely is Convenient and Profitable for Businesses and Employees.

Many employees who formerly commuted to an office have taken their computers home due to stay-at-home orders and business closing requirements. Most are successfully completing their duties remotely. 

If they can work from home during the crisis, many employers and employees will continue to do so to save time, gas, the hassle of heavy traffic and the need for the employer to provide expensive office space.

Virtual Consultations And Meetings Save Time and Money

Travel takes time and resources away from company profits. Virtual meetings will be considered more efficient.  They save employees travel time, save the company hotel and transportation expenses. The bottom line would benefit.  

Savings on travel expenses could make more funds available for employee benefits.

You can learn which retirement plan would best fit your company’s budget by clicking here

Virtual Education Will Be Encouraged and/or Provided

Many employers find it difficult to locate potential employees with the specific training required for open positions at their company. 

College students find it difficult to pay off massive debt. Years of study for a specific degree may not be practical for some occupations, especially in the field of technology, where changes occur rapidly.

So with this in mind, employers will be more open to the idea of offering continued education due to the lowered costs of virtual education options.

An In-Sourcing Trend Could Increase Demand for Employees With Specialized Talents

The lack of medical supplies during this crisis highlights the need to bring more manufacturing home to the United States. 

fThe demand for those with specialized talents, not necessarily college degrees, may increase, such as talented people who specialize in low-cost creation techniques like 3-D printing.

With a bit of foresight and planning, the economy that follows the COVID-19 crisis may be one which will feature not only greater profits, but a more positive employer/employee relationship.  

Have more questions about retirement administration? Schedule a plan discussion with us or take 30 seconds to find which plan is best for your company with the retirement plan evaluator.