Retain talent during the “great resignation”
For most business owners, COVID-19 has turned normal business strategies upside down.
In addition to managing the financial and operational aspects of the pandemic, owners face an abundance of HR challenges. These include the physical and mental well-being of their employees; maintain productivity levels while working remotely or under new security protocols; and struggle to find and retain the right talent during a labor shortage that has been dubbed “the great resignation.”
So how do business owners balance prudent strategies for running their business while trying to stay connected and retain key talent? The following considerations should be a priority for business owners.
1. HR as a sounding board for owners
Rather than working alone, reach out to HR experts to exchange ideas, get best practices, and get immediate HR advice and solutions to meet your needs.
Whether it’s an urgent stand-alone issue or a more strategic look at your workforce for the future, a second look and a fresh perspective can often help put things better.
2. Leadership and management support
The leaders and managers you rely on must adapt quickly and make decisions in everyone’s best interests.
3. Return to work and flexible work schedules
As of March 2020, owners and managers have already started implementing return to work plans, with more regulated health and safety policies and protocols.
Polls show that a growing (and significant) number of Canadians want flexibility about where and how they work.
Retaining and attracting talent has become one of the biggest challenges since the start of the pandemic. Companies may want to offer more flexible and remote working practices to meet the growing demand for these options from employees.
4. Update of HR policies
COVID-19 has led to an entirely new work environment for many businesses. Whether it’s accommodating employees working remotely, implementing new health and safety measures, or accommodating multiple closures and closures, owners have had to navigate new waters without policies. formal guidelines to guide them. Many companies have found that their policies do not contain adequate provisions for strategies to deal with the change in their workforce.
Additionally, an organization’s remote work or flexible working policies may not be written in a way that protects both the business and employees. There are a number of considerations here: how to manage workflows, communication practices, resource requirements, insurance, and health and safety issues. It is necessary to have a policy in place to address these issues to create consistency in these practices. Keep in mind that some of your employees may be more open and flexible with new arrangements while others need more guidance.
How does a national accounting firm like BDO help?
BDO Canada has come a long way since its founder, Colonel James M. Dunwoody, moved from Belfast to Canada, joining a firm of chartered accountants. Our service lines are among the broadest in our industry and we provide support to small and medium business owners with Virtual HR services. Our team of certified and experienced HR advisors only have a phone call or virtual video session to provide immediate answers to any HR issues as they arise or to implement longer term HR strategies. .
Scott Conner is an experienced tax practitioner and hands-on problem solver at BDO. As a partner specializing in Canadian income tax, Scott is particularly specialized in private business, estate planning, trusts and complex transactions. Scott works closely with his clients to understand their specific needs and adjust their strategies accordingly. Scott and his team take a proactive and hands-on approach. They closely monitor existing and proposed legislation to determine how it will affect individual financial goals and provide ongoing advice.