Quick look: As the new year approaches, one thing is certain: the workplace will continue to change in 2022. From an emphasis on company culture to the growing need to upskill current employees, here are the top workplace trends coming our way, and how brokers can work with their PEO partners to help their book of business not just survive, but thrive in 2022.
Another year has come and gone, and the list of challenges small- and medium-sized businesses (SMBs) face continues to grow. Luckily, for each hurdle there are several solutions brokers can offer these organizations. Use these tips to help your clients navigate the top workplace trends coming to the HR industry in 2022, and how working with a professional employer organization (PEO) partner, can help conquer each one.
Tip: Help them strengthen workplace culture
Cultivating a positive company culture has always been important, but it’s becoming even more critical as the Great Resignation continues and organizations scramble to hold on to current talent – and attract high-quality candidates.
According to McKinsey, over half of workers who left their jobs said the decision was caused in part by not feeling a sense of belonging at work. Communication is everything, and brokers can partner with a PEO to foster healthy employee engagement – something that can create a positive company culture and help your client stand out among its competitors.
Consider suggesting that your clients talk to a PEO to discuss creating a culture action plan. This plan can include gathering feedback via employee satisfaction surveys, anonymous suggestion boxes, and one-on-one check-ins with HR. Better yet, beyond just planning a strategy, PEOs can also help develop survey questions and interpret results.
Tip: Help them adapt to hybrid and remote work models
If anything became apparent in 2021, it was that hybrid and remote work environments are here to stay. What was once considered a temporary arrangement during the beginning of the pandemic, working outside of the office either part- or full-time is now essentially a necessity.
In fact, according to Gartner, 75% of hybrid or remote workers say their expectations for a flexible work environment have increased, and 40% of employees are at risk of leaving their company if the organization insists on returning to working in-office.
Because of this demand, many of your clients are likely continuing their hybrid or remote work schedules. But what does that mean in terms of recruiting? While remote work increases the pool of candidates companies have access to, it also can cause HR headache: navigating employment and tax laws for different territories can be confusing, to say the least.
As a broker, you can recommend that your SMB clients work with a PEO company to remain compliant with their hybrid and remote workforce. These HR experts can provide guidance on hiring, pay equity, time and labor, tax reporting, and more – no matter where employees reside.
Tip: Help them attract top talent
A new year may be starting, but the Great Resignation that began last year is slated to continue. According to a recent Bureau of Labor Statistics report, 4.2 million Americans quit their jobs in October 2021. Add to that a large compensation spike due to high turnover and recent minimum wage mandates, and employers need to focus diligently on how to stand out in a highly competitive job market.
As a broker, involving a PEO in the process can be highly beneficial. PEOs can offer tips on maximizing budgets and creating attractive job descriptions and job offers that highlight your client’s strong company culture, robust benefits, opportunities for upward mobility, and more.
Tip: Help them upskill their current workforce
Promoting from within can benefit your clients in two major ways: it can greatly improve the company culture (thus helping retain employees) and it can save money – a lot of it. Did you know that the average cost to replace an employee is $4,000?
Upskilling – or teaching employees additional skills – may be just what your clients need to hold on to their staff and train for the positions they now require. As a broker you can play a role in upskilling by involving your PEO partner in the creation of learning and development courses, mentorship programs, personality tests, and career pathing plans.
Tip: Help them offer attractive benefits packages
With fierce competition, your clients must find a way to stand out from other businesses when creating job offers. One way to do this is through offering a comprehensive benefits package.
Gone are the days when medical, dental and retirement savings plans sufficed. These days, workers are looking for comprehensive benefits packages that touch on every corner of their life. What does that entail? According to Forbes, the current top trending benefits include:
- Childcare/family benefits
- Home office expenses
- Mental health support
- Remote work and flexible schedules
- Employee resource groups
Empower your clients to offer all the above – and more – by connecting them with a PEO (like ExtensisHR) that can SMBs Fortune 500-level benefits packages.
Tip: Help them create effective diversity, equity, and inclusion policies
Another must-have on today’s job candidates’ checklists is a purposeful diversity, equity, and inclusion (DEI) policy.
If your clients haven’t developed a DEI initiative, the time to do so is now. According to a recent Willis Towers Watson survey, 4 out of 5 employers will take steps to promote DEI over the next three years – and for good reason. Diverse perspectives help build a robust, resilient, and representative company.
As your clients build out a DEI policy, it’s important for them to practice what they preach – and a PEO can help. For example, ExtensisHR’s DEI Dashboard workforce management software enables businesses to evaluate hires from previous years and compare real-time data regarding employee turnover, promotions, pay equity, and more. A PEO’s in-house experts can also guide clients through anti-discrimination laws and recruiting best practices.
Tip: Help them stay updated on COVID-19 regulations
As we enter the third year of the pandemic, it’s still just as important for your clients to stay compliant and up to date on continuously changing regulations.
Luckily, brokers can provide this insight by syncing clients up with a PEO that proactively provides legislation updates – and more. For example, ExtensisHR can help craft COVID-19 policies and provides access to its COVID-19 Data Tracker application free of charge. The tracker (part of the Work Anywhere® portfolio of modern workforce solutions) enables employees to upload vaccination records and test results easily and securely. Regulation updates, policy creation, and vaccine and test tracking? Suddenly managing COVID-19 within the workplace seems a lot less daunting.
Be a Trusted Advisor
As 2022 unfolds, one thing is clear: the world can again expect constant change. These continual fluctuations can be stressful, but partnering with a PEO solution like ExtensisHR ensures your clients have the proactive knowledge, helpful guidance, attractive benefits, and the right technology to stay compliant and efficient.
Are you ready to help your clients conquer all the workplace trends 2022 will throw their way? Contact the experts at ExtensisHR to get started.