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years to come.
Born between 1997 and 2016, this group of
86 million people is expected to represent 40
percent of all consumers by 2020 and potentially
influence $166 billion to $333 billion of family
spending each year. By some estimates, they
already have contributed about $44 billion to
the U.S. economy.
Savvy small-business owners are already
looking at this generation as a huge opportunity.
Most Gen Zers are either still in high school
or just entering college or the workforce. They
are at that sweet spot where they are about to
spend more for higher ticket items but haven’t
been consumers long enough to know what to
buy. Businesses who study and figure out how
to strategically market to this generation could
have a built-in customer base for years to come.
In addition to adapting their marketing
strategies, small
businesses should also
consider how they hire
and engage talent as this
young generation enters
the workforce. Gen Zers
will soon be the most
skilled and tech savvy
generation of workers,
but they also come with
a unique insight into
how we work. To prepare
for these new hires,
small businesses should
analyze their workplace
and strive to look through the lens of the average
Gen Zer.
Whether you are building a sales team or
hiring technical talent, 2019 is the beginning of
the Gen Z takeover in the workforce, and small
businesses should be prepared.
Small businesses will need to get savvy about
hiring. With U.S. unemployment hitting a near
50-year low, vying for top talent has become
much more competitive.
This difficult hiring landscape can be
particularly challenging for small businesses
because they must be able to attract workers who
are likely considering the higher salaries and
richer benefits offered by larger organizations.
In fact, 67 percent of small businesses,
according to the Future Workforce Report, said
they planned to increase their headcount this
year. But in mid-2018, twice as many small
businesses say hiring was harder in 2017 than
easier. And toward the end of the year, we saw
several consecutive months of shrinking small
business hiring—not because the economy was
slowing but because businesses simply couldn’t
find enough quality candidates.
Expect more of the same in 2019, at least in
the early months. Small businesses will have to
find ways to compete for talent, such as offering
creative benefits, flexible work arrangements
and a genuine commitment to employee worklife
balance.
Remote work will be the new norm. There are
many office traditionalists who believe workers
are much more effective when in the office.
Some believe that the office is the only setting
that enables effective face-to-face interaction
and collaboration. What’s more, they think
when employees work from home, it’s too easy
for them to become distracted or goof off.
Evidence suggests the opposite is true—
employees working remotely can be more
productive. In fact, a nearly two-year Stanford
study showed a remarkable productivity
boost among telecommuters in a test group
equivalent to a full day’s work. Work-fromhome
employees, the report found, tended
to put in a full day of work (or more) because
they don’t have to fight commute traffic only to
be late to work or to leave early for life’s daily
errands and distractions. In addition, employee
attrition dropped by about half, saving the test
group about $1,900 per employee in annual
retention costs. Operating costs also dropped
by about $1,400 per employee since workers
weren’t taking up office space or using as much
company power, water and facilities.
Such results are more the rule than the
exception, which is why many small businesses
are not only allowing remote work scenarios but
encouraging them. Expect this trend to continue
and even accelerate in 2019 as connected
technology makes remote work more feasible
and beneficial. And as a small business, by
adopting more flexible policies, you can increase
worker productivity, reduce annual costs and
attract talent from outside your local area.
It’s critical for small businesses to recognize
that everyone operates in a connected world.
Businesses of all sizes are competing for the
hearts and minds of consumers and future
workers on the same battlefield. By staying
ahead of workforce and technological trends,
small businesses will be in a better position to
thrive throughout 2019. ☐
Reference: Entrepreneur Magazine
www.entreprenuer.com • David Abramson
By L.S. Crain, S.Pines resident 1989-2017, now
lives in Taylors, SC, his birthplace.
Gen Zers
will soon
be the most
skilled and
tech savvy
generation
of workers...
Linda Parsons,
Moore County
Chamber
of
Commerce.
p.10 The Pinehurst Gazette, Inc. No. 134
/www.entreprenuer.com