BIZGrowth Strategies
Workforce & Talent Optimization Special Edition
The heartbeat of every business lies in its workforce. As organizations strive to stay competitive and innovative, understanding how to effectively attract, develop, retain and optimize talent is not just a competitive advantage — it's a necessity for sustained success and growth.
In this issue, we explore the latest trends, best practices and insights into the complexities of talent management and unlocking the full potential of your workforce. From return-to-office strategies and developing next-gen talent to designing an attractive benefits plan and fostering a culture of inclusivity and productivity, we offer this curated content to equip your organization with the knowledge and tools to flourish.
How Leadership Can Navigate Return-to-Office Mandates in Remote Work Culture
The employment landscape has undergone a transformation, largely propelled by the rise of remote work culture. What once seemed like a trend has become a significant feature of organizational dynamics. Executives find themselves at the forefront of this shift, navigating the complexities of leading teams across distances while balancing the needs of the organization with the preferences of their workforce.
Leaders should consider bypassing the return-to-office (RTO) versus in-person work debate to focus on aligning the intentions and behaviors of their workforce, regardless of where people are based.
Understanding the Rift Between Employer & Employee Wants
Executives are largely signaling their support of pre-pandemic ways of working. Many organizations that maintained flexible working conditions post-pandemic have begun requiring more in-office time. According to KPMG’s 2023 CEO Outlook, 64% of CEOs anticipate a full return to office by 2026. RTO mandates ease concerns around employee productivity and engagement. Company leaders also believe returning to the traditional in-person model will improve company culture.
The primary issue lies in the fact that employees have embraced flexible working conditions and are resisting RTO. In fact, according to Forbes, 57% of workers would consider leaving their current job if their employer stopped allowing remote work. This resistance underscores the profound shift in employee preferences and highlights the critical need for organizational leaders to navigate this paradigm change effectively.
Optimizing Employee Performance from Anywhere
To truly optimize performance, leaders must take a step back to focus on company goals and the actions needed to achieve them.
1. Ensure employees understand and believe in the organization's mission.
Numerous studies indicate that employees perform better when motivated by a collective purpose beyond self-interest. To genuinely get your employees onboard, businesses should approach the development of their mission, vision and values with authenticity and discussion. Once established, leaders need to ensure those fundamentals are front and center of everything they do.
2. Create a culture of autonomy and accountability.
Highly self-sufficient individuals and teams are essential to maximizing productivity and delivering strong results. Leaders can leverage this strength with these best practices:
3. Enable mechanisms that support alignment and communication.
One of leadership’s primary concerns about virtual work is misalignment and communication, which is traditionally resolved by “water cooler” interactions or stopping by someone’s office for a quick discussion. These interactions are invaluable but not guaranteed to be productive.
To ensure alignment and communication that drives performance, implement mechanisms that support connectivity wherever work takes place. Platforms such as Slack or Asana facilitate spontaneous interactions. When used properly, these platforms enhance intentional communications between teams without becoming distractions.
Leaders who opt out of the endless return-to-office versus in-person work debate can concentrate on ensuring the intentions and behaviors of their people align with their business strategy, which results in driving profitability, growth and value creation.
Annual Benefits Planning Checklist
One of the most important tasks your organization must tackle annually is mapping out a comprehensive benefits strategy. We know this can be daunting, which is why we developed the annual benefits planning checklist.
Answer the following questions to help determine where your business should focus to effectively navigate this year’s benefits planning process.
Understanding Your Score
0-6: You’ve overlooked many crucial aspects of crafting a strong benefits plan. But it’s not too late! Consider partnering with an experienced benefits consultant to get you on track.
7-13: You skipped a few integral steps in your annual benefits planning process. Be sure to go back and thoroughly address each of the above questions to maximize employee retention and engagement.
14-20: You’re well on the way to setting your organization up for benefits success.
Empower Your Workforce With Financial Planning Benefits
Research has shown that “people with thriving wellbeing simply do better in life, and companies with thriving employees do better business” (Gallup). When employees are thriving, the benefits to the business are plentiful: decreased turnover, improved attendance, enhanced productivity and increased usage of other benefits. In short, employees want access to financial planning services, and providing them as a workplace benefit is valuable to both the organization and its employees.
Further, employees are increasingly expecting their employers to offer financial planning and financial wellbeing services. According to SoFi at Work, employees are turning to HR leaders and employer-provided financial resources in addition to financial advisors for support, which indicates that many employees have a high level of trust in their employer.
Personalized Financial Planning is Trending
Workplace-based financial planning services enable employees to access financial planning strategies tailored to the unique person they are — often at a more accessible price. Employers that want to offer or expand employee financial planning services should understand that the need for and provision of custom and personalized financial advice is on the rise.
One way to incorporate more personalization into your financial wellbeing strategy is to offer advisor-managed accounts. With advisor-managed accounts, retirement plan participants’ portfolios are managed for them, and investment strategies are based on many factors, rather than a single data point such as age.
Much like a suit, one investment strategy does not fit all, and by giving participants the option to personalize their investment strategy based on their unique needs, employers can give employees the tools they need to live their best financial lives as they prepare for retirement.
Benefits Communication is Crucial
Sometimes providing tools and resources is not enough to truly impact employees’ financial wellbeing. Employers should also focus on their communications about their financial wellbeing offerings, as many employees lack a clear understanding of what those benefits entail and how to access them.
A study from SoFi at Work revealed that 70% of HR leaders say their company offers financial wellbeing benefits, while only 48% of employees say they do and 14% were unsure. This indicates the need for employers to increase communication frequency, improve and clarify messaging, vary distribution channels and explore new outreach strategies to thoroughly and clearly explain their benefits.
By providing a combination of retirement education, financial wellbeing resources and personalized account management, you can help support your employees on the path to financial freedom, which can in turn help your business thrive.
Investment advisory services provided through CBIZ Investment Advisory Services, LLC, a registered investment adviser and a wholly owned subsidiary of CBIZ, Inc.
Harnessing Potential: The Development of Next-Generation Talent
Understanding and nurturing next-generation talent is not just a forward-thinking strategy but a fundamental necessity. The workforce of tomorrow is already at our doorstep, bringing with them a diverse set of skills, perspectives and expectations. How we respond to this influx of potential will shape the future of our organizations and industries.
Cultivating Future Talent: A Strategic Approach
Developing the next generation of talent requires a profound shift in mindset. It is crucial to move beyond short-term tasks and focus on nurturing skills that align with the company’s long-term objectives. This requires an ingrained strategic outlook at all levels, promoting a culture of continuous learning, innovation, resilience and adaptability. Such an environment can attract ambitious young talent looking to leave their mark.
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Identifying High-Potential Individuals
With 22% of next-generation workers switching jobs annually, it’s vital for businesses to quickly spot individuals with high potential and strategically invest in their growth. The focus should be on recognizing those who fit the company culture and possess innate qualities like emotional intelligence and leadership skills. Utilizing a 9-box grid can aid in visualizing and assessing talent effectively. Once identified, personalized development plans can significantly and positively influence their growth and success.
Building a Robust Mentorship Program
Mentorship programs nurture talent and provide skills and networking opportunities. They accelerate leadership development and promote knowledge sharing and collaboration. To implement an effective mentorship program, it’s essential to define clear objectives and goals and to match mentors and mentees based on their skills, aspirations and personalities. Training and resources should be provided to ensure success, and regular check-ins and feedback sessions should be established. Encouraging open communication and mutual respect between mentors and mentees is essential to achieve the best results.
Providing Opportunities for Challenging Projects
High-potential individuals thrive on challenges that push their limits. A report by the McKinsey Global Institute highlights that companies that promote experimentation and continuous learning among their employees are more likely to be at the forefront of innovation. This strategy also develops critical-thinking and problem-solving skills vital to driving innovation and achieving sustainable growth.
Nurturing a Supportive Environment
Creating a supportive environment is imperative for the development of future leaders. This includes fostering a culture of open communication and transparency, where individuals feel comfortable sharing their opinions and ideas without fear of judgment. Organizations should also provide regular feedback and recognition to help team members understand their strengths and areas for improvement. This support and encouragement can boost employees’ confidence, empowering them to take on more significant responsibilities and challenges.
Offering Competitive Compensation
Competitive compensation plays a critical role in retaining and attracting top talent. It’s not just about the salary but also about comprehensive benefits that cater to employees’ diverse needs, such as wages on demand, scheduling flexibility, opportunities for professional development and tuition reimbursement. A SHRM study indicates that organizations offering competitive compensation packages are more successful in attracting high-potential individuals.
A strategic approach to nurturing next-generation talent is crucial. Be sure to focus on identifying high-potential individuals, building a robust mentorship program, providing opportunities for challenges, fostering a supportive environment and offering competitive compensation. By doing so, your organization can build a culture of innovation, resilience and adaptability — and stay ahead in an ever-changing landscape.
Multicultural Workplaces: Strategies for Inclusivity & Productivity
In today’s globalized economy, the prevalence of multicultural workplaces reflects ethnic and racial diversity nationwide. While diversity brings undeniable advantages, it also presents unique challenges that require proactive and innovative solutions to foster an inclusive working environment.
Understand Your Culture
Improve Communication
Effective communication is essential in a multicultural workplace, especially when language barriers are present. Recognize that some employees may be more comfortable communicating in their native language, particularly when it comes to critical information such as safety rules and company policies. Invest in bilingual communication tools and materials to ensure all employees have access to essential information in their preferred language.
Encourage Acceptance
As organizations embrace greater diversity, it’s crucial to address any underlying prejudices or discomfort among employees. Implement companywide nondiscriminatory policies that emphasize a commitment to diversity and inclusivity. Consider initiatives such as mentoring programs and diversity training seminars to promote open dialogue, respect and understanding among employees.
The Role of Managers & Supervisors
Managers and supervisors play a pivotal role in creating an inclusive workplace culture. They must be trained to communicate effectively with employees from diverse cultural backgrounds and treat all employees equally, avoiding any perceived favoritism or discrimination. Patience and understanding are key when supporting employees who may face language barriers or challenges adapting to new communication methods.
Hiring Practices
Organizations can benefit significantly from leaders with multicultural management expertise and employees with exposure to diverse work settings. Consider hiring culture change consultants to address any cultural conflicts within the organization and promote a more inclusive workplace environment. While these programs may require investment, the long-term rewards in terms of employee satisfaction and organizational success are invaluable.
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Embracing multiculturalism isn’t an option; it’s a necessity for fostering a thriving and inclusive environment. Proactive measures to understand and accommodate your workforce’s diverse needs will enhance employee satisfaction and boost productivity and innovation.
Outsourced Accounting Solutions Can Bolster Workforce Strengths
Low unemployment, a retiring workforce and a lack of skilled workers continue to squeeze the resources of many organizations. In the past year, nearly a quarter of CEOs had to cancel or delay a key strategic initiative because the right people weren’t available, according to CPA Practice Advisors. As businesses focus on building a successful dynamic workforce, they are increasingly turning to hybrid models to optimize internal talent while drawing on external core accounting competencies.
Gregg Landers, CBIZ Managing Director of Outsourced Accounting Solutions, shares insights about the role outsourced business solutions can play in helping business leaders stay focused on their strategic goals.
Q. What has led to the increased need for outsourced accounting solutions?
GL: It’s a confluence of factors. There are far fewer accountants graduating college, and that’s going to continue for the foreseeable future. The majority of those with degrees seek to enter the CPA profession rather than becoming employees of other companies. Younger business owners recognize the value of outsourcing services like accounting more than their predecessors did. That value includes gaining access to degreed accountants who are current on technology and trends, with all work reviewed by knowledgeable accounting managers. Outsourcing often enables access to leading-edge technology and the use of analytics and reporting tools — all of which help business owners navigate their business.
Q. How does experience level factor into outsourced accounting?
GL: When an organization outsources accounting to a qualified firm, they’re gaining a depth of expertise and capabilities beyond any one person’s individual skill set. Let’s say there’s a new accounting regulation change. An outsourced accounting firm, especially a larger one, will more likely be aware of its implications and how to incorporate it than a sole professional or a small bookkeeping shop. The result is improved internal controls, better analytics and meaningful reporting.
Q. How can outsourcing certain accounting and finance roles help a workforce realize greater efficiencies?
GL: Most significantly, outsourcing accounting can help the business owner focus on their business goals — not on the completeness and accuracy of their financials. This is especially important for early-stage companies that have some kind of financial backing. In those cases, the owner has a fiduciary responsibility to manage the investors’ monies responsibly, even if the investors are family members. Additional benefits include better fraud controls and updated technology for both transactional accounting and financial reporting.
Q. What are the benefits of a hybrid approach to meeting business needs, and how should an organization strike the right balance?
GL: In a hybrid approach, the internal person keeps the business owner aware of everything going on with the outsourced accounting team. This can include the identification of what the business can best do internally and using the outsourced team’s advanced skill sets for complex transactions, such as certain kinds of revenue, leases and cash flow forecasting, as well as developing business strategies. In most situations, the business should retain control over some aspects of the accounting, such as payment approval and certain payroll aspects. It often makes sense to fully outsource accounting in a company’s early stage and then, as the business grows, shift the outsourcing to more financial advisory aspects.
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