The news and recent surveys have indicated there is a large number of people unemployed in the United States. Are unemployed people looking for jobs? What they are looking for is opportunity. During this pandemic people have had a lot of time to self reflect and work from home.
According to Pew Research the strain of job loss has resulted in a loss of identity and a large shift of people changing careers. 66% of unemployed adults in the United States said they have considered a change in their occupation and career. This survey was conducted January 19th-24th, 2021.
LinkedIn’s #Business Reimagined series highlighted one man’s story of starting a business during a pandemic. It appears a lot of people in their career change are seeking opportunity within themselves. Being apart from their workplace they recognized their identity was strongly tied to their job and they needed a change.
What Is The Impact Of The Unemployed Starting Businesses Rather Than Looking For Jobs?
The increase of businesses starting means there will be an increase in competition, it will be more difficult to hire employees, and there will be a lot of failed businesses. What actions should you be taking as a business owner or a person starting their first business.
What A Person Who Is Starting Their First Business Should Do
They should make sure they get insurance for their business. The increase of start up businesses and large number of competitors in a market that shifts with the whim of Reddit GameStop means there is so much more risk in starting a business. The business startup market is going to start looking like the housing market surge, so make sure you are ready for any fallout. Legally as a business owner you are required to have liability insurance. Contact Strickler for a free business insurance quote.
What A Business Owner Trying To Hire Employees Should Do
First you need to make sure your existing employees are happy. Based on recent research, 66% of your employees have considered a career change over the past year. They don’t want to leave their job because of you or the company, they want to leave because they have felt a disconnect from work and have already experienced financial risk through the pandemic. Experiencing that risk makes the idea of changing jobs less threatening. So what can you do to keep them?
Increase Employee Retainment Post Pandemic
Keep your employees and hire more employees by providing better employee benefits. Having group health insurance as well as dental insurance and vision insurance is the comfort that people felt threatened over the past year. Provide that comfort. Also, take time to reclaim the work culture your business once had. This will help to fill the void people felt during the lockdowns.
Be Prepared For Increased Business Risks
In the upcoming year you can expect to see different types of business risks. As startups pop up you might lose business and employees. Be prepared and make sure your business is insured for things you cannot prepare for. Contact Strickler Insurance for a free business insurance quote.