The Covid-19 pandemic badly damaged small businesses across America—and probably across the globe—and has caused many companies to close shop for good. While this is, of course, unfortunate to those companies, there is a silver lining for those who were able to survive and even grow during this time.
The talent pool is deep.
While I would never say that rampant unemployment is a good thing, it is going to become an asset to businesses that managed to stay afloat. With so many talented and able people out of work, businesses who are continuing to hire will have a great applicant pool to choose from.
Companies hiring will have the added advantage of being able to bring in new talent at a lower cost. Employment follows basic principles of supply-and-demand—with more people out of work than there are job openings, salaries and wages can go down.
Geography is no longer an issue.
Companies who can hire remote workers are about to have the pick of the litter when it comes to talent. Opening remote positions means you’re not limited to applicants of a minimal radius. You can hire the best talent available, regardless of location.
This is something I learned first-hand with my company. In the twenty-something years I’ve been in business, I never even considered remote employees as an option. But I always wanted the best of the best. So, when my top choice for a marketing director moved a thousand miles away, I decided to give it a shot. Seeing that employee thrive even in a virtual space meant I didn’t have to panic when social distancing guidelines closed my office. I had 21 employees working from 21 home offices in three states, and my company didn’t miss a beat.
The pandemic has changed our company’s whole outlook, and we’ve introduced a more flexible work-from-home policy to all employees, even after the reopening of the office.
E-commerce is king.
The world has gone touch-free and brick-and-mortar stores are being hit hard. Companies with products or services that can be delivered virtually will see the most success.
Finding ways to be more touch-free, whether its by introducing digital payment options or offering curbside pickup like many companies have been doing, will help you stay relevant.
It’s the sad reality. A lot of businesses are not going to reopen. Restaurants, marketing firms, salons and all industries that rely on in-person customers may not recover fully.
For those that weathered the Covid storm, there will be less competition for both customers and talent. If you own a business that is still open, now is the time to grab onto any kind of market share you’re able to and bring in the talent that will change your company for the better.
The opinions expressed in this commentary are those of the author and may not necessarily reflect those held by Kestra Investment Services, LLC or Kestra Advisory Services, LLC. This is for general information only and is not intended to provide specific investment advice or recommendations for any individual. It is suggested that you consult your financial professional, attorney, or tax advisor with regards to your individual situation. Comments concerning the past performance are not intended to be forward looking and should not be viewed as an indication of future results.
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