There is no denying that the COVID-19 pandemic has changed the way our workplace looks. From working at home, to new obstacles to overcome, it can be hard to keep up with the rapidly changing work environment. So, how can you learn to navigate the new workplace while protecting your bottom line?
The answer is doing more with less. This may sound easier said than done, but by better understanding the obstacles you are facing and how you can work with those obstacles rather than against them, you will be able to create a way of working that is efficient for your company. Let’s dive in.
Labor Shortage
More than likely, you have either experienced or heard about the current labor shortage. There is currently an unprecedented number of 9.3 million jobs open at the moment. While these numbers are daunting, understanding what could be the cause of these issues is key. During the pandemic, people’s lives have shifted and these shifts could be part of the reason why people are not working. Economists at Morgan Stanley have reported that there are three main factors that are causing this labor shortage.
- The first factor is connected with school closures across the country. With children at home, many workers have to be able to care for their children throughout the day, not allowing them to work.
- The next issue is that there is a misalignment between industries with open roles and individuals seeking opportunities. Some industries are recovering faster than others and employees do not have the skills and experiences to fill these positions.
- The last factor affecting the labor market is that many people relocated during the pandemic. People left the urban areas behind and chose to relocate to more suburban areas. Unfortunately, their jobs could not follow, leaving them to seek employment elsewhere.
As the labor shortage continues it will be important to discover ways to work with it and reimagine how to maintain productivity and efficiency with fewer workers.
Working From Home
People have been at home significantly more throughout the pandemic than ever before. When the pandemic first hit, many companies had no choice but to quickly transition their employees to remote work and for many, this work-from-home model is still in place today. Remote work not only brings up concerns and questions about employees’ efficiency, but also energy efficiency.
Researchers have found that working remotely is not as efficient as working in-office. Rather than using a shared workspace with efficient heating, cooling, and lighting systems, employees are each using their own energy at home and they are paying the price. It was found that consumers are paying on average $250 more for electricity this year and residential energy consumption is up 10%. This is a concern for many companies, especially those working towards sustainability goals.
What you can do
To work through these challenges, it is important to identify resources that can help you with your bottom line. Let’s explore some of your options.
R&D Tax Credits
Has your firm developed, designed or improved a product, process, formula or software? Then, you may qualify for R&D Tax Credits. There is a common misconception that you must be a large corporation or have invented something brand new to qualify for these credits, but that is not the case. Here at Brilliant Source Energy we partner with businesses to help them determine what they qualify for and help them receive the credit that they deserve. This can help give your bottom line the boost it may need with work that you have accomplished over the past 3 years.
You may also qualify for Employee Retention Credits. This credit helps you keep employees on your payroll by receiving a tax credit against certain employment taxes. Brilliant Source Energy can also work with you to identify if you qualify for these credits. This can help you ensure you keep the employees you have currently in this difficult labor market.
Outsourcing
Another great way to maximize your efforts is to hire outside firms to assist your company. This allows you to add resources without overhead and keep expenses down. This is particularly useful for businesses that may be experiencing problems due to a lack of employees.
For example, Brilliant Source Energy works with companies to help lower operating expenses, improve efficiency and sustainability, and lower emissions. By working with us, you can reach your energy goals such as determining how to approach the less energy efficient work from home model while reaching sustainability goals.
Outsides firms can help take some of your workload so you can be more efficient and maximize your earnings.
Ready to learn more about how you can do more with less with help from Brilliant Source Energy? Contact us today using the form below!
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