Welcome to the Small Business Rundown. Each day, we bring you stories that impact small business owners and their workforce.
There’s widespread concern among the U.S. business community in China about the impact that the coronavirus will have on revenue. Increasing management’s EQ is a sound strategy for retaining talent. And Gen Z women are getting ready to enter the workforce … and they know what they want from their first grownup job! Let’s dive right in!
U.S. businesses in China expect coronavirus impact
The American Chamber of Commerce in Shanghai, China is reporting that 87% of American companies operating in the country expect the coronavirus to negatively impact their revenue this year. A survey conducted by MIT just a few weeks ago indicated that a much smaller percentage of businesses were expecting a disruption, indicating that like the virus, concern spreads quickly.
The Number: 24%. Of the nearly 90% of companies expecting a downturn, 24% of them are expecting revenue to fall by 16% or more in the coming weeks.
The Quote: “Suppliers are wary about reopening facilities where employees would be working in close quarters and living together in dormitories.”
Decreasing employee turnover by increasing leadership EQ
The persistent labor shortage and low unemployment rate mean that it’s good business to look for ways to decrease turnover and promote retention. In particular, increasing the emotional intelligence or EQ of managers and leaders is a good strategy for keeping talent in house. Recognizing anger, frustration, and other negative emotions, and learning how to effectively deal with them in ways that don’t involve taking it out on subordinates, is a key part of developing a higher EQ.
The Number: 400%. Employees are 400% less likely to leave a job if they have a manager with a high EQ.
The Quote: “Controlling your emotions doesn’t mean you stop feeling them.”
What (Gen Z) Women Want (from their ideal first job …)
Collaboration and money are the 2 most important things when it comes to a job according to a new survey on Gen Z women’s attitudes towards work. If you’re wondering why you should care about what women between the ages of 18 and 22 want in their first adult job, consider this: Generation Z is the largest generation since Baby Boomers and will make up one-fourth of the global workforce in 2020.
The Number: 1995. Born in 1995, the first wave of Gen Zers are graduating college soon and preparing to enter the workforce.
The Quote: “Gen Z will make up nearly one-fourth of the global workforce in 2020, coming up behind predecessors Gen X and Gen Y (both at 35 percent) and the boomers (6 percent).”