Welcome to the Small Business Run Down. Each day, we bring you stories that impact small business owners and their workforce.
Let’s kick off today by looking at important things to consider when it comes to the aging workforce. Rosy hiring data indicates employer optimism. Plus, when it comes to protecting your company from cyberattack, your employees can be your Achilles heel or your secret weapon!
Adapting business practices for an aging workforce
As the workforce grows increasingly older, business owners must confront new realities and embrace new practices suited for mature employees. By 2022, over 35% of the U.S. workforce will be 50 or older, requiring employers to adapt their business and production models to accommodate and craft training programs to help older employees. Despite the pervasive threat of ageism, research shows that mixed-age teams can be beneficial to an organization.
The Number: 6. By 2050, 1 out of every 6 people in the world will be 65 or older, compared to 1 in 11 in 2019.
The Quote: “The diversity of thought from mixing the fresh perspectives of youth, combined with the experience of age, can be quite powerful.”
Healthy hiring numbers indicate employer optimism
A Monthly Hiring Indicator (MHI) report showed robust gains in hiring for the month of October, suggesting that the business community may believe that the worst of the economic turmoil is over. The jump in hiring corresponds to improved investor outlook. Furthermore, the uptick in hiring and jobs was noted across all sectors, including education and health services, financial activities, manufacturing, professional business services and retail trade.
The Number: 14.7%. The number of new job openings increased by 14.7%, while new hires increased by 10.2% in October.
The Quote: “The business community seems to be taking some comfort that trade tensions will not boil over and tip the U.S. into recession.”
Human element key part in preventing cyber attacks
When it comes to protecting businesses from cyber threats, users are truly “the weakest link,” proving that a good employee training program is vital to preventing breeches. Savvy SBOs can turn workers into a frontline defense by updating training protocols, enacting common sense practices and securing mobile devices.
The Number: 60%. Research suggests that as many as 60% of all cybersecurity attacks are enabled by careless IT workers.
The Quote: “A focus on the “human element” of cybersecurity is more than a good idea; it’s an absolute necessity to help prevent cyberattacks.”