Welcome to the Small Business Run Down. Each day, we bring you stories that impact small business owners and their workforce.
We interrupt your regularly scheduled meeting to bring you this update on the impact that too many meetings might be having on your workplace productivity. Plus, make sure you have all the latest updates on healthcare laws during this Open Enrollment season.
Biggest barrier to productivity? Meetings.
If employee productivity is a problem in your workplace, think twice before planning a meeting to discuss the issue. A recent survey found that the majority of the workforce thinks that meetings and calls ultimately hamper productivity. In fact, 67% of workers think that meetings prevent them from getting their best work done. While meetings are truly necessary in some circumstances, experts agree that too often they lack a clear focus and involvement from the right participants.
The Number: 34%. Only 11% of workers say that their meetings are productive, while 34% report wasting between 2 and 5 hours in unproductive meetings or calls each week.
The Quote: “Too often, the answer to any work issue is ‘let’s meet.’″
Open Enrollment updates for SBOs and Self Employed
If you haven’t started comparison shopping for your small business’s healthcare plan, now’s the time to do it. Open Enrollment season has begun, and new changes to the law have the potential to have a big impact on the plan you choose for yourself and your employees.
The Number: 74% of small businesses point to healthcare costs as being a major concern to their bottom line.
The Quote:“… it’s critical that entrepreneurs take time to closely review their current health insurance policy and determine how changes for next year’s plans will impact their bottom-lines. In the end, the time investment now could reap big savings – while ignoring it could result in heavy costs – throughout the next year.”
Valuable workforce development grows from collaboration
When it comes to applying for grants and securing funding for workforce development, collaboration with other businesses and organizations can be an excellent strategy. By banding together, smaller organizations are able to multiply their resources and compete more competitively for bigger grants.
The Number: $2.5 million. By collaborating and applying together, the Mahoning Valley Manufacturers Coalition and the West Central Job Partnership in Pennsylvania were able to secure a $2.5 million workforce development grant from the U.S. Department of Labor.
The Quote: “When we were considering the grant, we realized this might be an opportunity for us to take to scale some practices that are showing great promise within our interstate region.”