Welcome to the Small Business Run Down. Each day, we bring you stories that impact small business owners and their workforce.
Small Business Saturday is 2 weeks away! Are you ready? Take a look at why Small Business Saturday matters and learn some tips for maximizing customer experience and using technology to increase your reach on November 30.
Now, onto the news!
Worried that unlimited PTO will turn the office into a holiday ghost town? Don’t!
An attractive perk to employees, unlimited PTO policies have the power to instill fear in the hearts of company heads. How does a business run when everyone wants to take a 3-week vacation? What if no one comes to work during the holidays? While these are reasonable concerns, data indicates that workers don’t actually use their unlimited PTO that way. In fact, the research shows that employees tend to use the time for 3-day weekends over three-week vacations and that they typically use the same amount of vacation days as they would if they were part of more traditional policy.
The Number: 2000. Offering unlimited PTO isn’t anywhere near universal, although the trend has been increasing since Netflix started the policy in 2000.
The Quote: “Because employees on unlimited plans are still responsible for the output of their work and coverage for business continuity, they likely don’t want to force co-workers to provide coverage in their place around the holidays.”
Holiday staffing issues got you down? Hire a Millennial.
If you’re worried about attracting good help this holiday season, finetune your recruiting efforts to appeal to Millennials. Last holiday season saw an unprecedented labor shortage and the unemployment rate has only sunk lower in the past 11 months, causing some employers great concern about keeping up with increased demand throughout the shopping season. The solution? Gear your recruiting efforts and company culture towards attracting Millennials.
The Number: 65%. Already primed for gig work, Millennials will make up an estimated 65% of the seasonal workforce this year.
The Quote: “For example, most gig workers don’t get to go to holiday parties. Why not host an open house in November or December for your temporary retail staff?
Small businesses continue to struggle with ongoing California fires
For businesses in northern California, wildfires don’t have to be in their town to cause damage and disruption. Smoke, ash, and widespread power outages continue to make it difficult for small businesses to carry on with everyday operations. Wind blows smoke and ash, causing damage to homes, property, and machinery, costing SBOs billions.
The Number: 21%. Insurance coverage against natural disasters is a key part of a business’s ability to recover after a fire, yet data shows that only 21% of SBOs carry this type of coverage.
The Quote: “Every place has its challenges and the fires are the one thing we have in northern California that can be scary or unpleasant at times — but the rest of the time it’s worth it.”