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Workplace Changes Here To Stay

MoneyWise

Christian talk radio with Rob West

June 1, 2022

Many of the changes brought on by COVID were temporary but some are here to say. That’s especially true in the workplace. We’ll talk about those likely permanent changes today on MoneyWise. Due to office shutdowns during the pandemic, employers bent over backwards to keep work flowing, giving employees much greater flexibility, including working from home, like never before. It was a trend already underway to a limited extent, but analysts say the pandemic catapulted the workplace years or decades into the future practically overnight. HERE TO STAY Organizational psychologist Anthony Klotz, the guy who coined the term the Great Resignation, now says many of those changes are here to stay. Klotz predicted a year ago this month that COVID would spark mass resignations. He sure got that one right. A record 48 million workers left their jobs in 2021, and the trend continues, with four and a half million of them saying I quit this past March alone. Employers are paying a lot more attention to the needs of employees in an effort to retain them and recruit new hires, instituting policies to help with physical, mental and financial health. Klotz says the result is a series of changes that might not have taken place for another 30 years, most notably job flexibility and expanded work-from-home opportunities. The result is that millions of workers have now learned they can do their jobs anywhere. WORKING REMOTELY It’s not a matter of keeping them down on the farm. Workers have proven they can be productive on a farm or anywhere else, like the kitchen table or even the local coffee shop. All they need is broadband Internet. Rather than returning to the office, millions of workers are moving to the suburbs and rural areas, keeping their jobs without having to commute. Or they’re looking for new opportunities that allow them to work remotely. For employees that must come into the office, employers have stepped up onsite changes, including things like a 4-day work week and greater flexibility with hours. It’s not like they have a choice. A study by CareerBuilder showed that job announcements giving employees work-from-home opportunities now draw seven times more applications than onsite positions. And they the gamut of fields, with managers, tutors and therapists being among the most popular with applicants looking for remote work opportunities. Applicants are insisting on flexibility and wellness like never before. A LinkedIn survey found that nearly two-thirds of job seekers now say that the chance to better balance work and home life is a top priority. Many other departing workers have cited low pay, a lack of advancement opportunity and employer disrespect as the chief reasons they quit. Another change sparked by COVID is the huge increase in the number of people leaving jobs to start their own businesses. The Census Bureau reports that applications to form new businesses hit 5. 4 million in 2021. So by now you’re probably wondering just who are these companies offering perqs like work-from-home and hour flexibility? It’s no surprise at all that topping the list is Zoom Video Communications. Dell computers is also on the list, along with the travel app Hopper. Intuit is also in the mix, offering work from home for tax professionals, including attorneys and CPAs. The health field is well-represented. United Health, Trusted Health and BroadPath Health Solutions are all giving their employees the opportunity to work from home, among other benefits. That’s what’s happening in today’s workforce. We hope you can put some of that information to use. On today’s program, Rob also answers listener questions: ● What’s the difference between a standard financial advisor and a Kingdom Advisor? ● How do you recalculate Social Security benefits if you reenter the workforce after beginning to draw SS benefits? ● Is there a way to avoid capital gains tax on the sale of a rental property? ● If your employer doesn’t offer a 401k plan, where should you invest? ● What can you do about a late income tax refund? ● Should you hire a professional to handle your taxes or do it yourself using online software?

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