Vistage, a global organization which assembles and facilitates private advisory boards for CEOs and Key Executives, conducts a quarterly survey covering a variety of small business topics. Nearly 70 percent of the 1,350 respondents report workforces where some portion of their staff is working remotely.
A challenge that comes from a remote workforce is maintaining high levels of employee engagement. More than 50 percent of small business CEOs cite consistent communication via staff meetings, emails, webinars and training programs as the key to an engaged workforce, while nearly 25 percent choose to offer attractive benefits packages to positively impact employee engagement. 57% of companies surveyed do not have a way of measuring employee engagement in their workforce.
“Investing in your team is fundamental to company growth,” said Joe Galvin, Chief Research Officer of Vistage Worldwide. “Adopting new technology and social media plays a role in fostering positive employee engagement, with the added benefit of building a strong company brand. Focusing energy internally inherently eases the process of attracting new business and prospective talent.”
Small business CEOs are adapting to the remote workforce, according to Vistage Survey
With more than half of respondents planning to increase the number of employees in the next year, other notable findings include:
- Nearly half of small business CEOs expect the overtime pay rule change on December 1 to impact the pay structure of their employees. One-third of respondents are still planning how they will communicate the changes.
- LinkedIn is the most important social media platform for small business CEOs, according to 43 percent of respondents. More than half find social media to be effective for networking and making connections with potential clients.
- Staffing remains a top concern for small business owners with 33 percent citing finding, hiring, retaining and training staff as the most significant business issue they are currently facing.
- Small business CEOs are optimistic about the next 12 months: 69 percent anticipate their firm’s sales revenues will increase and 54 percent expect their firm’s profitability to improve.
- Wage increases are common in small business, with two-thirds of respondents increasing wages on an annual basis.