Is the 9-5 Work Week Outdated?

The 9-5 workday was created by American labor unions in the 1800s. It was made popular in the 1920s by Henry Ford, who wanted to attract auto workers used to 12-hour shifts. Because today’s employees are accustomed to working 8-hour days, many still accept the setup. However, every aspect of working life has changed in the past century. With an increasing emphasis on organizing lives for greater work-life balance, it is time to replace a set workday with flexible hours.

Here are three reasons to modify your company’s work week with flexible hours.

Desire for Flexibility

Millennials, who make up the largest percentage of the workforce, want jobs that provide flexibility. Because work-life balance is a priority, they prefer the ability to set their own hours and work remotely more than have steady work or the highest possible pay. Allowing staff to take care of personal responsibilities while finishing their work tasks provides an increased sense of control over their lives. Employers who offer flextime typically have higher performance, increased job satisfaction, and lower turnover than employers who do not. This results in greater customer satisfaction and higher revenue.

Working at Peak Hours

Companies have automated most of the rote elements of work that used to comprise the 9- 5 workday. Because calculations, factory work, and typing jobs that were common in the 20th century have been automated, employees have more time for problem-solving activities. Although drowsy workers still could accurately put together parts on an assembly line, distracted workers in the creative sector cannot solve problems very well. They need to use their individual mental energy rhythms to find creative solutions. As a result, employees should be allowed to work when they are at peak performance. Whether early in the morning or late at night, staff should have wide parameters with minimal rules to complete their work in.

Greater Productivity

Research performed by businesses, industry associations, and academic institutions shows that average workers do not get more done in a 10-hour day than an 8-hour day. In fact, every hour worked beyond 40 per week reduces productivity and output both short- and long-term. As a result, productivity should be measured by the quality of output rather than hours put in.

Add Flexible Staff

Providing a flexible schedule for staff means changing your work culture. Allowing for increased work-life balance attracts and retains top-performing workers who remain engaged and productive throughout the day. Your company benefits from increased retention, customer service, and profits.

When your accounting & finance team needs to add members, get in touch with Casey Accounting & Finance Resources. As a recipient of the Best of Staffing Client Satisfaction award every year from 2016 to 2020, our team can provide you with the highest caliber of professionals in the field. Learn more today.

3 Important Business Lessons COVID-19 Taught Us

The scope of the coronavirus pandemic caught everyone by surprise. The impact has been felt by companies of all sizes in all industries. Tough decisions continue to be made regarding layoffs, policy changes, hiring, and how to keep the doors open. Fortunate companies have been able to use creativity, planning, and help from outside sources to maintain operations. The lessons we learned from coping with the unexpected can be used to navigate through other crises.

Here are three significant lessons businesses learned from the coronavirus pandemic.

Act Fast

When the COVID-19 pandemic began hitting countries, we had to go on lockdown for an extended period of time. The hospitality industry was shut down. International travel was forbidden. A significant part of the economy stopped. Companies had to make quick decisions with little information. Because employee safety was a top priority, leadership came up with remote working programs. Since business operations and revenue generation had to continue, leadership assessed their organization’s strengths and weaknesses, changed procedures and processes, created new products and services, and altered the business as quickly as possible. Overall, employers learned to be prepared for the unexpected. Contingency and crisis plans need to be top priorities going forward.

Prioritize Needs

During the early stages of the coronavirus pandemic, employers put the health and safety of their employees first. For millions, this meant transitioning in-office staff to work from home. Companies that had to provide employees with laptops, webcams, and headphones or increase their subscription to a videoconferencing platform faced a substantial impact on their bottom line. Employers’ second priority was survival of the business. Leadership had to discover which products and services were more profitable, which channels attracted more customers, and which campaigns resulted in more leads. The rest was put on hold. Leadership also assessed and pursued the development plans that offered a quick advantage over the competition. They learned that focus and resources needed to be shifted to the most resilient areas with revenue potential.

Reinvent the Company

A substantial number of companies had to reinvent themselves after the coronavirus hit. Leadership found new channels to interact with customers, new market opportunities, and new products to address emerging needs. They also modified manufacturing facilities, discovered new selling channels, and imagined new campaigns and promotions to promote sales. For instance, many companies that sold cleaning services, which were no longer in demand, began offering sanitation services for retail and healthcare clients. Companies had to evolve with changing customer needs to stay relevant.

Partner with a Top Recruiting Firm

The COVID-19 pandemic taught us to act fast when a crisis hits. Company needs must be prioritized, beginning with employee health and safety. Leadership must reinvent the business in order to continue filling customer needs.

Because these actions all require substantial resources, many companies turned to Casey Accounting & Finance Resources for help. Our dedicated team of professionals provided them with superior value through innovation, creativity, and initiative. Find out how our team can help your organization as well.\

2021 Accounting and Finance Salary Survey Available!

Casey Accounting & Finance Resources has compiled updated salary data for the fields of accounting and finance. With the start of 2021 now passed and the recruitment industry getting busy, having the most up-to-date information is vital!

With compensation trends changing on a monthly basis, both sides can benefit from having this information during job negotiations.

Casey Accounting & Finance Resources can help financial professionals who want to learn more about what salary expectations should be. We have compiled our salary survey list with updated facts and figures including job descriptions for more than 110 accounting and finance positions for the Chicago metropolitan area.

Email us today at FinancialSalarySurvey@caseyresources.com and we will be happy to share this with you.  In the “YOUR MESSAGE” section, please enter “2021 Accounting & Finance Salary Survey”.