| In every economy, business leaders need to adjust | | | | Get Used to the Virtual Employee |
| their strategies to what is going on and will be going | | | | The new model is less and less office space. |
| on around them. You can usually see these trends | | | | Professional services firms have been moving in this |
| and they will be good or bad depending on the | | | | direction for the last several years. Many of their |
| industry you are in and how and if you respond. | | | | employees do not have an office. They have a place |
| Companies need to prepare their offensive strategies | | | | to get mail, a space to meet with clients, but their |
| coming out of the recession, regardless of how fast | | | | main workspaces are their homes. As the cost of |
| or slow that may be, the reality is that we eventually | | | | space continues to rise in major cities, it can make |
| will have a good economy again. The following are | | | | more sense to allow your employees to be virtual. It |
| the trends that need to be on your radar for the | | | | can help you be much more competitive in the |
| next 3 to 5 years, and they are not meant to be in | | | | marketplace by lowering costs, and often employees |
| order of importance, as they will depend on your | | | | are more productive because they do not waste a |
| particular business. | | | | lot of time in traffic, and they can find better work |
| Technology Will Continue to Change the Way You | | | | life balance. In addition, it helps widen your labor pool |
| Do Business | | | | to include ideal candidates who would not ordinarily |
| You must look at the way you do business today | | | | want to work for you because they want to stay in |
| and think about how technology might put you out | | | | the city in which they live. If you move in this |
| of business or severely damage your market position. | | | | direction, there is a caution. There are many people |
| If you can imagine a computer someday doing what | | | | who cannot work effectively in this type of work |
| one of your employees does, today, I can guarantee | | | | arrangement, so your employee selection process |
| you it is coming. Those low-skilled jobs that can be | | | | should include screening to determine if your incoming |
| repetitive, have low customer interaction, and have | | | | employees can operate in a virtual environment if |
| low added value are going to go away. Do not fool | | | | that is how you would like them to work. |
| yourself on the customer interaction side. If the | | | | Entrepreneurs Will Rule |
| customer was given the option to pay much less and | | | | I know the Broward Economic Development Council |
| not have personal interaction or to pay your price to | | | | and Beacon Council spend a lot of time trying to get |
| have that personal interaction, what choice would | | | | new companies to move to our counties. There is |
| they make? Would enough of them still choose you | | | | nothing wrong with that, and we should continue to |
| to justify continuing your path? The shift to scanning | | | | do so. However, our main efforts should continue to |
| and e-mailing and virtual meetings with video | | | | be nourishment of entrepreneurship. The UM Launch |
| conferencing are just the beginning. | | | | Pad is a fine example of how to do this. We need to |
| Unemployment will Remain High for the Foreseeable | | | | find ways to bring investment, knowledge, and |
| Future | | | | resources to up-and-coming companies. South Florida |
| The high unemployment rate will continue to take a | | | | has been and will continue to be made up of |
| toll on our economy. Yes, there are local pockets | | | | companies with 20 employees or less. Our larger |
| where the rate is lower, but the general U.S. | | | | employers will be those companies that started here, |
| population will have trouble absorbing its displaced | | | | that we helped develop from embryo stage and leap |
| workers because of increasing population, | | | | to large. According to a study by American City |
| improvements in technology, and continued | | | | Business Journals Miami-Fort Lauderdale was second |
| globalization. People will be making different decisions | | | | only to Portland as the hottest city for small |
| on what they spend money on. In addition, there will | | | | businesses in the entire United States. |
| be a wage paradox: the people who are now the | | | | In summary, the trends above should not be looked |
| sole wage earner where there used to be two will | | | | at in isolation. You need to combine them and |
| need to earn more, and if you don't give them the | | | | consider what they mean. For example, many people |
| wage increases they need, they will start to look | | | | are finding it easier and not too costly to go into |
| elsewhere. So I expect big wage pressure over the | | | | business for themselves and generate a $1 million+ |
| next two years. People will be forced to move | | | | business from home with just a computer. They get |
| where they can find jobs and to find a lower cost of | | | | a virtual assistant, virtual bookkeeper, several virtual |
| living. On the plus side, with a lot more people to | | | | employees, create a great website, hire a company |
| choose from in the market. Companies need to hone | | | | that acts as their call center, and within a very short |
| their skills on how to choose employees so that they | | | | period with a good strategy they can become a |
| have more "A" players to boost productivity. | | | | formidable competitor with little investment. |