Financial Trends: Reflecting on 2020 and Moving Forward to 2021
As we reflect on the crazy year that was 2020, we can look back to certain trends that will change how we will be doing things in 2021. These trends apply to a variety of different areas, from workplace accommodations to how we order daily meals. For the purposes of this post, however, we’ll stick to the area of finance.
Let’s look at financial habits and trends from the past year, reflect on how far we’ve come since 2020 started, and look forward to how these trends will impact the way we do things in 2021.
Trend #1: Adaptable Businesses Survive
When it comes to both companies and people, we should always be ready to adapt to changes that come our way. As a company, it’s important that you maneuver your business plan and create your growth strategy with adaptability in mind. Many companies in 2020 went under because they “put all their eggs in one basket” or simply didn’t adapt to changes in time. Others did—such as restaurants, which quickly changed their business model to focus on delivery and takeout. Other examples of flexibility by employers include having reserve funds ready for economic turbulence and downsizing office space as necessary. Adaptability is key for business survival moving forward.
Trend #2: Flexible Employees Thrive
Similarly, employees needed to be flexible as well and will continue to do the same in the future. With stay-at-home orders and social distancing recommendations, more employees were forced to work from home and learn new methods for managing their roles and responsibilities. As part of this, employees experienced the financial savings of things like commute absences and more homemade meals. Many also experienced unexpected financial situations in their personal lives, and the ones who were prepared, thrived.
Trend #3: Wellness Programs Are Key
Retaining employees has a tremendous financial impact for businesses and those that didn’t offer enough perks or benefits in 2020 saw their best employees move on to other companies or industries. One way to retain and attract top talent in 2021 and beyond is to adopt a financial wellness program. Educate employees on financial wellness, encourage them to manage their money better, and consider using a payroll card system at your company.
With Spentra’s Money Earned feature, for example, employees were able to manage instability better the past year by accessing up to 50 percent of their net wages early (if needed) and pay off unexpected bills while reducing late charge occurrences. By creating a culture of financial wellness in your company with pay access, your employees will be less stressed and have more confidence about what 2021 throws their way.
To learn more about Spentra and have a consultation or demo, contact us today.