How Youth Can Aid Small Businesses
It can often be the case for companies and small businesses to be hesitant when it comes to hiring younger employees with many concerns among teenage/early twenties workers being a weaker work ethic, the need for lengthy/costly training, or even the length that a particular younger worker may remain at your small business. While these doubts are understandable, there are numerous benefits that the future generation of employees bring to the table.
Understanding the Benefits
Broadly speaking, there are a variety of benefits that would provide small businesses with an advantage when it comes to employing today’s youth. Firstly, small businesses that hire young workers have the ability to shape a fresh mind to suit their business’s specific goals and needs. By giving younger individuals a chance, along with attention, new members are welcomed and introduced to a comfortable company culture. This is where an employment base is developed for future years, whether it be in the form of an internship or an apprenticeship. This will contribute to developing a more positive and welcoming company culture that can be communicated to consumers to spread the word about your business.
Coming out of the Covid-19 pandemic, a large portion of the labor market is unemployed and, with unemployment benefits reaching the termination date, many people are looking for employment. With many struggling to support themselves and their families, there has been an influx of youth workers. Furthermore, the world now thinks and operates differently, requiring a more technological approach and future thinking. Looking back to the beginning of the Covid-19 pandemic, remote interaction was swiftly integrated into common day life, especially with a heavy focus on the education and labor industries. Technology has changed the workplace with a sense of permanence, the perfect environment for the younger generation of workers to excel. It is this modern mind which understands and projects future changes. These youth employees can help small business owners stay one step ahead of the game and one step ahead of the consumer.
As we are coming out of this pandemic, where many businesses closed, is the opportunity for a positive financial position. Young workers do not demand a large wage, as their value is low due to the lack of experience in the workforce and due to their retainability long term for the company. As many companies are suffering through financial depressions, having an opportunity to pay lower wages will save the company a considerable amount of money both short term and long term. In some cases, there is an opportunity for federal tax credits granted if a particular youth employee falls into a qualifying category which will provide tax relief up to thousands of dollars.
Putting a Plan Into Action
As there are a variety of benefits in hiring youth employees, small businesses are presented with the opportunity to hire strong, loyal employees who can bring attention to a company. The fresh ideas and technological advancements provided by younger employees are particularly beneficial to small businesses’ post-pandemic operations. Most importantly, there is a strong possibility of financial gain with lower-paid wages and tax credits. Hiring younger employees can change your business for the better.
As a social impact initiative, Rem and Company also offers free consulting services and resources to small businesses and nonprofits impacted by COVID-19. Our pro-bono consulting teams provide small businesses with the opportunity to identify and prioritize issues facing their business, propose innovative strategies, and facilitate execution. If you are a small business or nonprofit in need of assistance, learn more about how we can help.