Small businesses are the backbone of the economy, employing millions of people worldwide. In a recent study by Adobe on the Future of Digital Work, over 1,000 small business employees across the US, UK, Australia, India, and Japan were surveyed, and some interesting insights were revealed. As we enter Small Business Week and National Mental Health Awareness Month, here’s what small business leaders need to know about their employees.
Personal Responsibility for Productivity
SMB workers associate being productive with doing work that’s more impactful. As a result, more than half (52%) take personal, primary responsibility for how productive they are at work, and 47% make an effort to be back in the office 100 percent of the time (compared to 37% at larger companies).
External Factors Limit Productivity
While SMB workers are doing what they can to be productive, external factors limit their ability to do so. The top three worries that keep small business employees up at night are the high cost of living, the possibility of inflation, and wage disparity, in that order.
SMB workers want more resources to cope with external factors and get their work done. The majority (88%) say that poor technologies are hurting their company’s productivity, costing workers between 2 and 4 hours a day in lost productivity.
Technology and Hybrid Work
In fact, SMB workers are less likely (39%) to have a hybrid work model than larger companies (47%). This may be because just over half (55%) say that at least half of their company’s work is still on paper. As a result, SMB workers are calling for better technologies to help them work more efficiently.
Bad Technology Hurts Career Development and Morale
Bad technology hurts career development and morale. SMB workers are less likely to say they’re very savvy or one of the top experts in digital compared to larger companies (58% vs 67%). Nearly a quarter (21%) will complain to their boss about poor work technologies, with just as many (22%) considering quitting in the next six months due to poor work technology.
The Importance of Productivity and Technology in Small Business
These findings highlight the importance of productivity and technology in small business. SMB workers are doing their best to be productive, but external factors such as the high cost of living and wage disparity limit their ability to do so. As a result, SMB workers are calling for better technologies to help them work more efficiently, and those who are dissatisfied with their technology are more likely to complain to their boss or consider quitting.
Small business leaders need to prioritize productivity and technology in their businesses. By investing in better technologies, small businesses can empower their workers to be more productive and efficient, while also boosting morale and career development. It’s clear that in today’s digital world, technology is no longer a nice-to-have but a must-have for small businesses to remain competitive and successful.
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