Given a choice between applying for one of the numerous job openings out there or starting their own ventures, Coloradans appear to be taking the entrepreneurial route, forming an unprecedented number of businesses this year.
Most of the filings were for LLCs, preferred by sole proprietors, and it isn’t entirely clear why so many businesses are forming this year compared with prior years.
Normally, business filings go up in tough economic times, when job losses are mounting and opportunities to find work are scarcer, said Richard Wobbekind, a senior economist at the University of Colorado Leeds School of Business, which prepares the quarterly report.
Colorado has a low 2.8% unemployment rate, below the U.S. rate of 3.6% in June and tied for 20th among all states. And it has the fourth-highest labor force participation rate, meaning residents here are some of the most diligent when it comes to going out and finding employment.
But Colorado has seen a shift in its economy, moving from having one of the strongest rates of job growth during the pandemic recovery to having one of the weakest this year. June job growth came in at 1.5%, which ranked 44th-slowest among states.
Brian Lewandowski, executive director of the Business Research Division at Leeds, said slower job growth more likely reflects a lack of people to fill positions rather than a lack of available jobs.
Colorado had 212,000 open positions in May, down from 259,000 in April, but still one of the highest rates of openings of any state, according to the U.S. Bureau of Labor Statistics. There were 91,600 people in June actively looking for work.
So if anyone who wants a job can find one, or work two if they so desire, why go out and start a business to make income?
One possible explanation is that people took advantage of reduced business filing fees of $1. Those fees went back to $50 in July after the Colorado legislature declined to extend the discount. Some people might have been looking to lock down names for future use. Future filing activity will clarify if that was the case.
But a more likely explanation is that people, many already employed, are looking at side gigs to help them keep up with inflation. They are trying to find a more flexible way to generate extra income.
“The cost of living is incredibly expensive. These could be second or third jobs. We shouldn’t forget the hardships that many Coloradoans face,” said Jena Griswold, secretary of state, during a news call Thursday morning.
On the whole, the report shows the state’s economy is likely to defy forecasts of a recession this year. New business filings represent a positive indicator for the economy, in that they historically point to future job growth.
In another positive sign, the number of businesses disbanding and making dissolution filings was 11,785 in the second quarter, pretty much flat with the second quarter of 2022 and down 15.8% from the 14,000 dissolution filings made in the first quarter. And the number of entities in good standing rose 9% year over year, another indicator of health.
Given a choice between applying for one of the numerous job openings out there or starting their own ventures, Coloradans appear to be taking the entrepreneurial route, forming an unprecedented number of businesses this year.
Most of the filings were for LLCs, preferred by sole proprietors, and it isn’t entirely clear why so many businesses are forming this year compared with prior years.
Normally, business filings go up in tough economic times, when job losses are mounting and opportunities to find work are scarcer, said Richard Wobbekind, a senior economist at the University of Colorado Leeds School of Business, which prepares the quarterly report.
Colorado has a low 2.8% unemployment rate, below the U.S. rate of 3.6% in June and tied for 20th among all states. And it has the fourth-highest labor force participation rate, meaning residents here are some of the most diligent when it comes to going out and finding employment.
But Colorado has seen a shift in its economy, moving from having one of the strongest rates of job growth during the pandemic recovery to having one of the weakest this year. June job growth came in at 1.5%, which ranked 44th-slowest among states.
Brian Lewandowski, executive director of the Business Research Division at Leeds, said slower job growth more likely reflects a lack of people to fill positions rather than a lack of available jobs.
Colorado had 212,000 open positions in May, down from 259,000 in April, but still one of the highest rates of openings of any state, according to the U.S. Bureau of Labor Statistics. There were 91,600 people in June actively looking for work.
So if anyone who wants a job can find one, or work two if they so desire, why go out and start a business to make income?
One possible explanation is that people took advantage of reduced business filing fees of $1. Those fees went back to $50 in July after the Colorado legislature declined to extend the discount. Some people might have been looking to lock down names for future use. Future filing activity will clarify if that was the case.
But a more likely explanation is that people, many already employed, are looking at side gigs to help them keep up with inflation. They are trying to find a more flexible way to generate extra income.
“The cost of living is incredibly expensive. These could be second or third jobs. We shouldn’t forget the hardships that many Coloradoans face,” said Jena Griswold, secretary of state, during a news call Thursday morning.
On the whole, the report shows the state’s economy is likely to defy forecasts of a recession this year. New business filings represent a positive indicator for the economy, in that they historically point to future job growth.
In another positive sign, the number of businesses disbanding and making dissolution filings was 11,785 in the second quarter, pretty much flat with the second quarter of 2022 and down 15.8% from the 14,000 dissolution filings made in the first quarter. And the number of entities in good standing rose 9% year over year, another indicator of health.
The WordPress.com team is always working on new design ideas to bring your website to life. Check out the latest themes in our library, featuring beautiful new options with bloggers, diarists, and creators in mind.
Tenaz (“tenacious” in Spanish) is a classic magazine theme with a rich, dense homepage perfect for professional bloggers or small media networks. Customizable elements are somewhat limited for this theme, but the black and white color palette is versatile and timeless.
Takashi, the designer for this theme, was inspired by a visit to a design museum in the Roppongi district of Tokyo. Among the beautiful designs displayed there, the wall labels, written in both Japanese and English, also caught his attention. Takashi then started thinking about other examples of when dual language displays are needed, from road signs to posters in large immigrant communities. This theme, tomoni (“together” in Japanese), came to life from that idea.
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Entry is a uniquely styled block theme designed specifically for journalling. It features a blocky grid layout for posts, with every element contained in squared or rectangular shapes. This is a design that makes a statement.
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This design features three columns. The left (header) and the right (sidebar) columns are sticky, and only the main content in the middle column scrolls. The small, square-shaped featured image contributes a distinctive look. Trellick is available in four different color schemes.
Covr is a beautifully crafted theme that boasts a clean and modern design, specifically created to showcase images in an immersive and captivating way. Its full-width home template elegantly displays your portfolio, photography, or personal blog posts, providing an enjoyable browsing experience for your audience. Whether you’re a photographer, artist, or blogger, Covr is the perfect choice to present your work and make an impact.
To install any of the above themes, click the name of the theme you like, which brings you right to the installation page. Then click the “Activate this design” button. You can also click “Open live demo,” which brings up a clickable, scrollable version of the theme for you to preview.
Premium themes are available to use at no extra charge for customers on the Premium plan or above. Partner themes are third-party products that can be purchased for $79/year each.
You can explore all of our themes by navigating to the “Themes” page, which is found under “Appearance” in the left-side menu of your WordPress.com dashboard. Or you can click below:
In a professional landscape where employees are redefining their relationships with work and rethinking what they want from their employers, it’s essential that organizations align with their preferences in order to remain competitive in the employment market.
The modern workforce is in the midst of an evolution.
Today’s professionals are redefining their traditional relationships with work and, as a result, rethinking what they want from the organizations they work for.
Influenced by a diverse array of societal shifts and economic transformations, today’s professionals are seeking much more than just a paycheck from their employers.
And that means understanding and adapting to these changes is essential for organizations to remain competitive when it comes to attracting and retaining A-player talent.
In this article, we’ll explain 14 factors that help make companies truly attractive to employees in today’s professional landscape.
The Backstory: Why Employee Preferences Are Shifting in 2023
In order to understand what exactly employees look for in an employer today, it’s important to first understand why their preferences have shifted.
The rise of remote work, advancements in technology, and the lingering impacts of the global pandemic have ushered in an era where flexibility, work-life balance, and meaningful work have become more important than ever.
Society’s increased focus on social consciousness also means that employees are now looking for organizations that align with their personal values and ethics.
So, unlike in past decades, today’s employees want to work for organizations that not only support their professional and personal growth but are also committed to making a positive impact on society and the environment.
14 Areas of Focus for Organizations Striving to Attract Top Talent in 2023
In the previous section, we painted in broad strokes about shifting employee preferences. But as a business leader, where should you focus your efforts when it comes to making your organization as appealing as possible to today’s employees?
Here are 14 ideas for where to start.
1. Competitive Salaries
Today’s employees want more than just competitive salaries—but that doesn’t mean this isn’t still critically important.
Organizations that offer high-paying roles attract top-tier employees who know their worth in the marketplace.
So, it’s important that your organization does too.
2. Comprehensive Benefits Package
In a traditional employee benefits package, you’d expect to see things like health insurance, retirement plans, and paid time off.
You can provide extra value to your employees by offering additional benefits that truly align with their lives.
Childcare Benefits
During the pandemic, many parents grew accustomed to the convenience and cost-savings of being at home with their kids. Now, as people return to in-office work, you can ease this stress with incentives focused on childcare.
While most organizations can’t provide daycare in their workspace, you can support your staff with complimentary access to nearby daycare centers or by helping to subsidize their childcare costs.
And now, these new pet owners are struggling with how to handle care for their dogs while working full-time jobs.
If you’ve got pet owners on your team, you can offer them things like:
Providing stipends to cover the costs of professional pet care services can alleviate concerns about leaving pets alone and ensure they receive proper care and attention.
Designating specific days or, if feasible, allowing pets in the office every day, creates a pet-friendly environment that allows employees to bring their pets to work, fostering a positive work-life balance.
Considering offering pet insurance as a valuable benefit demonstrates the company’s commitment to the well-being of both employees and their pets.
While this won’t necessarily benefit everyone in your company, it’ll go a long way for many of them. It’ll also act as an attractive benefit for potential future hires.
You can consider offering your employees commuting benefits like:
Enrolling your team in fuel discount programs or providing fuel gift cards
Offering paid parking for your employees
Offering public transit passes or unlimited public transit vouchers
Setting up a company ridesharing account that people can use if they’re in a pinch or have to be at the office extra early or late
These are just a few options. The key is to understand exactly what resonates with your employees and aligns with your brand.
3. Flexible Work Arrangements
The pandemic gave employees a taste of professional freedom, allowing them to prioritize autonomy and balance more easily in their lives. For employers, mandated remote work demonstrated that employees could still deliver outstanding results, even when they weren’t in the office.
And, as a result, flexible work arrangements have become incredibly important for employees.
Here are a few ways you can incorporate it in your organization.
Flexible Schedules
Flexibility in working hours allows employees to manage their work around personal commitments, rather than the traditional 9-to-5 schedule.
This may include options such as compressed workweeks, flextime (where employees can start and finish their workdays at varying times), or job sharing.
By accommodating various life demands like childcare, education, or hobbies, flexible schedules can enhance employee satisfaction and productivity.
Remote Work Options
The ability to work from anywhere has become increasingly important to employees.
This flexibility not only eliminates commute times but also allows them to create a comfortable work environment tailored to their personal needs.
For many, the ability to work remotely at least part of the time has become a non-negotiable aspect of job offers.
Hybrid Work Models
Hybrid models, where employees split their time between working remotely and working in the office, have emerged as a popular compromise between traditional and fully remote working setups.
These models can offer the best of both worlds: the collaboration and socialization benefits of in-office work, and the flexibility and autonomy of remote work.
4. Professional Development Opportunities
In a recent survey, 92% of employees indicated that having access to professional development is important or very important.
And in order to facilitate these opportunities, it’s important that employees have access to senior leaders within your business and that your organization has a strong employee development program in place.
Unlike past generations, today’s younger professionals have no problem leaving their current jobs in search of advancement opportunities with other organizations.
So, it stands to reason that creating—and communicating—clear pathways for career progression and the opportunity for upward mobility can attract ambitious, top-tier employees—and keep them at your organization.
That’s why modern employees are attracted to companies that:
Have robust CSR programs
Demonstrate ethical business practices
Show a commitment to making a positive social and environmental impact
This can include initiatives like:
Community service opportunities
Corporate philanthropy
Fair trade practices
Environmental sustainability efforts.
Your organization can incorporate this on a macro level, but individual departments and teams can also do it with micro initiatives, like charitable team building activities.
Here are a few you can try.
City, Park, or Beach Clean-Up
You can do some good in the world without it costing your company a dime—all it takes is some time and a little team spirit.
Consider heading out into your community—whether to a city, park, or beach—and doing a cleanup.
Pick up trash, collect recycling, and spend the day tidying up the local public amenities that everyone enjoys.
Want a way to give back while helping your team hone valuable business skills at the same time? Then you’ll love this.
With Charity Bike Buildathon, your workgroup will split into teams to build, decorate, and put together an advertising campaign for children’s bicycles.
After each group has presented their bike, you get to donate them all to a charity of your choice!
Philanthropy isn’t always about donating money or goods. Sometimes, it can just be about spreading some cheer and goodwill.
Random Acts of Kindness fuses the scavenger hunt concept with a philanthropic twist. This team building activity gets teams racing against one another to try and complete as many good deeds as possible before time runs out.
Host a Food or Toy Drive
As an organization, you’ve got a ton of connections—and so do your employees. If you’re up for a bigger project, hosting a food or toy drive can be a great way to make a difference for those in need.
It’s not a complicated process to put one together, it just requires a little bit of planning.
Here’s how to approach it:
Choose a Charity: Decide on a food bank or charity you’d like to support, then contact them to inquire about what they need. It’s also wise to ask if there’s anything they can’t accept.
Decide on Your Location: You can choose to host a one-day drive where everything brings their donations to a specific location, or you can set up multiple collection points and accept donations on certain days over an extended period of time.
Promote your food drive: Make sure to get the word out there about your drive. You can do this using email and social media, printing flyers, and personal outreach.
Collect and Deliver Donations: Once you’ve collected all of your donations, drop them off to the charity you’re supporting.
Thank your donors: Make sure to follow up and thank everyone who contributed! It’s often nice to send an overview of the drive, including how many items were donated and who benefitted.
Having your team work together to host the drive is also a valuable exercise in event planning, so your charitable initiative also has a team building and business-benefitting aspect.
Class is in session with this philanthropic activity where your team will be tested by a variety of education-themed teamwork challenges, share a special bonding experience, and support local children in need by competing to fill backpacks with school supplies and donating them to charity.
At Outback Team Building and Training, we recognize the value of helping organizations make a difference, and that’s why every one of our team building activities can be amplified with a charitable care kit component.
A positive, inclusive, and supportive culture that aligns with an employee’s values can make an organization more attractive.
And there’s no one-size-fits-all formula for creating a great company culture.
But in order to provide you with some inspiration for how to improve the culture within your organization, we recommend you read through our resource where we asked six business leaders to share their definitions of company culture—along with real-world examples.
8. Work-Life Balance
In our always-connected digital age, maintaining a healthy work-life balance has become a crucial aspect of overall well-being.
Employees increasingly seek organizations that understand the importance of balancing personal life with work demands.
This might involve flexible working hours, remote or hybrid work options, generous vacation policies, and respect for personal time outside of work hours.
Companies that promote a healthy work-life balance are viewed as caring for their employees’ well-being, leading to higher job satisfaction and reduced burnout.
9. Recognition and Reward Systems
High-performing employees value recognition of their hard work and achievements.
This recognition can be in the form of public acknowledgment, performance bonuses, promotions, or even simple thank-you notes.
An effective reward system not only boosts employee morale but also encourages continued high performance and increases employee retention.
Employees are attracted to roles that offer them a sense of purpose and allow them to make a difference. Meaningful work can boost motivation, productivity, and job satisfaction. This is particularly true for top-tier employees, who are often driven by impact and purpose more than just salary.
Today’s employees are no longer satisfied with simply going to work and punching a clock. They want more than just a job—they want purpose.
Organizations whose mission aligns with their employees’ personal values and beliefs are more likely to attract and retain these individuals.
So, it’s essential to proactively communicate your organization’s mission, vision, and values and to demonstrate how the efforts of individual employees, teams, and departments help make them a reality.
But there’s an important distinction to make when it comes to diversity and inclusivity.
In some regards, the concept of diversity in the workplace pertains more to a quantifiable metric. On the other hand, inclusivity pertains to the way people feel when they work in your organization.
That’s why creating an inclusive workplace environment should be the key focus for your organization.
This means not only welcoming diversity but also actively working to ensure equal opportunities and inclusivity in your company’s practices, policies, and culture.
12. Transparency and Communication
Open and transparent communication from leadership about your company’s strategies, challenges, and successes is valued highly by top-tier employees.
It fosters a culture of trust, encourages employee participation, and gives employees a sense of ownership and belonging in the organization.
13. Autonomy and Empowerment
Now more than ever, employees value the freedom to make decisions and have control over their work.
Empowering your employees can enhance their job satisfaction, increase their sense of ownership, and drive innovation. It demonstrates trust in the employees’ abilities and can be a significant factor in attracting and retaining high-performing individuals.
14. Employee Well-Being Programs
People are becoming increasingly conscious of their well-being, and they expect their organizations to support it.
This can include their physical health and well-being, such as:
Companies that invest in their employees’ well-being show that they care about their staff as individuals, which can lead to higher job satisfaction and loyalty.
In today’s rapidly evolving professional landscape, organizations must recognize that the expectations of modern employees have moved beyond just financial compensation and benefits.
This transformation of the modern workforce is not a fleeting trend but rather an ongoing evolution.
And, in order for your organization to remain competitive in attracting and retaining top talent, it’s essential to align your business accordingly.
What is your organization doing to remain attractive to employees in 2023? Let us know in the comments section below!
Learn about team building and group skills training sessions can help make your organization more attractive to existing and prospective employees.
If you’ve got questions about how team building and group skills training sessions can help ensure your company appeals to today’s employees, reach out to an Employee Engagement Consultant.
