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By Jovanka Lakic – MarshMcLennan Agency

In today’s work environment, remote and hybrid work arrangements have become increasingly prevalent. As a manager, leading a remote and hybrid team presents challenges and opportunities. Here are some valuable insights and practical advice from a manager’s perspective on effectively managing remote and hybrid employees.

Establish clear communication channels: One of the essential foundations for managing remote and hybrid employees is establishing clear and effective communication channels. Regularly scheduled team meetings, one-on-one check-ins, and virtual collaboration tools can help foster open lines of communication. Encourage team members to share updates, ask questions, and provide feedback to ensure everyone feels connected and engaged.

Set clear expectations and goals: It is crucial to establish clear definitions of roles, responsibilities, and performance expectations for every team member. Setting measurable goals and delivering consistent feedback are vital for keeping employees motivated and on track. Regularly reassess and modify goals as necessary to accommodate shifting circumstances.

Encourage a culture of trust and autonomy: Trust is crucial when managing remote and hybrid employees. Allow team members the autonomy to manage their work and make decisions independently. Have confidence that they will deliver results and meet deadlines. Encourage open communication and be available to provide guidance and support when needed. Nurturing a culture of trust empowers team members and fosters a strong sense of ownership and accountability.

Prioritize employee well-being: Managing remote and hybrid employees requires paying attention to their well-being. The boundaries between work and personal life can become blurred in remote work scenarios, potentially resulting in burnout. Encourage a healthy work-life balance by promoting regular breaks, setting clear boundaries around working hours, and encouraging employees to take time off when needed. It is important to show empathy towards personal challenges and provide available resources for mental health support.

Foster team collaboration and engagement: Remote and hybrid work arrangements can occasionally result in individuals experiencing feelings of isolation and disconnection. As a manager, it is essential to foster team collaboration and engagement. Encourage virtual team-building activities, such as virtual coffee breaks or team challenges. Use collaboration tools to facilitate brainstorming sessions and encourage cross-functional teamwork. Celebrate team achievements and recognize individual contributions to boost morale.

Embrace technology and tools: Leverage technology to streamline communication, collaboration, and project management. Invest in reliable video conferencing platforms, project management software, and virtual collaboration tools. Provide comprehensive training and continuous support to ensure that employees are equipped with the necessary skills and knowledge. Continuously assess and update the technology stack to align with the team’s evolving needs.

By: Jobber Home Service Software

Jobber, a leading provider of home service software, released The Annual Blue-Collar Report: Gen Z and the Trades Need Each Other. The report, based on survey responses from 1,000 students in the U.S. aged 18-20, provides insight into how Gen Z navigates education and career choices, as well as offers solutions on how to inspire and encourage younger generations to consider taking advantage of all that blue-collar careers have to offer.

According to The Annual Blue-Collar Report, 76% of Gen Zs agree there is a stigma associated with going to vocational school over a traditional four-year university. This reality threatens our homes, economy, and the livelihoods of younger generations.

“If you own a home, you have a problem,” warns Sam Pillar, CEO and co-founder of Jobber. “While there is some renewed interest among the younger generation to pursue blue-collar careers, there’s still far too much work homeowners need done, and not enough workers to do it. We need to do a better job showing Gen Z how incredible the opportunities in the trades are, and encouraging them to consider that path.”

The U.S. housing stock is aging rapidly, with the median age of homes reaching 40 years. This is a critical problem as the U.S. is experiencing a labor shortage across most industries as labor force participation declines and the workforce ages and retires. In addition, the U.S. Bureau of Labor Statistics states that employment demands in trade industries are often greater than or pacing the 3% average of all occupations, representing not just a gap, but a growing chasm.

Key findings from the report provide deeper insights into why Gen Z is not pursuing blue-collar careers and how society can encourage younger generations to consider them. Despite the growing stigma and misconceptions that Gen Z has, The Annual Blue-Collar Report clearly shows that they actually do want blue-collar careers, and just don’t know it yet.

The “American Dream” needs a blue-collar rebrand

Gen Z has been taught to measure success through a white-collar lens, but AI, the economy, and layoffs are changing their minds. Their concerns around white-collar careers are clear.

• One-third (33%) of Gen Z say that white-collar desk jobs are less stable today than they were for their parents’ generation.
• 41% of Gen Z agree that the potential for AI to replace jobs has made it harder to achieve the “American Dream” and 46% believe there will be fewer future job opportunities as a result.
• 70% of Gen Z say they are not optimistic about the future of the economy.
• When asked what would make a trade career more appealing, Gen Z described what blue-collar professions already offer, including flexible work hours (73%), job stability (61%), and overtime pay (58%).

Gen Z’s biggest career influences are letting them down

Parents have blue-collar blindness, schools deserve a failing grade for blue-collar education, and Hollywood is doing hard work dirty.

• Family (51%) was identified as the biggest influence on Gen Z and the careers they chose to pursue by a significant margin.
• 61% of Gen Z say their parents haven’t spoken to them about vocational school or told them not to consider it.
• Just 17% of Gen Z say they have been educated on the benefits of vocational training following high school graduation. This was significantly lower than bachelor’s degree, community college, military service, and entrepreneurship.
• More than a third (35%) of Gen Z say television shows and movies have influenced the careers they want to explore and 47% describe trade professionals as being generally portrayed negatively (incompetent, unhealthy, and/or unhappy) in shows and movies.

We simply need more women in the trades

While many workforces have evolved to accommodate the modern gender distribution of labor, the trades have yet to establish this balance.

• Nearly half (48%) of Gen Z agree that women are discouraged from pursuing trade careers from a young age.
• 58% of Gen Z say that women face more discrimination within trade careers—compared to other career options—with the majority of women (68%) believing this compared to men (47%).

In addition to survey data and insights, The Annual Blue-Collar Report offers testimonials from people like 27-year-old commercial and residential electrician, Lexis Czumak-Abreu, who attests to the benefits of blue-collar work: “I studied pre-med in school, intending to become a surgeon but decided to become an electrician instead. Many people in my family are electricians, including my dad. The salary is great, the hours are stable, and the work is very gratifying!”

Finally, The Annual Blue-Collar Report highlights 10 specific calls to action for the general public, blue-collar professionals, policymakers and educators, and the media to help connect the dots between Gen Z’s fears and desires and the blue-collar opportunity in front of them, as well as eliminate the existing harmful stereotypes.

To access The Annual Blue-Collar Report Powered by Jobber, visit jobber.com/blue-collar.

By: Truforte Business Group

Beginning with the End in Mind

As a business owner, you’ve likely poured time, effort, and resources into building your company. But whether you’re considering selling in the near future or just laying the groundwork, one of the most strategic decisions you can make is to begin with the end in mind. Dr Stephen Covey in his popular book The Seven Habits of Highly Effective People refers to “beginning with the end in mind” as habit #2 and describes it as “to clearly visualize your desired outcome or goal before taking action”. Planning your exit strategy early on ensures that when the time comes to sell, you’ll be well-positioned to maximize the value of your business and meet your long-term financial and personal goals.

The Importance of an Exit Strategy

An exit strategy is more than just a plan for when you’ll sell—it’s a roadmap for aligning your business’s development with your eventual exit. Many business owners fall into the trap of focusing solely on growth and operations, delaying exit planning until they’re ready to sell. Unfortunately, this often leaves money on the table.

By having a clear exit strategy from the outset, you can make strategic decisions that enhance the value of your business over time. This could involve developing key revenue streams, reducing reliance on your involvement, or positioning the business in a way that appeals to potential buyers. A well-thought-out exit plan ensures that your business is attractive to buyers and that you can sell on your terms.

Maximizing Business Value

One of the main goals of any exit strategy is to maximize the value of your business. To achieve this, you need to focus on several key factors that buyers consider when evaluating a company:

Financial Health: Buyers want businesses with solid financials, including strong revenue, profits, and growth potential. Ensuring your financial records are clean, accurate, and up-to-date is critical for presenting a clear picture to potential buyers.

Market Conditions: Understanding the market landscape is essential. Is your industry growing or declining? Are there strategic buyers or competitors looking to acquire businesses like yours? Timing the sale to take advantage of favorable market conditions can significantly boost your business’s value.

Growth Potential: A buyer is not just purchasing your current operations—they are investing in your business’s future potential. Demonstrating clear opportunities for future growth, such as expanding into new markets or launching new products, can make your business more appealing.

Reducing Owner Dependency: Businesses overly reliant on their owners are seen as riskier by potential buyers. The more your business can operate independently, the more attractive it becomes to someone looking to step in without needing you at the helm.

By focusing on these areas, you can position your business as a valuable asset that commands a higher sale price.

Timing the Sale

When it comes to selling your business, timing is everything. The decision to sell should be influenced by both external market conditions and your personal goals. Selling during a market downturn or when your business is underperforming can significantly reduce your sale price.

To ensure you’re selling at the right time, it’s important to track both the health of your business and market trends. Are you hitting key performance targets? Are there competitors acquiring businesses in your industry? If so, it may be a good time to explore your options. On the other hand, if you have the luxury of time, waiting for favorable market conditions can be a smart move.

It’s also essential to consider your personal timeline. Are you nearing retirement? Do you have other opportunities you’d like to pursue? These factors should also weigh into your decision, as selling at the right time for you personally is just as important as market timing.

Key Steps to Prepare for a Sale

When the time comes to sell, preparation is key. Here are some practical steps to take well in advance of the sale:

Organize Financial Records: Accurate financial reporting is crucial. Buyers will conduct due diligence, and any discrepancies or gaps in financial information can raise red flags.

Clean Up Legal Structure: Ensure your business’s legal structure is clear, and any ownership issues, liabilities, or intellectual property concerns are addressed.

Streamline Operations: Efficient operations that run smoothly without your constant oversight make the business more attractive to buyers. Document processes and ensure that your team is capable of managing the day-to-day without heavy owner involvement.

Reduce Owner Dependency: As mentioned earlier, transitioning responsibilities away from the owner not only boosts value but also ensures a smoother transition for the buyer.

By addressing these areas early on, you’ll make the sale process more seamless and ensure your business is well-positioned to command a higher price.

Conclusion: Plan for a Strategic Exit

Selling a business is one of the most significant financial decisions a business owner will make. To ensure a successful sale, it’s vital to begin with the end in mind. By developing an exit strategy early, focusing on maximizing business value, and carefully timing the sale, you can take control of your business’s future and achieve your personal and financial goals.

Whether you’re planning on selling a business now or in the future, the steps you take now will determine your success when that time comes. Start planning today to ensure your business is ready for a strategic and profitable exit.

If you are thinking about selling your business…

Call Brooke Chase Associates M&A Referral Services at 941-479-6382.

By Cindy Barth – Contributing Writer , The Business Journals

Women — especially women of color — still are not moving into the positions from which CEO recruitment takes place at a pace fast enough to reach gender equity within the next decade.

The historic rise in women CEOs leading major firms in 2023 sparked widespread optimism that we might finally be on a steady upward swing, but that momentum stalled somewhat in 2024, according to the Women Business Collaborative’s 2024 Women CEOs in America Report.

As a result, while there has been improvement over the past 20 years in the number of women CEOs, the pace is “glacially slow,” noted Catalyst President and CEO Jennifer McCollum in a post on LinkedIn. “But there are bright spots.”

For instance, despite ongoing inequities and public backlash against DEI efforts, women entrepreneurs are experiencing strong growth in companies valued at more than $1 million. Additionally, there is an increase in women leading private companies and serving as CEOs within the Russell 3000, the report said.

But that uptick is not being experienced in all areas. As of July 2024, the number of women at the helm of Fortune 500 companies remained unchanged at 52, the report said.

In addition, the number of women CEOs in the S&P 500 declined from 41 in 2023 to 39 in 2024. However, there was an increase in the number of women CEOs in the Russell 3000, from 204 to 270, and the percentage of women CEOs in private companies is up more than 30% from 2023.

The WBC report corroborates data from Wells Fargo’s 2024 Impact of Women-Owned Businesses report released earlier this year, which found that women-owned businesses are having an undeniable impact on the U.S. economy, with women owning more than 14 million businesses, employing nearly 12.2 million people and generating $2.7 trillion in revenue.

That said, the stagnation does raise concerns about whether true gender equity in top executive positions is achievable in the near future, the report said. Women — especially women of color — still are not moving into the positions from which CEO recruitment takes place at a pace fast enough to reach gender equity within the next decade.

 A Closer Look at the Numbers

Fortune 500: 52 women CEOs, 10.4%

Fortune 1000: 46 women CEOs, 9.2%

Russell 3000: 270 women CEOs, 9%

S&P 500: 39 women CEOs, 7.8%

Private (> 1 billion): 180 women CEOs, 7.2%

Entrepreneurs > 1 million): 14 million, 25%

 Source: 2024 Women CEOs in America Report

 In addition, the polarizing climate around diversity, equity and inclusion threatens to jeopardize the gains made by women in recent years, the report adds.

According to S&P’s Quantamental Research, the growth in women’s representation among senior corporate positions potentially faces an alarming turning point. “Growth no longer appears exponential,” write study authors Henry Chiang, Samrudhi Kaulapure and Daniel J. Sandberg. “A waning focus on diversity initiatives suggests a potential inflection point and calls our previous gender parity estimates into question.”

To create meaningful change when it comes to gender parity in the CEO ranks, a commitment to a diverse workforce must start with senior leadership, then shared throughout the company and be viewed as a key part of corporate culture, the report said.

Some specific steps organizations can take include:

• Sponsoring and advocating for women’s leadership, especially for women of color
• Celebrating those leaders advancing women in the executive suite and toward the CEO position
• Actively supporting efforts to build pathways for women of color to be advanced to executive leadership, board directorships and executive committees
• Calling on current boards and CEOs to be intentional in building a diverse pipeline for talented women as CEOs

 “Diversity, equity and inclusion work is not always easy, and the results don’t always come immediately,” said Edelman’s Trisch Smith, global chief diversity, equity and inclusion officer. “But organizations owe it to their employees, customers and all stakeholders. The work is worth it — for both employees and the business bottom line.”

Here’s a deeper dive into what the numbers currently show about the current state of women in leadership roles, what the data signals for gender equity and what we must do to pave a way forward.

The current state of women in leadership

Fortune 500 

• There are 52 women CEOs in the Fortune 500 as of July 2024, the same number as in 2023.
• There are 8 new women CEOs in 2024; 8 women CEOs departed.
• Women are 10.4% of the Fortune 500, the same percentage as in 2023.

Fortune 1000

• There are 46 women CEOs in the Fortune 1000 (501-1000) as of July 2024.
• Women are 9.2% of Fortune 1000 CEOs. 

 Russell 3000 

• As of 2024, 9% of CEOs in Russell 3000 companies were women, up from 6.2% in 2021.
• By June 2024, there were 270 women CEOs in the Russell 3000, representing an increase in women’s leadership within smaller public companies.
• In 2023, women made up 6.8% of the Russell 3000 (204 women).

 S&P 500

• Women currently hold 39 of CEO positions at S&P 500 companies, or 7.8%.
• There is a decrease from the 41 women who held CEO positions in S&P companies in 2023.

 Private companies (more than $1 billion)

• There are 180 women CEOs leading private companies worth more than $1 billion in 2024.
• Women make up 7.2% of private company CEOs of more than $1 billion in 2024.
• In 2023, there were only 3.3% of women leading private companies.

Women entrepreneurs

• Women entrepreneurs have continued to grow rapidly, with a 41% year-over-year growth rate from 2023 to 2024, outpacing men counterparts by 25%. Women aged 25-34 remain the largest group, but there has been significant growth among younger women aged 18-24 (up 67%) and women over 65 (up 69%). Women of color entrepreneurs drive the economy nationwide, with businesses owned by racially or ethnically diverse women growing at a faster rate than their white counterparts — despite being less likely to have access to capital.
• As of 2024, there are approximately 14 million women-owned businesses in the U.S.
• Women now own 34% of all small businesses and franchises, contributing significantly to employment and revenue in the private sector.
• One in four businesses with revenue of $1 million or more are woman-owned.

Women of color

• Between 2019 and 2023, Black women-owned businesses saw average revenues increase 32.7%. Hispanic or Latina-owned small businesses also had a 17.1% increase. Asian women-owned businesses saw a more modest increase of 7.5%, Comparatively, all women-owned businesses saw a 12.1% rise.

What the data signals for gender equity

• There are headwinds to progress, and the pipeline for senior leadership has cracks. Women, especially women of color, still are not moving into the positions from which CEO recruitment takes place at a pace fast enough to reach gender equity within the next decade.
• The polarizing climate around diversity, equity and inclusion threatens to jeopardize the gains made by women in recent years.
• Women are making strides at private companies and at smaller companies, albeit at slower rates.
• Women have founded and own businesses, continuing to make a positive mark on the economy. With greater access to capital, it is likely to see women’s businesses of $1 million or more continue to gain momentum over the next few years.

Pipeline problems

• The growth of women’s representation among all senior leadership positions in the U.S. dropped to the lowest rate in more than a decade, 0.5% vs. 1.2% on average.
• Across C-suite positions, women lost seats for the first time over the study period of 2005-2023. Women held just 12.2% of the 15,000 C-suite positions across publicly traded U.S. firms in 2022. However, women’s progress declined to 11.8% in 2023.
• Forecast models of parity for senior leadership positions among U.S. firms now suggest parity one to seven years later: 2033-2042 compared with 2022 estimates.