The working world has changed drastically in the wake of the COVID-19 pandemic and the “Great Resignation” that followed it. Not only are many employees looking for work opportunities that will allow them the flexibility of working at home, but almost all of them have also made the decision never to return to an office environment again.
And small businesses are taking notice by employing new digital tools that will not only enhance their recruitment needs but their overall bottom line.
In fact, in 2022, the need for digital recruitment and other AI-based business tools has become a priority with small businesses the world over. According to a new ZDNet report, small businesses are actually facing a major opportunity when it comes to utilizing digital technology to “leapfrog their bigger but slower rivals.”
When approached about what they plan to use their cash on in 2022 and 2023, small businesses are said to be three times more likely than larger companies to invest in high tech, or so says the Nash Squared, a UK recruitment organization. Apparently, small businesses are utilizing tech to get ahead of their larger rivals.
Say the experts, small business managers, and owners are especially cognizant of the many opportunities the “digital transformation” can afford their companies.They are taking full advantage by putting their money where their mouth is, so to speak.
An Interconnected World
Says one small business executive; in a world that is presently so digitally interconnected, the playing field has become far more level than in the past between large and small companies. Even a two- or three-person shop can now reach a global audience not only of customers but new recruits and potential long-term employees too.
An analyst from the SMB Group, a firm that analyzes and collects data for small businesses on a global scale, states that in 2022 there is major enthusiasm for companies to invest in IT. Over half the companies queried say they are planning on spending over half their investment budgets on tech.
The analyst also reports that small companies that have put a “digital transformation strategy in place,” along with special initiatives, are three times more likely to realize a significant increase in yearly revenues than companies that are doing things the old-fashioned way.
Digitization is Paying Off
State the experts, small firms who have been investing in things like digital recruitment since the pandemic took hold in 2020 are already seeing positive results. These small companies are taking full advantage of core tech like the cloud, which allows them to capitalize on new opportunities on a global scale. This is said to be crucial in a rapidly changing global economy.
As opposed to larger companies that must deal with complicated organizational bureaucracy, smaller companies are much more agile and flexible. They can adapt to a changing world in a snap. In today’s world, where “disruption” seems to be everywhere, the absolute value of flexibility and agility cannot be underestimated.
Analysts say that small business owners and operatorswho keep their growth controlledbelieve agilityis their main advantage when it comes to competing against the big girls and boys. Studies show that small businesses are more than twice as likely to effectively scale effective ideas and put a stop to bad ideas rapidly and decisively.
In other words, there’s no need to make a formal request to your boss, who must make a formal request to their boss, who must then wait for a reply from a CEO who might be on a plane bound for Hong Kong.
According to the UK Federation of Small Businesses policy and advocacy chair, there has been a large uptick in small business flexibility and agility since 2020. When the COVID-19 pandemic was in full swing,small businesses with a major brick-and-mortar physical presence immediately switched to an online presence which “took off.”
At the same time, individuals were also able to create “side-hustle” online opportunities like writing Kindle books,drop-shipping,and even creating YouTube channels that have rapidly grown into major enterprises that bring new ideas, products, and even entertainment and non-mainstream news to the digital sphere.
The trend by which creative individuals build business opportunities for themselves and their digital recruits on a global scale is expected to continue throughout the 2020s as mainstream outlets find it harder and harder to compete due to their massive overhead and overburdened bureaucracy.
Over the past two years, small business owners have experienced the many positive benefits that digital tech and online platforms can bring to the table. If anything, they feel the need to explore more of these opportunities to reach a global marketplace, and they can do so right out of their home office.