Business

How Small Business Owners Should Respond to the Housing Boom

The United States enters 2022 with a deficit of 3.8 million homes, even as the purchase of homes has been in deep tear since the start of Covid-19. Like LinkedIn’s 29 Big Ideas for 2022 post noted, home prices in growing cities like Austin, Texas, have increased by more than 40 percent.

The combination of high prices and remote working means businesses need to aggressively plan for a new environment in 2022. Here are three important decisions small business owners should focus on.

Adjust compensation to stay competitive.

Some professionals, especially in the fields of software engineering and data science, see their salaries increase by 100% or more when they change jobs. Rising housing costs will only fuel this fire, and companies wishing to attract or retain talent must be aggressive in researching competitive salary information and making competitive offers.

Embrace remote cultivation first.

Many jobs that were previously considered simply impossible to do outside of an office culture now seem quite possible in remote and / or hybrid environments. Housing costs come into play, as employees who don’t need to be very close to their desk can choose a cheaper housing option further away. Building a culture that embraces remote working allows you to keep those employees happy and attract talent from a much larger pool.

Carefully consider the locations of businesses.

Where you choose to set up your offices and other operations that cannot be remote will affect your ability to attract talent and certain types of clients. Where you are can matter a lot – and you can make different choices when looking at comparative housing costs across the country.

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