A dispatch from Silicon Slopes: How this Utah hub is changing
By now, it’s a given to say that the pandemic response has changed Utah business. That’s certain true of the physical space, as “work-from-home” and “hybrid spaces” continue to be the norm.
But what about the mental health space? The pandemic has changed that as well, and that’s especially true for those who lead employees in Silicon Slopes, the Utah-based tech area that has given Silicon Valley in California’s Bay area a run for its money in recent years.
One person ready to talk about how the pandemic changed her is Cydni Tetro. She is a former tech founder and the co-founder of the Women Tech Council, a Utah business group. Tetro recently wrote in Utah Business magazine about how she’s seen changes in the way the business world is run. And, she sees these adjustments as mostly positive.
Keeping pace with changes may also mean another look at how your own business finances are run. One potential solution for businesses is the free checking option provided by First Utah Bank.
In her story, Tetro talks about how the home office revolution — whether welcomed or not — was the start of a paradigm shift in general.
“We don’t want the same things, or if we do, we look at those things differently,” Tetro says. “We measure success differently. We value being present and having flexibility more than ever before, and we want our future at work to reflect these experiences.”
This has meant a shift for leadership as well. Retaining the best employees has never been more challenging, and it will take some deep thought and out-of-the-box ideas to likely keep employees and leadership teams engaged.
This is one reason that Tetro’s organization conducted a survey on Silicon Slopes, and what she found confirmed some of her initial feelings of change as well as spurred new ideas to consider. She broke down the main points into four different findings:
Remote work has changed the landscape
The insight indicates that working from home is a boon for most employees. She cites the stat that 91 percent of employees felt an improvement in productivity, while only 3 percent want to go back to full-time office work. “Whatever the future of work looks like, it can no longer be within the confines of a formal office space,” she writes.
Employees hold the cards for work-life balance
The Women Tech Council study shows that 87 percent of workers in that field will not take a job now if it doesn’t have remote work as part of the plan. Similarly, 69 percent of companies in the study have permanently shifted to offer work-from-home options.
Hybrid models are leading the way
Here’s a telling stat — just 34 percent of companies plan to have enough space for employees to all be in one building on any given work day. As Tetro points out, this also raises the question of how to make the “office time” impactful enough for employees who will likely be spending at least part of their work week back in their home office chair.
Leadership models must change with the times
Tetro proposes leaders make live meetings and other work in the office setting stand out on their own from the more scattered remote environment, playing to that collective strength to make decisions that are crucial to company success. And leaders need to realize that remote work is here to stay. “Leaders and companies who fail to adapt and innovate risk losing their talent,” Tetro writes.
It’s clearly time for leaders to shine when it comes to fostering engagement, productivity and a sense of value in this new type of workplace. At the same time, Tetro acknowledges that it’s going to take a concerted effort to keep businesses thriving.
“We all need to evaluate what’s happened, what has fundamentally changed, and what it means for each of us,” she writes. “Whatever the future looks like, it will take people at every organizational level working together to build a sustainable model for the new definition of happiness and growth.”
Ways free checking can help Utah businesses
Even with shifts in the workplace, one thing remains the same: the need to better manage cash flow and financial positioning in the marketplace. If your business averages fewer than 100 ACH checks and debits per month, First Utah Bank can provide you with free business checking as a method to maximize your time when managing these essentials.
There is no minimum balance required for the free business checking program at First Utah Bank and it includes unlimited debit card transactions and deposits as well as free mobile and internet banking. The program is also insured to the legal maximum by the FDIC.
Free checking may not be the right solution for every business, though. To that end, First Utah Bank also has you covered. These options include a commercial checking account for higher transaction volumes that also gives you an earnings credit allowance based on your balances.
As your hometown bank, First Utah Bank has the knowledge and tools to keep your business thriving in any kind of financial climate. Learn more at our business checking website, or call First Utah Bank at 801-308-2265.