Consider giving young leaders a boost for better Utah business

There are certainly still leaders at Utah businesses who are part of the boomer or Gen X generations, as is the case for many other regions in the U.S. At the same time, the changes that have been apparent during the pandemic have put leaders of younger generations at the forefront for some businesses that are thriving.

A lot of that development goes beyond the work-from-home revolution or the gaps some companies are seeing in the workforce in general. It also calls for having a plan for training and opportunities to boost young people into leadership roles. Food for thought: ensuring you have a strong future means investing in newer or younger talent as much as the seasoned leadership you have at the top.

Some techniques, though, can be tried-and-true tools. That’s definitely true in business lending, where First Utah Bank features solutions that have been time-tested to meet a company’s needs for growth.

An emerging workforce ready to lead

When you see the population numbers in Utah, it becomes a bit clearer. About 25 percent of the state’s population is between 20 and 34 years old. President and CEO of the Salt Lake Chamber, Derek Miller, recently wrote in Utah Business that it’s up to experienced leaders to provide a platform for their company’s executives.

Miller describes one effort: the Hive. This is a young professionals group the Chamber has restarted after a break to address COVID-19 concerns. The Hive includes Gen Z and millennials in networking and conversation in order to foster more decision-making and learning about the changing business world. He notes these generations have a strong entrepreneurial spirit.

“Young professionals today are comfortable with digital communications, understand personal branding, and are passionate about promoting change in society,” Miller writes. “These entrepreneurial traits can be used to solve problems more effectively when channeled toward the common good through programs like the Hive.”

Miller goes on to outline those traits clearer:

• Connecting with younger professionals while finding mentors from another generation.
• Serving the community through boards, charities and public office.
• Solving concerns that extend beyond just one company to everyone.

“As we continue to grow, it becomes increasingly hard to maintain togetherness and a solutions approach in the face of adversity,” Miller notes. ”Combining (problem-solving) with a desire to connect and serve will benefit you throughout your professional life.”

Training your eyes on future leaders

One major barrier to optimism in young leadership is retention. For example, the Great Resignation is still causing gaps in the workplace. Finding ways to keep valued employees is becoming more paramount. To that end, there are different ways you can ensure employee development of all types is at the forefront. Here are a few ideas for you to consider:

Host workshops

Employees may need a place to go to learn more about how to lead or how to bring success to a business through leadership. It’s important, though, to make sure they are on topics they care about. That said, it’s a good idea to get a temperature check from staff to see what they are interested in.

Pay attention to titles and pay scale

Titles are still important to the younger generations. Doing the research to see what types of titles and pay ranges are attracting younger employees — especially those who want to later lead — is an important step to revisit at any point in a company’s timeline.

Consider profit-sharing programs

It seems like common sense, but having profit-sharing programs means that employees feel as if they are partners in the company’s mission. And, that is key to fostering not only loyalty but a sense of pride in what a company does. Basing it on performance and time spent with the company, with just 5-10% of a company’s profits, could make a big difference down the road.

The power of business lending for Utah companies

Thinking of your organization’s future, and how you can protect that better, is always time well spent. If your business is seeking security, in all senses of the word, First Utah Bank can help provide that with lending solutions that will be a valuable link to your continued success.

Term loans are a good way to have a specific amount of money available to fit your needs as they become apparent. This type of business lending gives Utah companies the option to meet distinctive needs or purchase assets. It’s on a predetermined schedule based on monthly principal and interest payments. Loan rates are usually fixed but they can be variable depending on your business needs.

Among the uses for these type of loans are long-term working capital, investment in commercial real estate, commercial vehicle purchases or business debt consolidation, among other options.

Talk to our business loan officers to see how term loans or other types of business lending in Utah might benefit your small business. Learn more at our website, or call First Utah Bank at (801) 308-2265