In one day, Donald Trump will be our President and on a business standpoint, if you like it or not, has already made an impact. His tweets thrashing companies like Boeing and Toyota, and his fondness for L.L. Bean has effected the company’s stocks. His public declaration of Carrier, Nissan, and Sprint keeping jobs in the United States give levity for those companies, even if the numbers and news do not add up.
Normally in a Republican presidency, businesses benefit with tax cuts, deregulation, and outsourcing. In the Trump administration, no one knows what’s going to happen except if you do something that upsets him, he will tweet it out. This is why large companies are coming to Trump to get a short-term fix that won’t help fix their long-term problems, and that is an issue.
This leads to the biggest player in the next four years: the employer.
If it’s true the new administration are going to:
- Repeal the Affordable Care Act
- Defund Planned Parenthood
- Defund money to public schools
- No food stamps
- Manipulate retirement funds
- Tax less to the rich and more on the poor and middle class
This brings a heavy burden for the employer. Before ACA, they only decent way to save money on healthcare is to work for an employer and this could lead that way. In addition, if you are an employee and you have a family, you want your kid to have the best education and with the potential lack of resources, the employee is busy finding their kid to a better school and still have to work.
Here is the scary thing: most employers are like Trump, in some way. You know the term, “cultural fit”? It tells applicants to fit in, or in code, “become us or get out.” About gender and race pay wage gap: it still exists. Companies preach they have a great atmosphere with great people, and then you search on Glassdoor and others, it’s not all that to be.
So what can employers do? There are many things they can do, but the very first thing is executive buy-in. A President or CEO must be bold to go outside the box. Likeness only goes a long way. Employees need to convince executives to diversify and go to different areas (employees, sectors, etc.) to expand their business. Executives want to know the bottom line and if you can give them that, it’s progress.
The second thing is if executives actually care about the employees. If your executives care about making a profit, then it’s not a good start. It’s the executive’s actions that will speak loudly the most. Does your executives support their employees? They could do it by raising pay, generous benefits, flexibility, and/or donating to an organization that benefits their employees.
This is simply a question I have been asking employers since I started this blog eleven years ago: does your company want to make a profit or to be great? If short-term success is your thing, you can ask the new administration to boost you up while scorning at least half of your employees. If you want your company to be great, they would provide the resources for not only their employees to perform better, but financial security outside the workplace. It’s better to have a lot of people supporting you than one person (or group) who think they have the magic wand to solve anything.
(Image courtesy of Life and Rugby)