Pivt opportunity — We see three inevitables:
First, similar to the pandemic, an economic downturn will lead companies to cut costs, likely on employee benefits and office space. But what about the war for talent which is not losing steam? Companies must think strategically about where they will cut costs, so it won’t hinder their ability to attract and retain top talent and maintain strong company culture.
Low-cost benefits that don’t compromise on employee experience and are relevant for supporting the mobile/flexible workforce will be paramount.
We can also anticipate increased social isolation, depression, and anxiety among employees during an economic downturn. Among mental health concerns, this also affects employee productivity.
Lastly, we can expect more employees to relocate on their own given new workplace flexibility, office space cuts, and search for more affordable housing with inflation increases. *For context, 23 million Americans moved independently last year since they could work more flexibly.* On top of this, even more employees will continue to take the newfound flexibility to elongate their vacations and take the opportunity to spend their winters somewhere and their summers somewhere else.
Companies that can provide employees with a resource to find community and acclimate wherever they are will see happier and more productive employees.
How Pivt is capitalizing on this:
Pivt will double down on selling to head of benefits, flexible work, global mobility, and talent acquisition at Fortune 500s and companies with more stable cash flow to capitalize on this opportunity of being an increasingly relevant benefit during these times.
In a downturn economy, many of these larger customers focus on innovation, hiring, and driving their business agenda forward to impact hiring and retention positively.
Despite external factors outside our control, we see this as an opportunity to capitalize on our momentum and expand our impact and growth. I am optimistic and excited, knowing that we have the perfect team and offering to thrive.