Several times recently I have come to the conclusion that some companies refuse to modernize their practices to reflect the current times. This is my PSA to them: It is not 1923 anymore. I will provide 3 examples to illustrate my point.
1. I wanted to make a change to one of my investments. What were my options to make this change? Use the investment company's allegedly secure website? Nope, not a choice. Contact customer service? Oh no, they can't process this type of change. My choices were to send a fax (technology of the 1840s, literally) or send a request via USPS. Really? It's 2023. Since like most people I lack access to a fax machine, I mailed in the form. This is absolutely ridiculous. I don't think this requirement had anything to do with security either. It's about money. The change I requested resulted in me receiving money with no fee instead of the investment company getting a cut. Thus, I think they want to make it as difficult as possible for this change to be made.
2. A family member was helping another family member request life insurance benefits for a deceased family member. What were the options to file the claim? Why USPS of course. What were the options to receive payment? ACH (aka direct deposit) like many of us receive our paychecks and how the federal government has offered tax refunds for years? Of course not. The only option is to receive paper check, again via USPS. Not only is this much slower for the beneficiary, there is the chance the check could be lost or stolen. Again, I think this requirement is all about money, specifically float. Every day that the insurance company holds onto the money, they are earning more return on your premium dollars.
3. Employers unwilling to face the present recruiting reality. I am a recruiter, so I see this frequently. It includes things like not adjusting your pay scale to reflect what has happened in the talent market in the last few years. Another area is remote work. So often employers "want" their employees in the office for vague reasons they really can't articulate. "Collaboration" and "brainstorming" are two that come to mind. In life, we don't always get what we want. A lot of these same employers would probably also like to pay all their employees minimum wage, but they know that won't attract the talent they need. Guess what? Remote work may be the exact same way, depending on the job. Some jobs simply must be onsite 100% of the time due to the nature of the work. However, if there is a way you can do it, try to offer at least some telework in your jobs. One of the things employees value is choice. Some would love to work remote at least part of the time, and some will want to be in the office all of the time (we saw that at my employer early in the pandemic). If you want to attract talent, you have to offer the things the talent values.
In summary, companies must adapt to changes in the market if they wish to survive and thrive.
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