The emergence of new technology has ushered in an era of "external intelligence" in which algorithms and machines are responsible for many tasks that were once handled by human workers. Some companies may apply this technology to current products and services, while others may create entirely new business models.

Employee retention needs to start with recruitment as employers identify workers who are qualified and committed to the job, says John Waldmann, CEO of scheduling-software company Homebase. Businesses can retain staff by working with employees on schedules and time-off requests, Waldmann says.

Diversity efforts can succeed when companies use deliberate-practice models to promote workplace communication and to generate feedback, writes Randy Sabourin, co-president of Practica Learning. Companies with diverse teams can outperform industry standards by up to 35%, according to one study.

Reflecting on increases in minimum wage rolling out across select states, some small-business owners say they are using the changes to boost productivity and profit. Salon owner Kevin Hoult said documenting processes and defining the amount of time each task should take have allowed more clients to be booked daily, and an electronic timekeeping system better tracks employee hours.

Apple's head of diversity, Denise Young Smith, issued an apology to employees regarding comments she made implying a team of a dozen white men could be just as diverse as a group of women, people of color or members of the LGBTQ+ community. Smith apologized for her choice of words and affirmed the company is committed to increasing diversity in the workplace.