For months, economic forecasters were anticipating the economy would take off in the fall as the COVID-19 pandemic receded, consumers reverted to natural spending patterns, and job gains increased in late spring and early summer. Those same forecasters were hoping for a “V-shaped” recovery but have since abandoned that hope for any type of quick economic recovery. But there are some tips that can help companies adapt to the new economy and reach for new levels of prosperity.
Reconnect with your people.
At the end of the day, it takes more than competitive pay and a good benefits package to retain current employees and win candidates over. A well-developed strategy and a growth-minded company culture can lead to less turnover, increased employee engagement and leadership succession strength. The value of a strong company culture will help any emerging or middle-market company prepare for their next evolution.
Challenging times call for smart leadership.
If your company is positioned for growth, you must develop and equip your leaders who can take the company into the future, drive the business, and sustain the culture. The organizational structure is solidified around the best employees who are ready to step up when the need arises.
Align your executive team to cascade the company’s vision, strategy and goals to optimize growth, profitability and employee performance.
By defining a clear strategic direction for the future, leaders strengthen the organization’s infrastructure, optimize employee performance through clear direction, and provide the tools and support that can impact the fortunes of any company. Alignment from the top down helps ensure the right people are in the right position for success.
Smart companies hire for the company, not just for the job.
When companies have alignment to their core values and goals, it becomes easier to overcome or thrive in any economy. Review your mission statement, vision and values and you will improve your profitability through a stable, engaged and committed workforce.
Utilizing these tips can help any company find predictability in a world of uncertainty. By keeping your human capital management strategies at the forefront of changes, you maximize your chances of success.
Randy Fisher leads capital market innovation efforts at Insperity to work alongside investors and founders and overcome the HR challenges that many startups, emerging and middle-market companies face.