3 STRATEGIES TO BUILD A RESILIENT WORKFORCE IN AN UNUSUAL ECONOMY
Many businesses are at a crossroads. They want to steel themselves for a potential economic downturn and stay positioned for growth. They’re struggling to recruit skilled talent for critical roles while also contemplating workforce reductions or hiring slowdowns. And they’re considering pulling back on investments, like upskilling, that can help them create a more agile workforce while at the same time increasing digital investments that can give them an edge.
Wanted: Seasoned executive to become a champion of the customer. Must be adept at breaking down organizational silos to create a persistent customer-first mentality across physical and digital channels. Requirements include diplomacy skills, an innovative spirit, customer service excellence, and a data-driven mindset.
Today, acquiring goods and services relies on a series of nodes and networks to function without - or despite - minimal interruptions. The past few years of infections, invasions and, more recently, inflation, have caused significant damage to the network and created a perfect storm of challenging conditions.
For years, as scholars of organizational behavior and as corporate consultants, we’ve researched what you might think of as the value of values. We’ve conducted dozens of studies designed to determine how a clear understanding of individual and organizational values can affect decision-making, motivation, relationships, well-being, leadership, and performance. What we’ve discovered in this work is striking: When you align your organization’s values with both your strategy and the values of your employees - creating what we call values alignment—you reap all sorts of benefits: higher job satisfaction, lower turnover, better teamwork, more-effective communication, bigger contributions to the organization, more-productive negotiations, and, perhaps surprisingly, more diversity, equity, and inclusion. Our favorite finding involved the impact of values alignment on the turnover of chief operating officers. When we studied the divisions of one multiunit organization, we found that COOs whose values alignment was low needed a salary increase of 40% to become as likely to stay in their jobs as those whose values alignment was high. Imagine that: An increase in values alignment had as great an effect as a 40% raise.