Archives for March 2023

Inflation is high and the economy is down. Many American workers are overwhelmed by looming threats to their job security.

By the close of 2022, a surge of layoffs hit dozens of U.S. companies — from IBM to Capital One to Spotify — with no signs of slowing down. And employees holding on to their jobs report that their pay isn’t keeping pace with inflation.

A recent Society for Human Resource Management (SHRM) study revealed that nearly 48% of HR professionals are concerned about impending budget cuts, while 86% worry about how economic uncertainty may affect employees’ lives.

Says SHRM CEO Johnny Taylor, “Employers recognize that inflation has a major impact on the well-being of their team.”

What can you do to boost morale at your organization, despite all this uncertainty? Here are some tips to help keep your employees motivated and engaged:

Be honest. Employees don’t want false reassurances. Instead, keep the lines of communication honest and transparent, allowing them to feel a range of emotions.

Invite your team into the difficult conversations like navigating job cuts. Speak candidly about where your company is heading and ask for their input. They may offer some insight and visibility, presenting new ideas and opportunities you haven’t considered.

Show your support. Seventy-seven percent of today’s employees have experienced burnout on the job. A help little goes a long way. Be available. Check in with your employees regularly to lend your support and listen. Inquire about what you can do to better support them, and encourage them to take breaks.

If there’s a labor shortage, they may have an increased workload, as you’re forced to do more with less. Help them reprioritize their work to cut back on nonessential projects and focus on revenue-building initiatives.

Strengthen bonds. In trying times, do what you can to foster connections among colleagues. You don’t need to invest in employee lunches or happy hours. Instead, dedicate time for your team to talk about non-working matters.

At the beginning of your next team meeting, ask about weekend plans, share streaming recommendations or photos of your pets. Outside the office, consider organizing a team volunteer event where you can collectively work toward helping the local community. Bottom line, you’re all human and you’re all in this together.

Lead by example. Your employees are looking to you for guidance in how to persevere in the current business climate.

Don’t tell them, but rather show them through your actions. It’s important to demonstrate resilience in how you maintain perspective, and your team will be more likely to follow suit.

Success starts from the top

A Gallup study revealed that employees work 20% better when they’re motivated. But when they feel frustrated, discouraged and left in the dark, you can expect morale to plummet. Make sure your workplace is a safe and positive space for the people who keep your business humming.

While the future is uncertain, there are ways that businesses can restructure and recalibrate to best prepare for any challenges ahead. Learn how Magone & Company can help.

The way we do business is constantly evolving. And when you consider the current economic uncertainty, the rapid development of new technologies and the repercussions of a worldwide pandemic, you can expect 2023 to be a year of great change.

At Magone & Co, we expect to see the following trends emerge over the course of this year:

1. Combating the “Great Resignation.” Businesses continue to struggle with the aftereffects of millions of workers walking away from their jobs for more attractive working options. For employers, the challenge to keep and retain top talent is an ongoing trend as they strategize to offer the benefits, flexibility and work-life balance that today’s employees are seeking.
2. Keeping pace with digital transformation. As AI and automation augment the workplace, employers need staff that can support the transformation and work together in this new workplace reality. For example, employers may focus on hiring talent with specific skillsets that can’t be delegated to AI, like creativity and critical thinking skills.
3. Prioritizing the customer experience. Technology and customer experience continue to go hand in hand. That’s because in a saturated buying market, customer immersion has become essential in capturing customers’ attention. Technology can help create more immersive experiences by leveraging data to synthesize customer profiles for more precise personalization. The latest technology can even generate interactive ecommerce experiences with virtual reality (VR) platforms.
4. Overcoming inflation insecurity. Supply chains are still operating, and the economy is expected to keep growing, but businesses are still dealing with inflation. This means organizations must most monitor costs closely, minimize exposure to supply chain risks and have a plan to protect their margins.
5. Focusing on sustainability. Did you know that 79% of customers changed purchase preferences based on environmental impact, social responsibility and inclusiveness? An organization’s stance on social issues has become increasingly important to consumers and investors. That’s why having an environmental, social and governance (ESG) strategy can be effective in communicating a company’s core values and vigilance of the greater world, while meeting the ethical expectations of the audience.

When being “trendy” can improve your ROI…

With the majority of the year in front of you, take a fresh look at how your organization can benefit by incorporating these trends into your strategy. Need a trusted business strategist working on your behalf? Let’s chat.