The tragic events of September 11th caused a global shift in the way we view ourselves and the world. Strategic managers have taken note of this shift and realized that one of the key survival strategies for business is to recognize the profound impact the new reality has had on the most valuable resource of every business the employee. This realization has spawned the practice of the three Rs of strategic survival: Retaining and refocusing resources.
Strategic managers have concluded that to survive and thrive in the challenging market conditions of this new reality they must pay attention to employee needs and morale in order to maintain a competitive edge through a more highly motivated and productive workforce.
Rather that just focusing on the bottom line in the reality of todays slower economy, effective managers are utilizing innovative strategies to retain quality employees that recognize the two main shifts in employee perspective, concern over job security and a need to experience a sense of purpose and value in the work they do.
Within this challenging economy, employees are faced with the uncertainty of future job security. In order to combat this uncertainty, strategic managers are addressing this issue through direct and clear communication. Rather than leave employees in the dark to draw their own conclusions regarding their future of the company and employment opportunities, managers are clearly restating job roles and expectations and sharing senior managements strategies for maintaining and increasing market share in the new economy. While this information may not always be what employees want to hear, employees appreciate being in the loop because it allows them access to accurate data rather than rely solely on misinformation and rumour. This direct communication allows employees to understand the whys and where fores that are behind managements decisions regarding any redistribution of responsibility areas, requirements for increased workloads and the knowledge that management has allotted adequate resources to allow employees to get the job done within this new structure.
The other side of the communication coin is this must be a truly two-way dialogue. While management will most likely make decisions regarding some of the initial changes, it would be foolhardy to overlook the invaluable resource of the companys employees as a source for innovative solutions for cutting costs and increasing revenue generation. Effective managers must open channels and create tools to allow employees to participate in the solution process. This strategy is a viable one no matter how small or large the company. Even huge corporations are findings ways to tap into the creativity and knowledge of their employee stakeholders. Recently the Bank of Montreals Chairman and Chief Executive Officer Tony Comper announced to staff in an organization-wide e-mail that the bank has set a target of increasing its pretax profit by 500 million dollars through a mixture of cost cutting and revenue growth within the next three years. Staff are encouraged to share their ideas for new revenue generation avenues and cost cutting strategies via a new web-based tool called Ideanet. This intranet tool is an open forum for all staff to contribute their ideas. These ideas are then directly funneled to executive management for review and evaluation for potential implementation within the organization.
In the wake of the new reality people are reassessing their priorities and rethinking how they balance their lives. Many, who only a few months ago derived a great deal of pleasure and their identity from their jobs, are now looking elsewhere for a sense of security and meaning in their lives. There has been a strong shift back to family and home. Home is now definitely where the heart is. The challenge for todays managers is to bring some heart and meaning to the workplace so that employees can feel enthusiastic about making a significant contribution through their jobs. This sense of meaning comes from feeling part of the process and challenged in their position. A recent Gallup poll report revealed that only 24 percent of Canadian employees feel fully utilized and challenged by their work. Many proactive employers are now creating unique opportunities for staff that allow them to feel fulfilled at work, both professionally and personally.
A great number of these initiatives are a result of employee input. For the most part employees are sensitive to the fact that business is business and the bottom line is the ultimate decision-maker of expenditures. Many are open to new job structures that only a few months ago would not have been entertained at all. New job structures such as reduced work weeks, job sharing and companies allowing employees to do volunteer work during company time are allowing those employees to maintain their sense of job security while simultaneously maintaining a sense of balance between their personal and professional lives, while also making a meaningful contribution to the community.
Education is another area in which employers and employees are working together. An employer, not wishing to lose a valuable employee, may offer to continue to pay staff at full or partial salary while they upgrade their knowledge and skills. Many employees are happy to foot the tuition bills themselves, knowing that they will be earning while they are learning and coming out the other end to a secure job with a employer who really cares about them.
The past few months have presented many challenges to businesses everywhere. Defying all odds strategic managers are finding the silver lining in this very dark cloud and building stronger companies that are staffed by individuals who are true members of the company team and feel an increased sense of loyalty to their employers.
Copyright - Kelly Melanson, Certified Management Accountant |