Companies who give EVERY employee the opportunity to grow can achieve stability in times of uncertainty
Recent instability and volatility in global financial markets and global affairs have created uncertainty in board rooms across the world, particularly in the U.S.
In their 2019 annual Global CEO survey, PwC highlighted a rise in the resulting uncertainty. CEOs are increasingly pessimistic about growth. As uncertainty spreads we will see a reduction in confident behaviors in a range of areas, including more cost cutting (i.e. layoffs) and less investment in innovative programs to improve the employee experience.
This risk-averse behavior creates a trickle down effect throughout the entire organization, down to the front line where employee meets customer. It’s no wonder companies with disengaged employees consistently make less money.
Your Employees Will Save You
While it may seem counterintuitive, these moments of uncertainty are exactly the right time to take risks, especially when it comes to your people.
Engaged employees get more work done, faster, and provide remarkably better customer service. And they also stay longer, reducing one of the biggest costs for many companies — turnover. This results in 147% higher earnings per share.
But this “spring of value” can only be realized if you give your people the opportunity to try new things. Your people are often the best situated to inform the new way of working. They deal every day with the inefficiencies that slow your company down and snuff out breakthrough innovation.
What if their ideas could be piloted immediately? What if they actually worked?
Making Work Matter For Everyone
If it’s clear that engaged employees are good for business, what’s in it for them?
Employees spend upwards of 90,000 hours at work in their lifetime, so it’s no surprise that finding meaning at work is one of the key drivers of personal happiness. People want to know that what they do matters, that they’re not in a “bullshit job”. When employees know they’re making a positive impact — on their team, on their company, in the community, for the world — they experience more personal satisfaction and even better health.
Making everyone’s work matter is the new competitive advantage, bringing stability to companies in times of uncertainty.
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ABOUT ANDREW OSTERDAY
Andrew is a founding partner and the Chief Creative Officer at Local Industries. His career spans both agency and client-side, crafting marketing solutions and digital experiences for some of the world’s most popular brands, such as Airbnb, Coca-Cola, The Home Depot, Delta, Porsche, and Jack Daniels before moving to Coca-Cola’s Global group where he led Cannes award-winning digital creative for Coke Zero.
His work at Coca-Cola also included real-time social content and production for the 2014 FIFA World Cup in Brazil, leading the world’s largest user-generated photo contest ever and crafting Coca-Cola’s employee engagement program spanning all 206 countries Coca-Cola serves.
Andrew is a pioneer of Change Marketing and a frequent mentor, writer, and speaker.