How to: Create a company that can withstand adversity
When business conditions are challenging and big changes need to be made, resilient organizations are able to adapt and weather the storm. Resilient organizations have engaged the minds, and more importantly, the hearts of their employees.
Any company can purchase the same equipment, and employ the same business systems as their competitors, but without the right people to operate those systems and execute the strategy, it is no better off than its competitors.
It's employees who personalize your company, help attract and keep customers and attract other employees through their personal endorsement of your company. These employees are engaged in creating the future — the company's and their own.
Follow the three C's below to increase resilience and see the results that will position your company to thrive in any business condition.
Communications
The best communication is multi-directional, meaning it's outgoing AND incoming. Resilient companies emphasize both.
Outgoing
Transparency is key, and the more you can share, the better. Employees want to know you aren't hiding things from them, and that if you can't tell them something, there's a good reason. This builds trust. They trust you because you value them enough to share what's going on and you trust them with that information. Not knowing breeds speculation, believing the worst possible interpretation of what is and uncertainty resulting in employees being vulnerable to the external employment market, which can lead to turnover… and the list goes on.
Outgoing communication can range from mundane — but still important (who is the new employee sitting in accounting?) — to high level communications focused on connecting what employees do every day and the company's vision. Employees who relate to the company's vision are more likely to stay on board when seas are rocky.
Incoming
Companies that struggle with hearing the ideas of their employees miss important information that could threaten change efforts. Turn up the volume so you can really hear your employees. They often know exactly what's needed to turn things around.
How do you get suggestions from employees? Ask! And then really listen. Whether the suggestions are worthwhile, simply listening to your employees and considering their suggestions pays dividends in their feeling heard and valued.
Continuous education and development
This doesn't have to be formal and costly. It just has to be about supporting and rewarding employees for expanding what they know and can do. Resilient companies don't cut corners when it comes to investing in keeping the personal and technical skills of its employees relevant. In fact, this is the No. 1 reason people begin looking for another job. Every company manager should know that 41% percent of employees who don't feel supported in their career growth and feel their opportunities for advancement are low are actively looking for another job.
Make it every manager's responsibility to talk at least annually with employees about their aspirations. What do they want to do for their careers? If you can't invest in expensive training, get creative. If options for promotions are limited, help them "grow in place." Find a mentor who can teach them new skills, and give them assignments to stretch them in a way that satisfies their need to grow. Ask for their ideas as well — there are many inexpensive ways to grow without necessarily changing jobs.
Extol promotions and publicly recognize employees for achievements such as attaining a professional designation. Employees don't always know who's been promoted and what is being done to develop staff, so a little PR can go a long way in highlighting internal opportunities.
Community
In tough times, it's natural to hunker down and focus internally. Nurturing connections to the local community might be counterintuitive when resources are scarce, but the benefits can be tremendous.
Strong community ties can positively impact morale, motivation and teamwork. Employees feel better about companies that sponsor efforts to support the community. Interestingly, even if they don't get involved in these efforts, they're more likely to think positively about the company and recommend the company to others.
Besides the benefit of employee pride and advocacy, community involvement can boost employee skills, and is another inexpensive but effective way to develop employees.
The contacts and impressions your employees make while volunteering can be better than expensive advertising. Companies often derive competitive advantages from volunteer activities, especially if their reputations in the community are valuable.
Finally, community involvement can enhance a company's pool of candidates. Applicants are more attracted to companies with a reputation for community involvement, and actively pursue jobs with these companies.
An engaged and informed work force is at the heart of a resilient company. Most of what is described here costs little more than the investment of time in a company's most valuable asset — its employees.
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