More hurdles continue to show up for business leaders. Below are some challenges that are impacting businesses:
Time: A limited number of work days remain in the year - and that does not include any PTO or sick days
Employee Engagement: Only 36% of employees feel engaged at work*
Employee Retention: 15% of employees plan to quit their jobs before the end of the year with an additional 22% undecided*
Leadership: 60% of managers feel “used up” by the end of every workday*
Covid Market: Demand remains high with low supply
Given all of these challenges, leaders are faced with strategizing for a strong finish to the year and preparing for the year ahead. So, the million-dollar question is:
”How do I overcome the current state of the business world and plan for next year?”
Here is my advice:
1. Strengthen Everyone in a Leadership Position
Take another look at the statistics above and reread them. Right now, the “Great Resignation” continues to negatively impact companies. Do you know what has the biggest impact on employee engagement? Not their workload. Not the market. Answer? Their manager.
70% of employee engagement is directly related to their manager*
Given that 60% of managers feel “used up” by the end of every workday, 86% of high potential employees are at risk of burnout*
Forbes just shared that 83% of companies believe it is important to develop leaders at all levels, but only 5% do so (Want a competitive advantage? This is it
2. Reassess How You Develop Your Employees
What are you doing to help your employees develop personally & professionally? Are you still trying to train & develop individuals as you did prior to Covid? Have you been able to adjust to training & onboarding from a virtual standpoint? Companies that struggle in this area have a higher risk of losing staff.
It is a talent-driven market right now. If you are not showing appreciation and investing in your employees, odds are they can easily find someone else that will. In a recent global survey, next-gen employees reported their number one request was “to have more coaching & development” followed by “strengthening their EQ skills”. Your employees want to learn & grow. They need their leaders to help with that.
3. Clearly Define Your Messaging
Mediocrity is no longer an option in business. Please remember that even in the toughest markets, someone wins. The companies that are succeeding in today’s environment are the ones that:
Clearly know their targeted personas and work in their operating reality. They know the financial and operational concerns and create value statements specific to WIIFM (what’s in it for them)
Understand their current customer market, the future forecast, and are proactively looking for possible threats specific to their customers market segments
Have the ability to speak in the language of the customer & avoid speaking in generalized terms like their competitors
The fourth quarter is a great time to close the gap on these areas and carry momentum into the new year. If you find leaders or sellers struggling in any of the above areas, invest in skills training, identifying best-practices and proven processes for maximum impact. With only a limited number of days before the start of the new year, I welcome the time to connect with you soon. We can help.
Global DDI Report