Coronavirus Lockdown and The Companies of The Future.
Updated: Nov 28, 2020
Extraordinary Companies Attract Extraordinary People.
Without struggle, there is no growth! Businesses are struggling right now, but they can make it into the future with these important steps. It's time to take action for the highest possible outcome.
1. Reevaluate or Establish Your Values
This is the most important step. A job is just a way to pay bills. It's a means to an end. Employees will have little to no attachment to a job esp one they hate. Companies with values and a clear "Why" statement, help their employees see that their career is a calling.
Employees are made to feel like an important part of the corporate mission and what they do has meaning.
Now is the time to take a deep dive into your corporate values and how they are implemented company-wide and align with your business goals. What is your top of mind process? How does your company contribute to humanity?
Vishen Lakhiani, the president of Mindvalley, teaches that companies are either humanity plus or humanity minus…….Those that contribute positively and those that contribute negatively or concerned with profits only.
Now is time to evaluate how your company ranks. Top-notch talent may turn down top-paying jobs at companies that they can’t get behind or that they don’t support and that they perceive as humanity minus companies.
People are increasingly wanting to do work that is meaningful and makes a difference in the world. The feeling of contribution is more important than money.
More than 70% of millennials and Gen Z want to buy from and work for companies with a clear social mission they can support. Over 40% of workers want to work for organizations that make a positive impact on the world.
Purposeful work is preferred over a high salary and people generally work harder for causes they support.
2. Identify Key Internal Influencers to Help Drive Organizational Change
Do an internal audit to discover who the most influential people within your company are in order to drive organizational change. Engagement and motivation are an internal thing. Leverage the power of your key player's influence.
"Hierarchical power is limited when compared with the one of highly connected and influential people". Leandro Herrara
Developing thought leaders in your company are key. They should have the freedom to develop their skills and talents and exercise their influence.
If leaders and free thinkers do not have the freedom to bring their acquired knowledge to the table, they will be underutilized, undervalued, underappreciated and consequently bored. They will quickly outgrow their position within your company.
Employee shared expertise is regarded as being three times more effective and authentic rather than coming from the C-suite.
A good manager always hires someone who is smarter than them, while others lead from ego and a need for control. If you get your influencers on board, then the rest of the company is more likely to adapt and get on board with significant change.
“It’s all about finding and hiring people smarter than you, getting them to join your business and giving them good work, then getting out of the way and trusting them. You must get out of the way so you can focus on the bigger vision. That’s important, but here is the main thing, you must make them see their work as a mission?” Sir Richard Branson
Influencers within the company tend to go wide with their networking and connecting with others in various departments. They have a strong “likeability” factor and good social skills.
Employees are more likely to conform to the ideas and atmosphere created by the influencer while creating a “pack” or “herd” mentality.
The influencer not only influences the company, but also influences the customer as well. The influencer has a bigger following and connection to the client, then the CEO ever will.
Influencers are often not upper-level management, but bridge builders between the employees and the C-suite.
3. Be a Catalyst for Change
Extraordinary people build extraordinary companies with extraordinary systems. Extraordinary people are open to constant and never-ending improvement, reevaluation, the breaking down of socio-economic and cultural barriers.
Simply put they are open to new ideas. The answer to organizational change is within the company.
Companies will keep doing things the way they always have until the market determines the product or service irrelevant.
Organizations see necessary change as an overwhelming investment of time, work and expense rather as the bridge to the future of their company.
The investment seems too great and so they hold on to hope (which is not a plan) that the market or things will change to accommodate them. It never works that way! Once a pain threshold has been reached, the company will scramble to get a plan in place. Often too little, too late.
With a society that is building its economy around major retailers and online stores, it’s increasingly difficult for a company to stand out in a crowd of convenience-based buying.
It’s imperative to educate the masses on why your product or service is important, what it does for them and humanity in general. People follow and buy from dynamic companies with a clear social mission.
“Companies with a social mission tend to do better” Mark Benioff
This is the experience economy, within ten years marketing may be dead. Marketing is something you do at someone as opposed to with them. How can you turn your product or service into an experience-based interaction that is fun and memorable?
Organizational change and innovation thrive in environments where individuals are empowered to develop the four characteristics that cannot be replaced by technology.
To be a catalyst of change requires you to be a futurist, it’s important to always be thinking and working at least ten years ahead within any organization.
“Be mindful and predict the future” Steve Jobs
4. Identify What is not Working
“We’ve always done it that way” is the most dangerous phrase in business and in life in general. During COVID-19 we are seeing a global collapse of systems and processes that have “always been done that way” and they don’t work anymore.
We are being forced to experience “change or be changed," “disrupt or be disrupted.” Now, more than ever, we are experiencing a need for high levels of expertise.
Companies can celebrate and embrace mediocrity or embrace the change that leads to excellence.
There are numerous ways to accomplish the highest possible outcome, and the best man is always left standing.
It’s necessary to innovate and create experiences that become your actual product or service. The old models of sales and marketing are quickly becoming obsolete.
The world receives and absorbs information in more advanced ways. Now, more than ever we are seeing a need for expertise. Expertise builds trust, and trust is the principal thing in life and business.
Creativity does not happen within a vacuum and within the four walls of your company only. Don’t be afraid to use this time to outsource expertise for the highest possible outcome for all involved.
If you could have done it on your own, you probably would have by now. Open your company to an entire universe of creative minds and ideas.
5. Establish Incentive Programs that Effectively Recognize and Reward Employees
People will not perform beyond what is expected of them if they do not feel valued. When individuals feel recognized for their intellectual worth, they are willing to share and implement their knowledge, in fact, they feel emotionally tied to the strategy and inspired to give it their all.
If individuals are treated as though their knowledge is not valuable, they will feel intellectual indignation, as though they are not enough and don’t matter.
They will not share their ideas; in fact, they will hoard them, and their best thinking and creative ideas will never see the light of day at your company.
Employees will feel angry and upset and will drag their feet vs. being enthusiastic about their work. They need to know their work matters and contributes to the company’s success and mission fulfillment.
Learn More: about driving revenue and relationships in the experience economy with multi-channel incentive campaigns.