A highly motivated, resilient workforce is worth its weight in gold. However, the folks who call your business home need support in order to thrive at your company.
As a leader, you can build resilience and adaptability by encouraging personal development. Personal development is particularly important today, as economic uncertainty has sapped job security and left many employees feeling stressed and strained.
You can help your staff develop a can-do mindset by hosting training programs and development opportunities that facilitate skill development and lead to qualifications. This may require a short-term investment of time and capital but will pay dividends in the future as loyal, highly motivated employees can help see your business navigate shifts in market trends and economic downturns.
The Importance of Resilience
Resilience is a highly coveted ability in the world of business. However, resilience is more than a buzzword used to appease investors and motivate employees. A recent report from the McKinsey group, titled “Raising the Resilience of Your Organization”, found that resilient organizations are far more likely to withstand disruption and are less likely to go bankrupt.
The same McKinsey report also found that leaders played a critical role in raising the resilience and adaptability of an organization. The report found that effective leaders “catalyze new behaviors,” “develop capabilities that can help set the conditions for both a short-term response,” and build self-sufficient teams that are given ownership over their daily tasks and activities.
Self-sufficient, resilient employees are far more engaged with their day-to-day responsibilities, too. When folks feel supported and safe, they’re far more likely to provide feedback, suggest creative solutions, and tackle the “big issues” that a business faces. However, you can’t expect your staff to become resilient overnight. You need to create the right conditions to help employees thrive even when the cards are stacked against them.
Economic Uncertainty
The global economic downturn has undermined employee security and made for a more volatile job market. Rather than fretting about squeezed profit margins and staff who jump ship, focus on building resilience during economic uncertainty by:
- Prioritizing Safety: Staff needs to feel safe at work in order to embrace personal development initiatives. Audit your current practices to better protect your employees during times of change.
- Offering Flexible Work: Employees who want to engage in personal development need time away from work to develop their skills and gain qualifications. Giving staff control over their schedule can improve their autonomy and build a sense of trust, too.
- Planning Together: Giving staff a voice will improve their understanding of the business and help them feel like part of the team. They may even generate some creative solutions to the pertinent problems you face!
If your business has the budget, support employee growth by funding qualifications and skill development. Your employees have less disposable income during periods of inflation and may be reluctant to spend it on career development. By funding career development opportunities, you can alleviate employees’ financial worries and build a highly-skilled, loyal workforce.
Keeping Your Employees Happy
Resilience and adaptability are traits that will serve your employees well for years to come. However, you shouldn’t use the idea of resilience as a way to ignore discontent amongst your workforce. Instead, focus on building a happy, safe workplace where staff feel respected and are recognized for their hard work.
One way that small businesses can tackle challenges and build a more resilient, happy workplace is by embracing new ways to keep staff happy. Give your team the tools and technology they need to thrive and find ways to support employees who want to build their careers away from the office. Support these workers by offering off-site personal development opportunities like:
- Virtual skills development courses related to in-demand skills like coding, graphic design, and data analysis.
- Virtual mentorship and shadowing opportunities so staff feel like they can take the next step towards promotion.
- Personalized mental health counseling and therapy sessions so folks can find support in their area.
- Access to personal development opportunities that take their minds off work. Fund gym memberships, art classes, and book clubs to improve engagement and build a happier work environment.
Consider reaching out to staff before you put personal development schemes in place. Your employees may want to provide input and will appreciate the ability to have a say in their career development.
You can further incentivize personal development by creating a bonus system based on staff development and skill acquisition. This will push employees to grow and increase engagement with the professional development opportunities that you offer.
Conclusion
Investing in your workforce can help staff gain the skills and qualifications they need to be successful in times of economic uncertainty. This benefits your business, as your firm will need creative, agile workers to overcome the challenges associated with turbulent times. Get more even from your professional development budget by inviting staff to contribute their thoughts during the planning stage. This will increase buy-in, reduce turnover, and boost the adaptability and agility of your firm.