Weekly Business Insights from Top Ten Business Magazines
Extractive summaries and key takeaways from the articles curated from TOP TEN BUSINESS MAGAZINES to promote informed business decision-making | Since September 2017 | Week 348 | May 10-16, 2024
Personal Development, Leading & Managing Section | 1
To defend against disruption, build a thriving workforce
Jacqueline Brassey et al., | McKinsey & Company | May 8, 2024
Extractive Summary of the Article | Listen
Nonstop disruption. We have all lived through it the past several years: a global pandemic, geopolitical and economic instability, and the rise of new technologies such as generative AI (gen AI). This increasing pace of change, coupled with the anxiety of prolonged uncertainty, has created a situation in which companies can’t afford to keep doing business as usual. Indeed, workers have sent a clear message that they are disengaged to varying degrees and often burned out. They continue to question where, how, and why they work.
Because this higher-level cognitive work is harder to plan for and manage, it demands a culture of thriving, in which the promise of innovation and technology, used correctly, inspires people to be more creative in their problem-solving. That can then benefit overall performance.
To build a thriving workplace, leaders must reimagine work, the workplace, and the worker. If the organization takes an artist or athlete approach, it understands not only that people need to be at their very best to be effective but also that the path is different for everyone. As long as there is accountability for timelines and quality of work, the outcome is what matters. While this work environment sounds great in theory, how does it become reality? To build a thriving culture, companies can rethink policies, practices, and rituals through five actions.
- Rewrite the rules on workforce flexibility. Many organizations have made strides when it comes to offering workforce flexibility since the pandemic forced new rules upon much of the business world. Even so, leaders can look for more ways to infuse thoughtful flexibility into the workweek beyond work-from-home and hybrid options including four-day work week.
- Rethink the collaboration model. As routine tasks are increasingly automated, the remaining work becomes more complex, dynamic, and creative and therefore requires higher levels of innovation and collaboration. In turn, effective team dynamics become even more essential within and across teams. The best collaborative models augment thriving by creating a team environment that offers clarity in three areas: the problem the team is trying to solve, how the team knows when it’s successful, and how to work together to get there.
- Emphasize performance coaching. Even the highest performers should continue to learn and grow through feedback and coaching. Athletes are instructive here as well. They may have a personal coach, a personal trainer, a nutritionist, and others to help them perform at their best. Often, the best athletes in the most important positions get the most coaching – so should be in corporate settings
- Create opportunities to practice and train, not just to perform. At many workplaces, leaders don’t specify whether employees are in practice mode or performance mode. Think of a professional athlete practicing for a big game; the activities and drills are different from those on game day. In the same vein, employees can be in practice mode during certain meetings with their teams, and they can be in performance mode during, say, a board call or a steering committee meeting.
- Kick the meeting habit and build in time for recovery. To build thriving teams that can tackle problems effectively, it’s important to create the space for employees to think critically, get the work done, and have time to recover. Unfortunately, at many organizations, meeting requirements have become a roadblock to creativity and real productivity.
3 key takeaways from the article
- Increasing pace of change, coupled with the anxiety of prolonged uncertainty, has created a situation in which companies can’t afford to keep doing business as usual. Further, workers continue to question where, how, and why they work.
- Because higher-level cognitive work is harder to plan for and manage, it demands a culture of thriving, in which the promise of innovation and technology, used correctly, inspires people to be more creative in their problem-solving.
- To build a thriving workplace organization need to take an artist or athlete approach, it understands not only that people need to be at their very best to be effective but also that the path is different for everyone. To build a thriving culture, companies can rethink policies, practices, and rituals through five actions: rewrite the rules on workforce flexibility; rethink the collaboration model; emphasize performance coaching; create opportunities to practice and train, not just to perform; and kick the meeting habit and build in time for recovery.
(Copyright lies with the publisher)
Topics: Leadership, Creativity, Innovation, Teams, Performance
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