Businesses across the whole of the UK have had it tougher than any time since the second world war and need to work hard to rebuild what has been wiped away during the last year and a half.
Companies need to reenforce the company values and company vision to help dig their way back to profitability.
Britain’s economy suffered a massive decline amid the fallout from the coronavirus pandemic but managed to steer clear of a double-dip recession.
The Office for National Statistics said gross domestic product fell by almost 10 per cent in 2020, as no sector of the economy was left untouched by lockdowns and an unprecedented slump in demand during the pandemic.
But it’s not just the coronavirus crisis that impacts business and its ability to produce shareholder value, we live in an age where there has never been so much upheaval.
Business leaders have been doing their best to keep their companies going while others have simply disappeared and many now face a shortage of qualified staff., so looking after your workforce is more vital than ever.
Vision and Empowerment Essentials
Ensure the Company Vision Is Clear and Understood
The vision statement of any company is the corner stone on which everything else is built and should be linked to achievable goals for the entire workforce.
Expressing the company vision in this manner will make it an integral part of the day-to-day experience. Everyone from the shop floor workers to the executive managers should be feeding into the system to push the company toward its goal.
If you’re in retail for example, then it’s vital that the culture is heavily focussed on the customer experience.
Recognise Employees for Achieving Goals
Whenever someone delivers excellent customer service, that person should be publicly applauded so that everyone can celebrate with them.
This is a proven motivational strategy, and it reminds each employee of the impact he or she can have on the company’s overarching vision.
Recognition should be given to employees who accomplish goals that align with the vision. Acknowledgment can range from a thank you from the CEO to a handwritten letter or a small gift card.
Don’t Be Frightened to Delegate
Delegating is an opportunity to strengthen and empower your team. Don’t just pass down mundane tasks, delegate with the intent to grow and develop the capabilities and responsibilities of your employees.
Set Clear Expectations
Define the boundaries within which your employee is free to act. By setting clear guidelines whilst not micromanaging, gives your employees the power and responsibility to take make decisions in line with company goals.
Give Honest and Constructive Feedback
When debriefing on a piece of delegated work, be specific about the feedback you provide. Telling someone they did well doesn’t really help. Be specific about the actions or attitudes that were good as well as ideas for improvement.
Accept Ideas and Input
When possible, include your employees in decisions around the setting of company targets, and be open and available to listen to their ideas and input. Not only can being receptive to new ideas help empower your employees, but it can also help your business to achieve better performance and ultimately higher profits.