3 Ways to Invest in Your Workforce
To build a committed and dedicated workforce, business leaders should shift their focus to employee well-being and growth
As workplace dynamics change, leaders must consider how they are investing in recruiting and retaining the next-generation workforce.
Dave Kucera, a senior executive with Capital One’s Commercial Bank, recently spoke with economist and former chief executive Dr. Mohamed El-Erian about how business leaders are building workforce resilience.
“You need to create safe zones where people can talk about this, and you can listen.” -Dr. Mohamed El-Erian
In this video, they discussed 3 ways to build a committed, dedicated employee base.
1. Embrace the notion of employee wellness and mental health
Increasingly, employees expect businesses to have an active interest in their well-being. This becomes even more important when employees may be out of their comfort zones, isolated or facing mental health issues.
Companies should invest in programs that support employee wellness. This may include engaging health and wellness specialists and creating spaces for conversation. “You need to create safe zones where people can talk about this, and you can listen,” El-Erian said.
2. Champion the hybrid work model
Businesses must embrace the hybrid work model, where part of the workforce is remote and part of the workforce is in an office. With a hybrid work model, location isn’t as important as outcomes. “It’s what you do and how you do it—not your location—that matters,” El-Erian said.
Many companies have invested in collaboration tools and technologies to enable remote work. But with this new dynamic, it’s also important to train managers on how to conduct meetings when you can’t pick up on behavioral cues as easily as you can in person.
3. Hire agile individuals and build diverse teams
To build a resilient workforce, leaders must focus both on individuals and teams. At the individual level, agility is becoming a more important skill. Employees must demonstrate not only technical expertise, but also the ability to pivot when faced with new circumstances. Agile individuals help ensure that businesses remain nimble as they look to the future.
It’s also critical to bring together diverse viewpoints. “You’re looking around all sorts of unexpected corners...and you need people who think differently,” El-Erian said. When teams are composed of people with varying backgrounds and perspectives, they are more likely to question the status quo.
Focus on making changes that inspire a committed workforce.
Having a committed, agile and open-minded workforce contributes to overall business resilience. Investing in the programs and technologies to keep employees engaged will help your business navigate unusual amounts of uncertainty.
El-Erian is a former chief executive officer, investment analyst, investor and market commentator. He was inducted as President of Queens College at the University of Cambridge in September 2020.
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