Businesses aiming to navigate long-term success are often bound to encounter rough patches. During these business challenging times, it is essential to maintain team morale.
Research has indicated that engaged teams are 21% more profitable and show a 17% increase in productivity compared to less engaged teams over the long term.
Today, we will discuss how business leaders can navigate adversity while preserving the spirit and motivation of their teams.
By offering practical guidance and actionable strategies, we will help ensure your teams remain engaged and productive, even during the most challenging circumstances.
Many teams’ first response during periods of uncertainty may be to realize feelings of fear and stress, which can further diminish engagement and productivity.
Leaders and employees need to recognize the shift in morale, as it indicates the time to intervene and steer the organization back towards stability and long-term goals.
During periods of uncertainty, miscommunication can lead to havoc, turning things from bad to worse. Transparent communication, especially from leaders, can lead to a turnaround in operations.
Discussing the situation’s realities openly with the team has a twofold effect: it mitigates the rumor-mongering that often accompanies uncertainty and strengthens trust among peers.
Regular updates, coupled with a culture of being open to feedback, can help reassure team members that their concerns are heard and valued.
A good example of transparent communication resulting in an improvement in operations over the long term is Lowe’s CEO, Marvin Ellison. When Ellison took over in 2018, the company was undergoing a significant disruption by e-commerce competitors.
Ellison’s commitment to transparency and direct communication was crucial in revitalizing Lowe’s. His strategy involved enhancing in-store customer experiences and integrating physical stores with digital platforms, distinguishing Lowe’s from e-commerce competitors.
He also emphasized open communication with associates, maintaining transparency and a clear sense of mission and accountability across all levels of leadership. This approach stabilized the company during a tumultuous time while increasing its stock nearly threefold over the last five years.
Too many organizations tend to fixate on the problems instead of focusing on solving these challenges, which can be counterproductive.
Instead, businesses that engage the entire team in problem-solving empower the employees by instilling a sense of ownership and urgency among team members.
Involving the team in these decision-making processes can help transform the passive recipients of outcomes into active participants on the road to recovery.
Over the long term, this enhances the team’s morale while bolstering their commitment to the organization’s long-term goals, ultimately creating a resilient workforce.
Highly engaged employees show a 41% reduction in absenteeism and a 59% lower turnover rate in high-turnover organizations, maintaining productivity through challenging periods.
As a leader in an organization, creating an environment where every team member feels valued, understands his role and feels compelled to share ideas can transform the atmosphere and efficiency of problem-solving.
It involves actively allowing open dialogue and suggestions, as it can help leverage diverse perspectives and insights, making the whole endeavour a collaborative effort.
When open dialogue freely ascends the hierarchical ladder, it creates a supportive workplace and enhances the organization’s collective intelligence.
As leaders, sharing stories of resilience from other businesses or industries can serve as powerful motivators. These narratives serve as real-life testimonials of overcoming significant challenges, which can inspire optimism and determination within the team.
By emphasizing resilience, organizations can reinforce the notion that although obstacles may be inevitable, they are surmountable—and often, they are stepping stones to greater achievements.
An excellent narrative to remind employees that better times lie ahead is Apple in 1997. The tech giant was on the brink of bankruptcy when Steve Jobs returned as CEO. Jobs streamlined product lines, allied with competitors like Microsoft, and focused on innovation, leading to the launch of groundbreaking products like the iPod and iPhone. This turnaround has transformed Apple into a company worth nearly $3 trillion.
During challenging operating conditions, celebrating small wins can help maintain morale. While the path forward may seem overwhelmingly complex, acknowledging and celebrating even minor victories can significantly uplift spirits and create a positive outlook.
Wins help reinforce the shared progress of the organization and can help remind team members that their efforts have tangible impacts, keeping the momentum alive.
For instance, Accenture uses a strategy of immediate feedback and recognition, moving away from traditional annual cycles. This helps keep employee morale high and aligns with the company’s long-term goals.
Support and Empathy are the two foundational elements that leaders can equip themselves with to help steer the business through challenging periods.
Active listening and genuine empathy can help pave the way for a supportive environment. When team members feel genuinely heard and understood, their trust and commitment to the organization strengthen.
Research has demonstrated that workplaces that show support and empathy boost employee engagement by 2x while also increasing innovation by 5x and decreasing stress by up to 74%.
Providing practical support through resources, time flexibility, or guidance can positively impact employee professional and personal well-being.
For businesses to sail through challenging periods, they need to operate as a strong, cohesive unit. For this process to organically take place, team members need to bond and have mutual respect for one another.
About 75% of employees recognize that teamwork and collaboration are critical to long-term success. Additionally, organizations that promote collaboration are 4.5 times less likely to lose their best employees, which can help improve long-term resilience.
Businesses should explore organizing team-building exercises, social events, and other initiatives that help strengthen interpersonal connections.
These activities benefit organizations by enhancing collaboration and making teamwork more effective when facing and solving challenges.
Adaptability and flexibility are crucial traits for business leaders who aim to navigate uncertain circumstances. The ability to remain open to change and agile in response to shifting conditions is both a survival skill in the short term and a competitive advantage to help grow over the long term.
Encouraging a flexible mindset among leaders and their teams allows for more creative problem-solving and quicker adaptation to new challenges.
Leaders who encourage this adaptability within their teams create an environment that fosters innovative solutions, even under pressure. This approach also helps mitigate the stress associated with uncertainty, as team members feel more prepared to handle unforeseen situations and are less likely to feel overwhelmed.
One does not always have to do it alone. If you cannot see the forest for the trees, it’s pertinent to seek professional help and guidance. Business coaches can play a significant role during periods of uncertainty by providing advice and offering an outside perspective that might be obscured during stressful periods.
Business owners leveraging professional resources are more adept at addressing immediate issues while strategizing long-term resilience and success within the organization.
Business leaders navigating challenging times must implement a comprehensive approach within the firm to build resilience. By implementing the strategies demonstrated here, leaders can maintain morale, keep their teams motivated, and institute a turnaround in operations.
It’s important to remember that your team’s strength lies not only in its ability to overcome adversity but also in how it emerges stronger, more unified, and ready to face the future with optimism.
Read More: From Hustle to Flow: How Business Coaching Can Help You Work Smarter
