Over the last year leadership teams have had to think strategically about how to effectively manage and engage employees. The COVID-19 pandemic presented a “new normal” for many companies as the workforce went remote, and many still remain working from home as vaccine distribution rolls out across the country. Companies still need to be considering the best ways to effectively manage and engage employees as returning to work becomes a trending topic. The structure of returning to work will look different for each organization as a balance is established between working virtually and working in office. Below, we’re highlighting our top Taking Stock podcast episodes around the topic of managing and engaging employees effectively in the workplace: 

1: Engage Employees Effectively

In the United States workforce today, one-third of employees are not engaged in their work for a variety of reasons, which can cost the economy up to $605 billion in productivity loss. According to a Forbes article from November 2019, employee loyalty is decreasing. Last year, 43% of workers would be willing to leave their companies for a 10% salary increase; this result is about 20% higher than in the previous survey. Similarly concerning, less than 33% of employees believe their company has a strong culture.

An engaged employee is defined as, “A person who shows up to work each day as their best self by passionately adding value and proactively seeking to achieve their company’s mission.”  How often do we as leaders consider the cost of a workforce that is not fully engaged? How different is employee satisfaction from employee engagement? Why does improving employee engagement matter?

2: Strategic Leadership

When we consider what separates successful companies from those that struggle, often the greatest differentiator is the leadership from the top of the organization.  And, as we consider the challenges of today, effective and strategic leadership is more of an enabler of success than ever.  While many of the fundamental principles of leadership might be unchanged, the challenges and crises today are challenging all leaders to focus more upon compassion, empathy and vulnerability to effectively guide their organizations.

3: Fostering Employee Engagement

According to Peter Drucker, “Developing talent is business’s most important task – the sine qua non of competitive advantage in a knowledge economy.”  As organization consider this task, it is important to understand how so many of the traditional norms and expectations relating to talent acquisition, collaboration and inclusiveness have been altered in recent years, even before the pandemic.

• In acquiring talent, companies need to ensure that they are taking into account future employees who are seeking purpose-driven companies whose values are aligned with their own.
• To drive collaboration, the right  tools, technologies, and resources need to be made available to employees and partners to foster virtual collaboration in an increasingly virtual environment.
• To ensure inclusivity, organizations need to allow for diverse thought and perspectives into their decision making processes – not just because it is the right thing to do…but because it will also drive business value

4: Managing a Diverse Workforce

Managing a diverse workforce is top of mind for many organizations right now. Today’s workplace has become increasingly diverse, with different ages, races, backgrounds and skill-sets working side-by-side.  Further, Covid-19 has accelerated the trend of remote work and organizations are currently contemplating what is the right mix of remote vs. onsite mix going forward.  While this mix of employees provides unique opportunities for organizations to bring different perspectives to bear, it also brings about unique challenges that leaders need to consider.

The podcasts highlighted above are featured on Clarkston Consulting’s Taking Stock podcast. In this podcast series, Clarkston Consulting Partner Steve Rosenstock sits down with experts and thought leaders from both within Clarkston and throughout its consumer products and life sciences client-base, covering a range of topics from industry trends and consumer dynamics, to organizational governance and business strategy. Steve provides you access into the passions of its guests and allows you to benefit from their stories, knowledge, and deep expertise.

Contributions by Hannah French