It’s time to think outside the square for a win-win strategy
We have had numerous conversations with our business clients across the globe about the challenges they are currently facing. One common concern is the need to reduce the hours that their team members’ work as demand reduces, without compromising retention. That is, how do we negotiate reduced hours (sooner rather than later) and retain our people with a mind to having them return to regular hours once the world returns to a new normal and demand increases again. How do we look after our people and protect our investment in intellectual capital?
These entrepreneurs are struggling with their role (and in their words, their responsibility) to provide a living for their people and families AND to make sure that they remain financially sustainable in order to be in a position to re-employ in the future.
Here are 3 ideas we have come up with.
Idea No 1
We’re reducing our hours from 5 days a week to 4 days a week. We have asked our team to nominate a course that they would like to do to expand their professional knowledge or their skills or even a hobby they would like to pursue. We’re suggesting that they spend that day at home feeding their intelligence, positioning themselves to be even more valuable to the organisation, or learning a new skill which will allow them to do something they are really passionate about. We will assist them with the course costs and, if relevant, mentor them. In some cases, we will pay for course costs upfront. In other cases we will reimburse their education costs on their return to full-time employment.
Idea No 2
We’re reducing our hours from 5 days a week to 4 days. We have asked our team to nominate a charity that they would like to work with on that extra day at home. We’re helping them to decide how their current skills might be leveraged to the very best advantage. We’re discussing how we might help them to help others. We’re considering allowing them to accrue a day of special leave for each day spent volunteering. This special leave may be taken one day a month, 12 months after we have returned to full time employment – for example.
Idea No 3
We’re reducing our hours from 5 days a week to 4 days. We are partnering with other like-minded businesses to hire experts to educate our team around household budgeting, well-being and innovative thinking. It’s a shared investment in our people and it is delivered via video conferencing.
What do you think? Would any of these ideas work for you? What do you plan to do?
During times like this we need a sounding board, access to new ideas, conversations with innovative thought leaders, and to be able to tap into business acumen which speaks to the reality of doing business in difficult unpredictable times. Talk to us about how we can enable this for you – contact us now