The Watercooler

How Businesses Can Build a Strong Team in a Shifting Economy

Building a strong team in a changing economy is challenging. Not knowing what to expect increases the difficulty of making business decisions.

Creating a flexible workforce, mastering core business operations, and leveraging technology boosts resilience against economic adversity. The following strategies help prepare future-ready workforces.  

Create a Flexible Workforce

A flexible workforce helps employers navigate an unpredictable economy and maintain a competitive edge. Supporting employees’ work-life structure elevates operational efficiency, productivity, and business performance. 

Implementing a workplace flexibility policy provides many benefits:

  • Gauges employees’ understanding of what workplace flexibility is
  • Expresses how workplace flexibility is implemented within the organization 
  • Provides employees with clear expectations 
  • Evaluates the impact of workplace flexibility on employees’ workloads 
  • Helps retain top talent 

The components of a flexible workplace include:

  • When employees decide their work location, schedule, and approach 
  • Whether employees may work longer and have more days off weekly
  • Whether employees may share job tasks

Offering remote or hybrid work arrangements provides diverse benefits:

  • Reduced overhead costs 
  • Access to larger talent pools
  • Higher engagement levels 
  • Increased productivity 
  • Better employee performance 
  • Greater job satisfaction 
  • Elevated employee morale 
  • Stronger employee attraction and retention rates  

Steps to implement a workplace flexibility policy include:

  • Communicating the workplace flexibility policy to employees 
  • Training managers to lead a flexible workforce 
  • Scheduling weeks of flexible work to test the model
  • Requesting employee feedback to improve the flexible work model  

Master Core Business Operations

Optimizing core business operations helps companies adapt and stay competitive in a shifting business landscape. These operations include products and services, human capital, marketing and sales, and supply chain management.

Market research helps companies optimize business operations and stay competitive:

  • Gaining insights into market shifts and industry trends supports data-based business decisions.
  • Understanding customers’ needs helps develop products and services catering to market demands.
  • Market and industry research elevates customer service, relationships, satisfaction, brand awareness, and revenue.

Market research can be used to set specific, measurable, attainable, relevant, and time-bound (SMART) goals to optimize core business operations. The goals should align with business strategy, customers’ needs, and available resources. 

Key performance indicators (KPIs) should be used to track and enhance operational performance. Monitoring and managing the company’s behavior helps achieve business goals.

Prioritize employees’ needs in maintaining company agility. Involve them in decision-making to drive innovation.

Leverage Technology

Implementing the latest tools and technologies helps companies succeed in an uncertain economy. Agile systems and automation strengthen resilience and business growth.  

Agile systems are based on principles involving iterative and incremental development, customer focus, adaptation, continuous improvement, and cross-functional teams. For instance, implementing data analytics lets businesses continuously measure progress and adapt to market transformations. The systems help organizations respond to market changes and stay competitive.

Strategies for implementing agile systems within organizations include:

  • Developing cross-functional teams with specific roles, responsibilities, and collaboration dynamics.
  • Using data analytics to measure progress and understand company performance.
  • Focusing on customers when making business decisions.
  • Breaking down projects into manageable tasks for ongoing process improvement.

  Let PrideStaff Help You Build a Strong Team

PrideStaff can help you navigate the complexities of staffing to build a more resilient, future-ready team. Contact your local PrideStaff office today to get started. 

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