When the recession hit just over 5 years ago, company after company laid off some of their best people in an effort to cut costs. They released amazing talent to the workplace that other savvy companies were able to hire in a moment to build a more powerful team. These savvy companies know that to survive a recession, they can’t stay the same. They know to get the best people and find/create new opportunities. Many of these companies had a windfall when others had a fall.
There is a misconception that when tough economic times happen, opportunities diminish; that the best way to respond to a down economy is to cut back on spending and scale things back. However, as many wise companies that survived the recession know, when times get tough you activate your teams into becoming opportunity hunters. You keep your best talent and have them go out and find new and meaningful ways of adding value.
Consider the following to help your employees become better at opportunity hunting:
- Share meaningful information. It is impossible for employees to create or find high-value ideas if they are not able to know what is fact, true and meaningful. Be sure information moves easily in the organization – both up and down the organizational structure.
- Raise the expectations. Celebrate new ideas, meaningful risk-taking and pushing the limits. Share success stories of ideas that turned into successes and regularly ask employees for their best ideas. If you don’t ask, they won’t deliver.
- Share the wealth. When something new and valuable is implemented, share some of the value back with those who created it, researched it or implemented it. Remember the adage, “what gets rewarded gets repeated.” Draw attention to remarkable work and ideas by sharing the wealth.
- Be an opportunity-hunter. Leaders must model the behavior. Many of the managers and leaders I know are not opportunity-hunters; they focus on doing the business the same way each day/week/month/year. But those who openly search out and bring new ways of doing things in the workplace, new products and services and new ways to stay relevant, inspire their employees to do the same. Employees watch what leaders do more than what they say.
Successful organizations train, empower and incentivize their employees to be opportunity hunters. The remind employees that they are the eyes and the ears of the organization, gathering information and looking for ways to connect their unique capabilities and the organization’s core abilities to provide new and meaningful applications. Many of the organizations that failed in the recession held firmly to who they were instead of rethinking how to reinvent and repackage what they do best to address a new and changed world and workplace; they clung to their outdated script and quickly became irrelevant or non-competitive.
How opportunity-focused are you and your employees? What two things could you start today that could increase performance and results?
Need help? Our Fire Up! coaches are experts in assisting organizations in creative thinking, value-building and driving performance. Contact us or review our performance workshops – they focus on talent, culture, service and leadership – the four pillars of outstanding organizations.