A few weeks ago I published a blog on Creating a Better Project Team in 2023. In my findings I found that today, sustainable business models are not only about bringing newer technology but it’s also leaning more towards having empowered employees who are future ready; with a resilient mindset to create great experiences for their customers. Which has led me to publish a ‘Part II’ to that blog.
Moving ahead, organizations are expected to be leaner and driven by technology with purpose. Therefore, how well you manage talent to drive your business models will define your market leadership. And effective performance management plays a pivotal role in shaping the culture, including the leadership narratives. Key leadership KPl’s, if rightly practiced, collectively have the power to influence and inspire multiple generations at work.
We are in the middle of a massive digital transformation that is affecting how we work, live, and play. With the rise of new technologies like artificial intelligence, and big data, nearly every industry is being forced to change the way they do business and measure successes. The healthcare industry is being transformed by the digitization of patient records, telemedicine, 3D printing and more. Healthcare organizations are using advanced analytics to gain insights into patient behavior and trends. They are also using predictive analytics to identify at-risk patients so they can intervene early and prevent serious health complications. In addition, healthcare companies are beginning to use artificial intelligence to develop new drugs and diagnose diseases.
All of which means, whether we want to recognize it or not, employee sentiment is a new primary KPI.
All the ongoing uncertainty and turmoil—social, economic, public health, and personal—has accelerated not just the pace of that trend but also its nature. Traditionally, most CEOs focused their attention on investors, strategies, boards, and the like. The concept of people was often a delegated responsibility overseen by the human relations department. Now, those once ancillary thoughts are smack in the center: talent, culture, employee expectations, and company-employee relations. Historically, people were just part of the strategy. Today, people are the strategy.
So, what can organizational leaders do?
1.) Put talent on the front burner. Be attentive to the explicit, and sometimes implicit, needs of your workforce. This requires your executive team to actively listen to a variety of voices in the organization and continuously recalibrate priorities as they implement the talent strategy.
2.) Connect with your employees. People seek tangible evidence that the organization they work for wants them to thrive; that it cares about their personal as well as professional needs—from career development to mental health. Listen.
3.) Take a deep look at company culture. Are we thinking about unconventional approaches to hiring and forging our workforce, in terms of diversity, equity, and inclusion and in education? Are we providing employees with varied and hybrid work solutions to manage increasing complex personal and professional lives? Are we meeting our people’s expectations for a predictable and flexible work arrangement? Are we creating a genuinely inclusive culture so that all voices are heard and respected and our people can connect with clients and colleagues?
As we head into a new year, let’s remember to recognize that our people are the root of our company’s success. Let’s renew our bond with them to rebuild and refresh optimism and hope, even in the face of challenging times.
In all, organizations that proactively rethink and re-evaluate the leadership KPIs and put those into practice may succeed in building and retaining talent- consequently driving market leadership in any business.
What are your KPIs (Key People Indicators) and are you measuring those at regular intervals?
About the Author: Taylor Genter
Taylor is the Marketing Manager at Extract with experience in data analytics, graphic design, and both digital and social media marketing. She earned her Bachelor of Business Administration degree in Marketing at the University of Wisconsin- Whitewater. Taylor enjoys analyzing people’s behaviors and attitudes to find out what motivates them, and then curating better ways to communicate with them.