Companies and the economic climate: What should executives do?

Three experts give insight to how senior management can address various challenges faced by organisations due to the economic downturn.

The economic downturn has led to increased costs of production and increased stress on staff, and as a result organisations are looking for ways to survive and thrive in this challenging environment. There are a variety of approaches that leaders are taking, and it remains to be seen which methods will be most effective.

From looking after employee well-being, to boosting staff morale and to involving tech, and then analysing these aspects once they are more involved in the production value chain, three experts explain what executives should be doing to help their organisations thrive in the current economic climate.

Tech and human capital symbiosis is important

Head of MiWay Blink Keletso Mpisane says: “The most important resource any organisation has at its disposal is human capital. And, considering the direction that industry is moving in as far as tech is concerned (with its increased influence), creating a tech and human capital symbiosis is key. Tech is vital to streamlining the production process because it leaves behind records and paper trails for analysis. The best way to achieve the symbiosis is to take care of the humans first by creating a healthy and productive environment for all executives, creatives, housekeeping, and admin staff to thrive.”

Efficiency is at the heart of business growth

Salesforce Area vice-president, Africa executive and South Africa country leader Zuko Mdwaba says: “Business leaders must commit to being strategic and building better resilience by investing in digital transformation as the foundation of a sustainable approach to preparing for the challenges of the near future.

“This starts with identifying where technology can drive growth, increase efficiency, and create more business value. With the right tools and resources, it becomes easier to do more with less and when the stakes are high – and they are in challenging economic conditions – it becomes crucial to ensure synergy and alignment across every line of business to optimise for growth and efficiency.

“Going forward, businesses will rethink what it means to be efficient at every level, and in every department. We must commit to continuous innovation to solve customers’ problems, ensure seamless service from anywhere, and adapt to customers’ changing priorities,” he adds.

Powered by digital transformation, this will provide opportunities for success in the long term.

Gamification can improve the aptitude of staff

Another way of engaging staff is through ‘impact games’, which is an umbrella term which refers to games that are purpose driven as well as entertaining. These are engaging games and immersive experiences that can be used by companies and public benefit organisations to communicate complex concepts, change attitudes and drive behavioural change among global audiences.

Sea Monster Entertainment, which is a Cape Town based global leader in the impact gaming space, has an interesting take on the topic. The CEO of the animation studio, Glenn Gillis, explains: “It’s a complicated, messy world, now more so than ever. Executives should not solely rely on throwing money at their problems to help their organisations thrive in the current economic climate. Instead, they should focus on fostering long-term engagement and loyalty through shared purpose, intrinsic motivation, a sense of belonging, autonomy, and creativity. Games teach us that balancing intrinsic and extrinsic motivation is key to keeping people aligned with an organisation despite short-term challenges and this is crucial to stay the course.”

Related Articles

Back to top button