For organizations large and small, 2020 has been like a punch in the stomach. We've seen unexpected and unprecedented revenue and profit loss and staggering numbers of layoffs, furloughs and salary reductions. Midway through the year, many businesses, like many individuals, have written 2020 off as a complete loss, turning attention, energy and creativity toward preparing for a better, brighter 2021.
But the hope and desire for sunnier skies ahead will drive enhanced expectations and increased pressure for businesses and employees to get back to pre-pandemic levels of performance and profitability. This charge will fall on the shoulders of a significantly reduced workforce because hiring often lags behind economic recovery, and experts project as many as 42% of pandemic-related job losses becoming permanent. It's hard to conceive, but the already stressed workforce of 2020 may not get much relief in the year ahead.
It Starts With Values
For many organizations, corporate values in place prior to the pandemic helped guide action plans and responses. Similarly, the values that business leaders focus on now will be a predictor of outcomes in 2021. Whatever your company’s values are, I believe that four key traits will best position businesses for success, as we continue to navigate what our “new normal” may look like:
• Resilience: Resilience, as we all know now more than ever, is the capacity to recover and cope with difficulties from a crisis. While our resilience has never been more utilized and few aspects of life may return to old ways, your company's ability to embrace the new normal of 2020 and practice resilience across business units will better prepare you for whatever 2021 holds. This includes providing training for executives on leading through difficult times, providing more mental health support resources for our team members and continuing to review and pilot new work-from-home strategies.
• Agility: Companies' need to be agile means honing an ability to pivot when social, cultural and economic paradigms shift, and we've seen multiple paradigm shifts in 2020 already. As HR leaders, you are best suited to advise your organization on how to successfully adapt to changing environments, especially as employees have increasingly higher expectations for businesses and business leaders to address social and cultural issues. True agility minimizes the risk of overstepping capabilities and makes teams adaptable for new hurdles in 2021.
• High EQ (emotional intelligence): The hype over this buzzword has proven itself true, and those with high EQ have reaped benefits in the business world, which tends to leave behind those without. Leaders with a high EQ can recognize, understand and empathize with their own and others' emotions, and turn these reflections into action. Even once this global pandemic passes, stress will likely not abate, and employees will expect — and need — conscientious responses. Your organization’s ability to respond will be more successful with high EQ leaders in critical roles.
• Dynamism: Those who exhibit dynamism tend to commit themselves to activity, progress and positivity — in many ways, a combination of the values above. There is no way to shelter your company from industry pressure or cultural unrest, but being dynamic in response to employees, customers and the community will prove vital to weather any storm. When your teams and talent face change with a positive, active stance, you will see results delivered, even under pressure. Organizations should already be thinking about how to adjust and shift their goals for 2021. Identify what should change, and then adjust your plans and communicate to your organization swiftly.
Finding And Supporting Talent
It comes as no surprise that without the right talent, organizations will be hard-pressed to excel in 2021. The challenge instead becomes better understanding who this talent is in your organization and how to support them.
In looking to rebound as quickly as possible, business leaders may be inclined to push team members harder than ever before. It is imperative that your employees can thrive in new, high-pressure environments while delivering results. Being resilient, agile and dynamic and having a high EQ throughout the organization will make this possible.
But perhaps more important than selecting talent, your role as HR leaders will be integral in supporting your workforce as team members emerge from the aftershocks of the pandemic. Even those who previously excelled in a high-pressure environment are weary from the personal and professional stresses that the pandemic and social unrest have brought about. Elevated attention and resources to support flexible work schedules and mental health — made commonplace earlier in 2020 — will continue to be essential into 2021.
Start Preparing Now For 2021
Organizations should not wait to prepare themselves for next year. As HR leaders, you need to gather teams and start planning, strategizing and working now on how you will position your organization in the future. Focusing on the right values and cultivating crucial talent will be key to preparing your organization for the year ahead. After facing the unthinkable in 2020, you can help your organization avoid an unwelcome surprise of a more stressful 2021, and thrive instead.
Resource: Forbes
