A STAGNANT ORGANISATION IN A PREDICTABLE SECTOR IS A SITTING DUCK FOR DISRUPTORS. IN THE OLD DAYS, A BUSINESS THAT WAS “RECESSION-PROOF” WOULD HAVE BEEN PERCEIVED AS A SAFE BET FOR SHAREHOLDERS, INVESTORS AND EMPLOYEES. NOWADAYS, THE SAME TERM OFTEN HAS THE OPPOSITE MEANING. TIME-WEARY RULES OF BUSINESS ARE BEING REWRITTEN AND DISRUPTOR FIRMS ARE CAPABLE OF ATTRACTING INVESTMENT, EVEN IN THE MOST PRESSING ECONOMIC TIMES AND ARE MAGNETS TO TALENT BECAUSE, DESPITE THEIR VOLATILE NATURE, THEY EXUDE CONFIDENCE.

When the economy is struggling, it can of course be challenging to creatively disrupt in your sector. However, there are many ways of doing so, such as adopting a customer-centric approach and identifying unmet needs. While many businesses lose focus on sustainability during tough times, people are increasingly conscious of their impact on the environment, so it is important to find ways to keep sustainability both front of mind and long-term. These areas can help to differentiate and to gain a competitive advantage. Companies should look at embracing technology from the stance of streamlining processes that not only reduce costs but also improve the experience. Automation and AI is of course a huge area of development, that will undoubtedly change the way in which we all work and engage with, so it is important to stay ahead of the curve. Also, partnering with other companies can be a powerful tool for disruption, collaborating with companies to leverage each other’s strengths and to create new ways of shaking up the market. Interestingly, there has been a sharp rise in Interim Brand Strategy roles, as well as forwardthinking CEOs adopting the private equity model of value creation. So now is the time to be proactive and entice the talent in order to make this happen. However, competition for talent remains fierce. There are still plenty of unfilled roles and a shortage of skills to fulfil them. Under the circumstances, perhaps it is a good idea to first look at retention, to ensure the long-term performance of key functions of the business. While some expect the balance of power to shift more towards employers during economic downturns, the current skills shortage and volume of roles available means that attrition remains a genuine problem for companies with a workforce that feels uninspired and stifled within their current roles. So actively engaging with the workforce to discover what benefits and rewards are compelling is timely. While money is not everything – certainly to senior leaders these days, who are increasingly in search of purpose – it is still important to offer competitive compensation. In addition to the base salary, employees seek attractive benefits and bonuses – with many organisations now offering modern and comprehensive flexible benefits packages and attractive long-term incentive plans, which may just give you the edge with new hires and help to retain the talent you already have.

Long-term benefits, such as learning and development, not only help the workforce, they can also ensure that future senior leaders have the technical skills required for the organisation’s financial success. In addition to L&D, providing opportunities to work on new projects and initiatives will go a long way to attracting and retaining talent which needs that room to grow. By providing opportunities to work on high-impact projects, it not only provides fulfilment, it can also make a real impact to business success. Recognising and rewarding their performance through regular feedback and opportunities for development will ensure that they feel recognised and valued. Finally, corporate culture can go a long way to attracting and retaining top talent. By emphasising the company’s mission and values throughout the recruitment process and during the employee’s journey within the organisation, it will help to align those values with those of the workforce.

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