How to future-proof your business through your people

In the current economic climate, it is more important than ever before for leaders to remember the immense value of their employees. They should, where possible, choose to prioritize people over balance sheets. By putting people, their wellbeing, and their ongoing development first, leaders have a far better chance of steering their organization through the crisis, unlocking their workforce’s true potential, and gearing up for long-term success.

In such difficult times, the easiest way to cut costs is to reduce employee numbers. While this may work as an immediate and short-term response, it’s long-term impact can be detrimental. When conditions do return to normal, rebuilding and reskilling the workforce can be costly and slow. It can also significantly impact the morale and loyalty of the employees that remain.

Maintaining the trust of employees and investing in their wellbeing and development, even under extraordinary circumstances, should be a top priority. It has been heartening to see over the past few weeks how ready employees are to adapt to new methods of working, to embrace new roles, and to collaborate with and support each other and their organizations. The role of leaders and managers has become more significant too in keeping team members engaged, motivated, and productive by continuing their learning journey during such critical times.

While many organizations have dabbled in remote working and learning for a number of years, this has now fast-tracked to become the new reality.

In his recent address to the UAE Government Cabinet, His Highness Sheikh Mohammed bin Rashid Al Maktoum highlighted that the world of work is changing rapidly, but dedication—whether at home, workplace, or anywhere—has to continue. The same can be said for learning. Moving an entire education system online is no mean feat, and the current crisis has seen a herculean effort by educators to react quickly and make it a reality - delivering online solutions to millions of students across the globe.

According to a recent survey, while over three quarters of Middle East CFOs see that work flexibility will make their organizations better in the long run, only a third (and just a quarter in the U.A.E.) are planning to make remote working a permanent option. For those who do embrace this approach, further maturity may be needed around flexible working policies and processes.

What happens during this period will have a lasting impact on how we, and future generations will work. Never before have we tested the capabilities of working and living remotely on such a large scale, creating an accelerated pace of change for digital technologies. Digital transformation across the workforce has arrived—sooner than expected—and organizations that have equipped their employees with the skills to use if effectively, will reap the benefits.

The coming weeks provide a window of opportunity for organizations. Proactive use of this time on knowledge and skills development will result in improved individual and team performance, stronger collaborations and a more innovation-driven mindset.

In the midst of a crisis that has disrupted our world, those leaders who can focus on the future by investing in their workforce now stand to realise far greater returns in the years to come. Taking the time to upskill teams while business is not as usual will lead to businesses being driven by a workforce that is not only armed with the tools for future success, but also understands that it is valued.

This article has also been published in: Forbes Middle East, Al Press.