The state of technology in the world today has businesses scrambling to adapt to new technologies rapidly. The FOMO is strong in the C-suite and there are many pitfalls along the way. One of the biggest reasons companies fail to make successful transformations is that they are not ready to operate on the higher technological front. No matter how well a company integrates a technology, it means nothing without the right training and foregrounding to make this count. This is where employee engagement and some good old lessons from the leadership wisdom vault come into play.
Everyone knows that agile and adaptive businesses do far better when it comes to building sustainable processes. The reason here is that they have cultivated a working culture that enables workers rather than just exploits them. In many ways, the world is leaning more and more towards quality employment. And this is particularly true for companies as they pursue business transformation goals.
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So, what does it take to create business transformation strategies that leverage employee engagement to implement successfully:
5 ways to use Employee Engagement to Ensure Your Business Transformation Plan Succeeds
Building Direct Consumer Connections
Key Takeaways:
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Business transformation changes how customers interact with companies.
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Developing strong internal working cultures via employee engagement helps businesses retain clients.
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Post-business transformation, companies can capitalize on new systems while leveraging old talent and relations.
Business transformations are spurred by the need to remain competitive in the market. However, they are only going to be as capable of delivering higher market potential as the supply lines that support them. Using employee engagement activities that build team collaboration and generate higher output, companies foster a better work environment.
The key benefit from employee engagement here is that companies get to translate their employee experience into customer experience. This helps in creating direct relations in both B2B and B2C contexts and generates authentic UGC marketing material. Business transformations that leverage the power of marketing and employee uptake tend to benefit on both fronts and continue their successful transformation process. Check out this Wharton podcast on Spotify, which discusses the Harlem Globetrotters and their transformation into a powerful brand with multigenerational audiences. It will help you understand how employee engagement translates to consumer engagement.
How does LEAD bot help in this?
Apps like LEAD bot are comprehensive employee engagement, mentorship talent development, and knowledge sharing apps. It enables business transformation teams to develop comprehensive team collaboration and new skills uptake strategies. This helps in successfully transforming not just infrastructure and processes but also personnel using them. The result is a rapidly evolving and market-competitive organization with a strong work collaboration culture.
Real Life Example
Adobe is one of the biggest names in file processing with flagship programs like Photoshop. So, when it wanted to move to a subscription model, losing customers was a big worry. However, using employee engagement activities, clear communications, and direct employee involvement. As a result, they transformed their business model with increased revenue generation and a very high customer retention rate while also increasing overall business productivity.
5 Ways to use Employee Engagement to Make Business Transformation Successful
Increasing Operational Efficiency with Internal Support Networks
Key Takeaways:
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Operational efficiency increases with employee engagement and internal co-relations.
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Breaking down silos creates better collaboration and growth opportunities.
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Businesses leveraging employee engagement activities enjoy better performance and succession planning.
Internal support networks are arguably the best-kept secret of the most successful companies in the world. They are intra-company communication pathways that help the right people from different departments connect with other departments.
The most common use of internal social networks in companies like Microsoft and Salesforce is sales communication support. Many salespersons only have a product portfolio and pitch deck to work with when they are taking sales calls. This often proves inadequate for convincing clients to buy products. The use of sales support channels using technical staff helps salespersons make better pitches and convert leads more often and more quickly.
In business transformation, using internal social networks creates a strong inter-departmental work culture. So, when there is a major shakeup of daily activities, professionals will rely on their in-company communications to work up effective orientation strategies rather than stall work until the orientation and uptake process is officiated.
How does LEAD bot help in this?
LEAD bot enables companies to develop internal social networks by offering random coffee chat features. Members from different departments are signed up for virtual coffee chats and pair-together on one interactions. This helps organically build internal networks and fosters direct collaboration.
Real Life Example
When IBM shifted into the cloud and AI-focussed model, it did so with an employee transformation process in tow. This included internal communication campaigns, reskilling programs, and developing adaptive and agile work environments.
Removing Productivity Barriers Through Employee Engagement
Key Takeaways:
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Employee engagement leading to business transformation is the path to business productivity increase.
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Removing barriers to productivity involves increasing collaboration and fostering organic growth.
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Business transformation done on a strong communication network support company often succeeds with higher outcome values.
Business productivity has always suffered from poorly planned and executed business transformation. Few companies can pull it off like Dell did. This is a quote from a recent Fortune article,
Successful transformations from a hard reset necessitate a clear center of gravity to move forward. Your transformation center of gravity is the key guiding principle or insight that encapsulates the value-creating transition needed.
Most often, the value creation must be both personnel and process-based. This is why preparing for a
business transformation must be preceded by an upgrade on both these dimensions. This factor of business transformation scales up according to the internal work culture and organizational health your business harbors.
Employee engagement activities that focus on creating cross-organizational networks along with career and talent development offer business transformation leaders the perfect foreground for executing their plans. They also eliminate productivity barriers by creating the ideal talent pool for companies to bank on when trying to develop long-term plans.
A strong work culture enables easy succession planning and talent uptake across departments. In many cases, business transformations demand the development of adjacencies like EV manufacturers getting into IoT and cybersecurity. With a strong organizational culture behind them, business transformation leaders stand the chance to not just execute transformation plans well but make the impact lasting and poignant.
How does LEAD bot help in this?
LEAD bot’s many features like cross-team collaboration, employee engagement, and knowledge sharing enable companies to develop strong internal working cultures. They are far more likely to benefit from business transformation strategies when they have job security and high employee motivation. LEAD bot helps companies foster a great work culture blending in seamlessly between organic collaboration and business processing standards.
Real Life Example
Netflix went from a rental company to an online streaming behemoth thanks to its employee engagement policies. To this day, it continues to foster a culture of innovation and collaboration between its employees. Different departments come together to work on various aspects of the business and in turn, the company gains from their creativity while remaining successful and profitable. The hallmarks of this approach are innovation and experimentation, clear communication, and supportive environments that led to its now top-billing sales in the entertainment industry.
How Private Equity helps businesses develop better business transformation processes
Leveraging Talent with ESOP in Private Equity
Key Takeaways:
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Private equity benefits from ESOP and employee engagement when it’s based on effective business values.
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Private companies can leverage team collaboration and mentorship to boost performance and productivity.
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Business transformations in such conditions succeed more often and offer continuous growth leveraging
Employee ownership has been around for some time now but it has found more success In private equity than public. Mostly, companies that go for ESOP are likely to benefit from a high-value talent pool within their organization. This along with employee engagement helps create the ideal working environment to enable companies to work within a limited budget and still remain market competitive.
As this Fortune article explains,
Pooling resources under one ESOP structure means the cost of the ESOP per company plummets. Individual companies can operate autonomously. Meanwhile, the employees become company owners, who can directly improve the value of their stock by sharing and implementing best practices. Their chances of succeeding at this are greater than the PE company’s because they understand their industry and people. If they apply a management approach like economic engagement, which is shown to double profit growth, this further enhances their competitive edge. This industry roll-up alternative is becoming known as “rewarding roll-ups.”
For companies with private equity, this is a golden ticket to success since it leverages true professionals’ caliber for marginally increased and internally divided share value. Plus, when employees own the profit incentive, they also work to better ends and invest more of their career years into the job.
How does LEAD bot help in this?
LEAD bot is a great app for developing internal social networks and strong working cultures. Private equity companies must develop a competitive environment if they are to overcome the problems of limited funding and talent. An employee engagement and team collaboration app like this one helps foster strong working values that align with ESOP policies and incentivize better collaboration.
Real-Life Examples
Patagonia is a privately held clothing company that took on a sustainable product model developed using recycled materials. They also implemented fair labor practices including supply chain investments that reduced its environmental footprint. Its employees were an active participant in programs and initiatives and all of these resonated with their personal values. This led them to find a participative culture that directly resonated with both customers and employees. As a result, they now enjoy high employee retention, and engagement along with high brand loyalty for customers.
Employee Transformation for Business Transformation
Key Takeaways:
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Employee engagement helps make business transformation successful
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Companies also benefit from greater collaboration and faster tech uptake if they have high levels of employee engagement.
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Higher employee retention rates and more competitive performance are also indicative of successful employee engagement activities.
Employee engagement is a precursor to developing employee transformation for business transformation. This is a relatively new term but is inherent to developing businesses. Since companies want to generate business volume and profit, they must have talent identification and development programs. Doing this requires consistent engagement and career development programs that companies bank on to create momentum. The broad outcome of this process is employee transformation through skill development and role succession. Companies that can do this get the benefit of internally generated talent pools that do not require overt external reinforcement. They also enjoy higher employee retention rates which also boosts business performance.
How does LEAD bot help in this?
LEAD bot helps businesses develop internal team-based collaboration. It is crucial in breaking down silos and creating the kind of interaction value that delivers incremental performance results to companies. With independent networks of internal communication, both employees and managers leverage their skills and network support to handle projects and tasks better.
Real-Life Examples
Microsoft experienced a strong cultural transformation that defines its business operations to this day and will continue to define it in the future. This is called the learn-it-all mindset that Nadella integrated into the company’s culture along with empathy, collaboration, and a growth mindset. Nadella encouraged employees to learn constantly and this enabled him to boost morale organically. His approach led to a resurgence of Microsoft’s cloud computing business, enhanced its market value, and improved employee satisfaction.
How Should You Develop Employee Engagement Activities to Make Your Business Transformation Successful?
Business transformation is a challenging process if you do not have the right background and organizational support to make it successful. Using apps like LEAD bot helps companies create the ideal environment to develop their business.
Sales teams benefit a lot from having the right kind of social network within their company to deliver results. Companies that do implement this approach will likely see a considerable increase in lead qualification and conversion thanks to detailed insights on products and case-specific solutions to client needs. Implementing these networks with people science offers even further benefits by identifying changemakers and super connectors who can turn your organization into a culture-fit fastmover. For this, you need an employee engagement and knowledge-sharing tool like LEAD bot.
LEAD bot is a team engagement platform for big businesses and MNCs on Slack and Teams. It is an all-in-one team development software with features like virtual coffee chats, buddy programs, birthday celebrations & work anniversary celebrations, new hire onboarding programs, and Pulse Surveys.
LEAD bot also offers cutting-edge Organizational Network Analysis (ONA) for large-scale organizations. C-suite execs and mid-level managers benefit greatly in their decision-making from ONA and use its highly actionable insights for building strong connections across their workforce. This enables far more forward-leaning talent development and generates greater organizational interconnectedness! Foster better organizational health, talent development, employee retention, and overall performance with this simple app!
LEAD.bot is a product of LEAD.app and we also LEAD.bot’s sister app Sunrize which showcases workplace attendance by graphs right on Slack! Book a demo now!
