All businesses are susceptible to difficult times. Whether it’s the next economic recession, disenfranchised demographics, or a general lack of productivity, some companies struggle to make ends meet and turn a profit on a year-over-year basis. As such, leaders who can inspire staff members are highly sought-after.
Many times, these roadblocks are just too great to overcome. According to the latest statistics, only 50 percent of new businesses make it to the five-year milestone. The odds only get worse from there, with roughly 33 percent of these companies making it to year 10.
As you can see, the entrepreneurial struggle is real. While many choose to throw in the towel when times are at their toughest, others embrace the challenge and, in some cases, end up reaping the rewards in the end.
Top Challenges Faced By Companies Today
According to further studies by Forbes Magazine, modern companies face six primary challenges throughout their lifetime: integrity, cash, compliance, problem-solving, risk management and talent recruitment. While some of these issues will affect certain enterprises more than others, all of them are prevalent among businesses in the 21st century – and they all require a unique approach.
- Integrity: It’s harder than ever to preserve your company’s integrity in today’s economic and business climates. With stiff competition, evolving industry regulations and the new threats faced in the 21st century, companies are relying on their current and past reputations to succeed in the future.
- Cash: Cash is still the king in the business world. The most successful leaders know how to balance spending, borrowing, and general resource management in a way that directly benefits the company.
- Regulation and compliance: New regulations are popping up left and right – and they’re only becoming more common. Whether it’s on the local, state or federal level, there’s no shortage of challenges surrounding compliance.
- Problem-solving: Technical challenges and problems have existed ever since the dawn of business – this much hasn’t changed. However, the problem-solving teams of today are armed with more information and determination than ever before.
- Risk management: Risks are an inherent part of doing business, but the greatest risks often yield the best rewards. Risk management and mitigation is so important that most companies have an entire department dedicated to the field.
- Talent Recruitment: The ability to attract and retain top talent is a constant struggle. It requires a friendly working environment, dedicated leaders and fair compensation.
As you are now tuned in to the biggest and most common challenges faced by businesses today, you can apply this information to the workforce via your organizational leaders.
Things That Employees Look For In Their Leaders
It’s often said that a leader’s success can only be measured by the accomplishments of their whole team. However, the process of locating and securing leaders who can inspire staff members is easier said than done.
Employees, particularly new hires, look up to their direct supervisors and managers as on-the-job role models. Not only do they expect their leadership to set a strong, positive example, but most of them are eager to learn from their newfound leaders.
- Trust: Employees can’t spend time wondering if they can trust their leaders. Find trustworthy managers right from the start, and let your staff focus on their jobs.
- Stability: It’s important to demonstrate stability through your leadership. While some changes are unavoidable, your staff will see an added benefit from the dedication and loyalty of their supervisors.
- Compassion: Your company’s leaders should try to maintain an open-door policy whenever possible. Employees will quickly put their trust in a manager who listens and responds to their concerns directly.
- Hope: The best leaders know how to fill their team with hope, even in the darkest of times. It’s critical that your leaders can maintain their own drive and motivation as well as that of their subordinates.
Now that you have a better idea of what employees are looking for in their workplace leaders, it’s time to put this knowledge to good use and build a leadership team that is truly inspirational.
How To Create Leaders Who Can Inspire Staff Members
Great leaders know how to inspire staff and drive productivity over a long-term basis. When times get tough, a true leader is there to reassure their subordinates and keep everyone on track. If things start to fall apart, the best leaders will be there to help pick them up and put them back into place.
But all of this is easier said than done. Even your leaders are prone to suffer from stress, anxiety and depression. In cases like this, the best thing you can do is to provide support for your leaders and reassure them every step of the way.
- Being resilient and agile: It’s critical that your leaders can handle the day-to-day stressors of the job. Not only do they need a great deal of resiliency, but they also need to have professional agility to think on their feet and respond to situations on-the-fly.
- Turning panic into a call for action: Many challenges and obstacles are also great learning opportunities. Moreover, a true leader knows how to turn their team’s panic into productivity – even in the most challenging of times.
- Learning internal policies and procedures: It’s one thing to have managers and supervisors who enforce the rules, but it’s an entirely different situation when your leaders have an intimate familiarity with the company’s policies and procedures. Apart from helping them lead by example, it also ensures that they’re not breaking any rules on a day-to-day basis.
- Finding your balance between firmness and fairness: Great leaders are not just firm – they’re also fair. It’s a delicate balance to achieve, and one that is easily disrupted when things go awry in the company. The best leaders know how to utilize both in a manner that benefits everyone involved.
- Achieving team unification: As stated earlier, a leader’s success is measured by the accolades of their team. Uniting your workforce into a single, highly productive team is necessary in order to drive productivity and ensure competitiveness.
It’s important to keep in mind that your managers, supervisors and other organizational leaders aren’t perfect. They’re still human – just like their subordinates – and they need reassurance, too. Offering regular praise and even tangible rewards to your most successful leaders is a great way to inspire staff and avoid the pitfalls that manifest during the most difficult times.
Inspiring Your Staff With The Help Of HJR Global
Remember: Great leadership doesn’t happen overnight. It takes years of experience and mentorship, an unwavering dedication to the company and proven skills in the field. If you’re struggling to find dedicated leaders who can inspire staff members, contact the professionals at HJR Global today! Our team is ready to help you meet all of your business goals.
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