Category: Business Advice

By Mike Greene, entrepreneur, growth mentor, consultant, and speaker

As a business mentor, I’ve seen it time and again: CEO’s and business owners scouring job boards, posting ads, and offering what they think are competitive salaries, all in the hopes of attracting top talent. But here’s the truth: the best people are rarely looking for a new gig. They’re already employed, likely by your competitors, and they’re probably being well looked after.

So, the real question isn’t just how to find them, but why they would jump ship from an appreciative employer to join you. What are you offering that’s so compelling, so irresistible, that they’d be willing to leave a good thing behind?

If your potential ‘best’ new candidate or top talent is in a company that are looking after them, investing in them and rewarding them you have to be creative in finding them, ‘poaching/stealing’ them, valuing them and retaining them.

Ask yourself seriously and HONESTLY:

‘Would you work for you?’

‘Is your company an employer of choice or last resort’

‘What do you offer that could/would be different, better or best compared to their existing company/role?’

‘If your existing team were talking about your company with their mates in a pub would they describe working for you in terms that you would be proud of or embarrassed about?’

Too often, especially in SMEs, I see a misguided approach to talent. They want the cream of the crop, but they’re only willing to pay bargain basement salaries. They want fully trained experts, but they balk at investing in ongoing development. Then they’re shocked when they end up with a revolving door of unreliable and incompetent employees. If employers don’t invest in them the cost will be much greater in the long run by constantly having to recruit and re-train, for example.

The cost of this short-sighted approach is staggering. According to a study by the Society for Human Resource Management, the average cost to hire an employee is £3,260, with around 42 days to fill a position. For a small business, that’s a significant investment of time and money. Now multiply that by your annual turnover rate, and it’s not hard to see how quickly the costs add up.

But it’s not just about the money. Every time an employee leaves, you lose institutional knowledge, productivity, and morale. You disrupt team dynamics and client/customer relationships. And you have to start from scratch with training and onboarding. It’s a vicious cycle that can seriously hinder your growth.

So how do you break free? By making retention your top priority. By creating a company culture and compensation package that not only attracts top talent, but also makes them want to stay for the long haul.

It starts with your approach to training and development. When you invest in your people, you’re showing them that you value their growth and potential. You’re helping them expand their skills, take on new challenges, and advance their careers. And as they grow, so does your business.

I remember a conversation I had with one of my mentees, a small business owner who was complaining about the cost of training. “What if I invest thousands in training them and they leave?” he asked. My response? “What if you don’t invest in any training and they stay?”

The point is training isn’t a cost; it’s an investment. And it’s one that pays dividends in the form of increased productivity, innovation, and job satisfaction. When your employees feel like they’re learning and growing, they’re more engaged, more motivated, and less likely to look for opportunities elsewhere.

But training and development are just one piece of the puzzle. To truly retain top talent, you need to create a holistic culture of appreciation, flexibility, and growth. That means offering competitive salaries and benefits, of course. But it also means providing opportunities for advancement, fostering work-life balance, flexibility (hours and the possibility of home working) and recognising and rewarding excellence.

At the end of the day, your people are your greatest asset. When you invest in them – not just in their skills, but in their overall wellbeing and job satisfaction – you’re setting yourself up for long-term success. You’re attracting the best of the best, and you’re giving them every reason to stay.

So don’t fall into the trap of constant turnover and mediocre hires. Don’t settle for average when you could have superstars. Invest in your people, prioritise retention, and watch your business thrive. Because when it comes to top talent, retention is always better than cure.

Mike Greene

Entrepreneur, Leadership Mentor, and Philanthropist

https://mikegreene.co.uk/

Mike Greene is a dynamic and visionary entrepreneur renowned for his extensive background in executive leadership, strategic business growth, and philanthropic endeavours. With a keen eye for innovation and a knack for fostering strategic partnerships, Mike is committed to cultivating strong corporate cultures while leveraging his business acumen to drive positive social impact and support local communities.

Mike’s commitment to nurturing entrepreneurial talent is evident in his investment portfolio, which includes over 30 start-up and growth businesses such as Shazam and Chargemaster. Currently, he serves as a mentor and strategic advisor to over 40 UK businesses, providing invaluable guidance and support to aspiring entrepreneurs.

Mike’s influence extends into the media realm, where he has been featured on Channel 4’s “Secret Millionaire” and is a regular commentator and pundit on business-related topics.

Following the programme, which had a great impact on him, he sold his main business and took a three-month sabbatical with the personal challenge to raise £100,000 for 100 charities in 100 days. He was successful in this bid and was inspired to go on to commit one-third of his time to help charities and mentoring people to change their lives for the better.

Renowned as a sought-after public speaker, he has delivered keynote addresses on business, investing, property, and education across the UK, Europe, US, Australia, and New Zealand. Additionally, he is the esteemed author of the book “Failure Breeds Success”.

As the Founder and CEO of Global Research Business, Mike successfully led the growth of a multi-million pound global research enterprise, ultimately orchestrating a highly profitable exit and the rebranding of the company as Lumina Intelligence.

Mike’s influence extends beyond his own ventures, as he has served as a main board advisor and speaker at events for numerous global corporations spanning various sectors including energy, retail, consumer goods, food and beverage, tobacco, pharmaceuticals, and finance. Notable engagements include advising industry giants such as BP, Tesco, Coca Cola, and GSK.

Throughout his illustrious career, Mike has held various executive positions across multiple industries, driving strategic change and growth. Notably, he holds the distinction of being the youngest Chairman and longest-serving board member of the Association of Convenience Stores, advocating for over 33,500 small retail establishments in the UK.

Beyond the boardroom, Mike is actively involved in large-scale property development projects in the Peterborough and Cambridgeshire region, contributing to urban revitalisation and community enhancement efforts.

Driven by a passion for giving back, Mike has dedicated his time and resources to various philanthropic causes. From serving as a Trustee of Peterborough Cathedral to advocating for the establishment of Peterborough University, he remains deeply committed to making a meaningful difference in his community. Additionally, his role as an Ambassador for the Cambridgeshire Children’s Hospital underscores his dedication to healthcare advocacy and fundraising.

In addition to his professional pursuits, Mike embraces physical challenges and adventure pursuits. From sailing in the Clipper 2013/14 Round the World Yacht Race to summiting mountains like Kilimanjaro and Annapurna, he continually pushes the boundaries of achievement and inspires others through his endeavours.

Mike’s dedication to excellence has been recognised with an Honorary Doctorate in Education from Anglia Ruskin University. Furthermore, he has been honoured as one of the 100 most influential Leaders, Thinkers, and Agitators shaping the Grocery Industry, solidifying his status as a trailblazer in his field.

By Sharmla Chetty, CEO of Duke Corporate Education

In the dynamic landscape of Artificial Intelligence (AI), the potential for fueling annual GDP growth and fostering positive societal impacts is immense. However, it also risks exacerbating inequalities and compromising privacy and trust. Generative AI features alone are projected to add up to $4.4 trillion to the global economy annually. Companies need to consider not only the value of AI to their organisations but also how AI will disrupt their workforce.

Human capital leaders can’t leave the questions around AI just to data scientists or technology teams, we as leaders and experts in human capital own this conversation, and it’s our moment to claim it. Here, I share how human capital leaders can work to ensure AI enhances human capabilities rather than replace them. This involves leading with decency, getting our teams ready for AI and taking a people-centred approach to innovation.

The role of human capital leaders in AI transformation

As the architects of organisational culture, human capital leaders emerge as essential “accountability partners” in the AI transformation. This proactive role involves ensuring that people remain the focal point, safeguarding against the dehumanisation and displacement of the workforce and steering AI towards enhancing human potential.

IQ and EQ are not enough for today’s leaders

The role of business leaders is evolving dramatically. Edelman’s 2024 Trust Barometer highlights that business is trusted more than governments and the media meaning there is a responsibility to act with care. While traditional leadership traits include intellect (IQ) and emotional intelligence (EQ), the current landscape of rapid innovation demands a third crucial trait, first coined by former CEO of Mastercard, Ajay Banga – decency (DQ).

DQ is an aspect that’s been explored by Ajay and William Boulding, Dean and J.B. Fuqua Professor of Business Administration at The Fuqua School of Business. Together, they view DQ as the piece that ensures IQ and EQ are used to benefit society at large.

AI, innovation and automation are changing the face of work and we’re seeing a heightened sense of distrust. Edelman’s 2024 Trust Barometer revealed that most institutions are not trusted to introduce innovations to society. While business leads, it’s still just below 60 per cent (trust is 60 per cent or above). In this context, leaders need decency more than ever. Leaders must consider not only how AI can benefit their organisations, but what are the implications for society and employees.

Keeping people front and centre

While AI can improve productivity, it cannot replace the benefits of bringing diverse individuals together to solve problems from different perspectives. Leadership strategies must shift towards a people-centric approach, facilitating collaboration between AI and humans.

Ensuring workforce adaptability and leveraging AI to augment job functions is vital. Over 85% of employees believe they will need training to address how AI will change their jobs, according to a survey of about 13,000 workers across 18 countries by Boston Consulting Group Inc. So far, less than 15% have received any, and this demands our attention.

Another key issue with AI is that it is inherently biased and acts on pre-existing information, meaning it can’t account for future uncertainties. Proactive skill development, with a focus on critical thinking, becomes essential for staying ahead of the curve and effectively managing emerging risks.

Protecting against the risks of AI

It’s up to human capability leaders to ensure diversity in the people working on the technology and continue learning and asking questions to educate and create shared understanding. Leaders must create organisations that are willing to learn. Edelman reported that when people feel in control over how innovations affect their lives, they are more likely to embrace them, not resist them. Employees should be brought along on the journey and encouraged to share how AI can assist them in their roles while working within a set of guardrails that the company sets.

We need to devise policies and standards for using AI in the workplace. The borderless nature of AI means regulation and questions of accountability are difficult, so businesses and governments should work closer together to ensure the safety of this technology.

Human capital leaders, by fostering decency, collaboration, adaptability, and skill development, can shape a future where AI aligns with ethical principles. The goal is to create a symbiotic relationship between technology and humanity, where AI elevates productivity without overshadowing the core values and creativity that make us human.

By Shamira Graham, Chief Commercial Officer at Onebright

High-functioning anxiety is a broad term for those who live with generalised anxiety disorder but identify as functioning reasonably well and, in some cases, extremely well. It is often overlooked due to its subtle presentation. It’s deceptively difficult to understand the condition as individuals with it typically look like they have a successful work and private life, however, below the surface of a perfect exterior, they are fighting a constant battle with anxiety.

High-performance cultural paradox 

In the ever-evolving landscape of modern workplaces, the pursuit of excellence has birthed what many refer to as “high-performance cultures.” While aimed at driving success and outperforming competitors, this focus on achievement and results has inadvertently fostered environments ripe for the development of high-functioning anxiety among employees. 

The drive for unparalleled success, when coupled with the perception of an expectation to consistently outdo oneself and others, can transform a motivating workplace into a pressure cooker of stress and anxiety for some individuals. High-performance cultures, characterised by their  pursuit of productivity and results, often blur the lines between healthy ambition and unhealthly work environments and cultures. Employees find themselves highly worked, highly stressed, and perpetually striving for unattainable perfection.

Causes of high-functioning anxiety

The emergence of high-functioning anxiety in the workplace is multifaceted, stemming from a complex interplay of internal and external factors:

• Clinical Perfectionism: High achievers often impose relentless pressure on themselves to excel, driven by a deep-seated fear of failure.
• Workload and deadlines: Excessive workloads and tight deadlines contribute to a pervasive sense of being overwhelmed, fueling anxiety.
• Work-life balance: The challenge of disconnecting from work exacerbates stress and anxiety, blurring the boundaries between professional and personal life.
• Fear of negative judgment: Anxiety is magnified by the constant worry about how one is perceived by peers and superiors, leading to overthinking and self-doubt.

How symptoms of high-functioning anxiety may present:

At work

• An individual may be the model employee: arriving to work earlier than everyone, impeccably dressed and has never missed a deadline or fallen short of a task 
• Never taking time off, even in times of need or if they are sick
• Fears of criticism or significant self-criticism
• Fears of looking inadequate or foolish to others
• Significant stress
• Impossibly high standards that even when reached, don’t leave you feeling satisfied
• Working long hours and always going above and beyond to make sure you don’t make an error

In personal life:

• Controlling behaviour with strict routines and habits
• Seeming busy all the time with a to-do list that never ends
• Striving for perfection in every area of life
• People pleasing others and inability to say no often resulting in full social calendars
• Neglecting all other domains for work, an erosion of family time, exercise and social activities

Other symptoms:

• Excessive worrying: An excessive stream of concerns about work, performance, and future projects, leading to persistent unease.
• Perfectionism: A relentless pursuit of flawlessness, striving to meet demanding standards that are self-imposed and relentlessly pursued, despite causing problems driven by the fear of failure which paradoxically breeds more anxiety.
• Delegation difficulties: A reluctance to delegate due to fears that others’ work will not meet their own stringent standards, thereby increasing their workload and stress levels.
• Physical symptoms: Anxiety’s somatic manifestations include headaches, muscle tension, gastrointestinal issues, and sleep disturbances.

Employers should be wary of the symptoms and individuals prone to healthy amounts of work stress spiralling into constant anxiety. Although the idea of high-functioning anxiety seems like a perfect employee, it is important to remember that high-functioning anxiety works brilliantly well, until it doesn’t. 

The graph above shows the diminishing returns to scale in terms of the correlation between performance and anxiety levels. There is a healthy level of stress that is required for a base level of motivation as shown in the ‘calm’ and ‘stress’ regions, where performance improves as healthy stress levels rise. Organisations should aim for a healthy level of stress to optimise employee well-being and performance. Once this threshold is surpassed, there is a significant decline in not only performance and productivity but also in employee health and well-being. 

Managing high-functioning anxiety

Recognising the strengths inherent in those with high-functioning anxiety is crucial. Their empathy, diligence, and conscientiousness are invaluable assets. Effective management of it involves a combination of professional support, lifestyle adjustments, and personal growth:

• Cognitive Behavioral Therapy (CBT): CBT helps individuals reframe negative thought patterns and develop healthier coping mechanisms, encouraging a shift from self-criticism to self-compassion.  Develop cognitive flexibility to update beliefs driving unrelenting high standards, building more adaptive and flexible beliefs 
• Engaging in valued activities outside of the workplace (connecting with friends, socialising, community activities, physical activities etc), to foster and build a sense of wider sense of self worth
• Building support networks: Cultivating a support system provides a safety net of understanding and acceptance, crucial for navigating the challenges of high-functioning anxiety.
• Aligning with core values: Identifying and living in accordance with one’s core values, rather than societal expectations, promotes a more authentic and fulfilling life.

High-functioning anxiety in the workplace is a complex issue that requires a multifaceted approach. By fostering environments that prioritise mental health and well-being, companies can mitigate the adverse effects of high-performance cultures.  For individuals, recognising the signs of high-functioning anxiety and seeking appropriate support can pave the way for a more balanced and fulfilling professional life. Together, we can transform the narrative around workplace anxiety, moving towards a culture that values both achievement and well-being in equal measure.

Meeting objectives of profitability and customer satisfaction rank high on a leader’s list of priorities, and yet, especially after the pandemic, a meaningful, purposeful life is increasingly a top concern to employees.  The title of a post-pandemic article by McKinsey & Company says it all: “Help Your Employees Find Purpose or Watch Them Leave.” Simply put, a life of purpose is a life of meaning.  Yet when applied to business, the integration of purpose into a company is often misunderstood.  Without a company culture that cultivates meaningfulness, employees will move on. If as leaders we learn how to work towards a purposeful culture, employee engagement and company vision both can both move forward.

Purpose V Purposeful

The word, “purpose,” has its roots in the Greek telos, which means to take aim. The word “purposeful,” has different connotations, however, and points toward a sense of significance and meaning.  If we aim narrowly and strive to meet the next objective, leaving out a sense of purposefulness, this approach can be debilitating to a company.  When the wider perspective of meaning is left out, the company does not optimise employee engagement, and risks repeated turnover or a low level of participation together with employee dissatisfaction and under-performance.

Let’s look at the data coupling company performance with employee sense of purpose.

1. Forbes cites a PwC study, which finds that, “millennials who have a strong connection to the purpose of their organization are 5.3 times more likely to stay. But the vast majority of employees remain disengaged from work, and only 33% draw real meaning from their employer’s purpose.”
2. Proaction International writes, “Purpose-driven companies have become more important. The numbers speak for themselves: 4 times more consumers are likely to buy from purpose-driven companies. Lack of trust, social values, and sustainability are the topics that are the most important to the public today. In addition to stimulating demand, purpose-driven businesses can foster employee engagement, improve customer loyalty and enhance innovation and creativity.”
3. Springer also emphasizes the importance of purpose in the company culture by citing the study “Corporate Purpose and Financial Performance:” “Gartenberg, Prat and Serafeim demonstrate, with a large data sample from more than 900 companies and half a million employees, that companies can achieve better results if they incorporate practices that foster people’s sense of purpose. This result seems to be valid for very different types of industries and for a wide variety of companies—from manufacturing companies to service organisations—and for various business strategies within the cost-differentiation spectrum.”

We can see that when the employer’s purpose aligns with the employee’s sense of purposefulness, then productivity increases.

Where To Begin

Now we can take proper aim.  It’s important to understand not only what we are aiming for, but also who is doing the aiming, what that calls us to do, and who that calls us to be.  These questions allow us to inquire into ourselves, our employees and our world to find the interrelated expression of a company’s purpose.  There’s a benefit if everybody in the company reflects first on their deepest intention, their sense of meaningfulness, about why they are on this planet.  Notice the non-hierarchical nature of this inquiry. These reflections could lead to training in different aspects of awareness, such as cultivating autonomy in business, to identify and let go of unacknowledged biases, as well as re-animating suppressed leadership qualities. Training in dynamic inquiry could be helpful, in which an open-ended question is posed, and if seemingly unrelated answers occur, these answers are also inquired into—all creating a thread to follow in developing a person’s understanding of their place in their life, in the company, and their commitment to an integrated life. Those who lead the company might ask similar questions about the deepest intention of the company.   Why has it been created now?  What response to the world’s situation does it bring forward?  The integrity of the company’s culture can gain momentum in this way.

Deepening Employee Engagement

A purposeful culture depends upon employee engagement. If, as part of the hiring intake, HR addressed a potential employee’s deepest intention, it would be easier to see if there’s a fit for the company. The investigation of purpose across the board, not as aim but as intention, clarifies the congruency between the prospective employee and the company.

Once it is clear in the hiring process that there is a fit, the potential employee could see the company’s own commitment to the employee, and the purposeful structures in the company that take a person’s deepest calling into account and make it real.  Some ways of looking at those structures include asking the following questions:

• Does the company offer to support the employee’s on-going investigation of their deepest intention through coaching, directed seminars, or other means?
• Does the company provide performance reviews that actually re-evaluate what performance is, asking questions such as, How well did you do with your stated intention? and, How do you build mastery, take action, and mobilise possibilities?
• Do the executives develop an authentic presence to inspire and engage the employees in a meaningful way?  Many companies announce this as their intention, and yet any pretense of encouraging an employee’s development without follow-through, will actually create disengagement on the part of the employee, due to a lack of confidence and trust in the company’s real commitment.

Synergy

When the deepest intentions of both employee and company are developed together, the company prospers in unexpected ways.  The employee has a deeper commitment to the company and therefore remains loyal.  The Great Resignation, subsequent to the pandemic, suggests that yes, flexibility at work is important, and yet that is not enough.  As we have seen, employees are also seeking a greater sense of meaningfulness.  When the structures within a company, for example, include a percentage of time where the employee can simply explore, the employee values that freedom and autonomy, further increasing their engagement.  That exploration can become beneficial in terms of the company’s innovation and eventual profit.

Conclusion

I often refer to the Irish poet David Whyte, who says this in his book called The Preservation of Soul in Corporate America: “All of your ability to hold the conversations you were made for relies entirely on your ability to hold radical attention to your intention. And without that radical attention, nothing much will happen at the frontier of your being.” I like to suggest rephrasing that ending to read, “And without that radical attention, nothing much will happen at the frontier of business.” Now, place your radical attention toward developing a purposeful company culture.

Co-Founder, The HuPerson Project

https://thehupersonproject.com/

Dedicated to science, art and spirit, Daniel inspires individuals, teams and enterprises to live their unique vision in the way the world most needs it. Co-founder of The Way of the Heart with Kimberly Herkert, Daniel designs processes for people to live more fulfilled, purposeful, and intentional lives. He recently published The Caravan of Remembering, a powerful self-directed inquiry for discovering our deepest calling. Together with Jill Taylor and Shelly Cooper, in 2023, Daniel co-founded the HuPerson Project to help leaders develop a deep awareness and presence, opening new structures of thinking so that corporate and entrepreneurial enterprises are able to embody their vision and become a remedy for the needs of the world today.

Integrity goes far beyond having strong moral principles. We make better decisions when we stand by our values, are honest about our objectives and act with transparency. Having integrity means conquering challenges whilst understanding and taking into consideration the impact our decisions have on others and acting beyond our own personal gains.

Thom Dennis, CEO at Serenity In Leadership, offers us ten reasons why, after a tumultuous last five years, integrity is all the more vital for success in 2024.

Integrity Equals Responsibility. Being responsible, even when it’s difficult and being able to question the impact of our decisions, having high standards and possessing critical problem-solving thinking are traits of an attuned and accountable leader. AI is a good example. Good leaders of the future will stay on top of AI advancements while keeping a firm grip on what needs to be done to still value what it means to be human.

Integrity Leads To Honesty. Trust is built on honesty, and both play a large role in having integrity. The Workforce Institute found 63% of employees and business leaders believe trust must be earned, so companies that consistently operate with honesty and transparency will be highly valued.  Trust has been an issue in 2023.  COP28 is a prime example where a conflict of interest was raised as a concern with news that hosts The United Arab Emirates planned to use meetings about the summit to pitch oil and gas deals to foreign governments.

Integrity Means Choosing What Is Right, Even If It Isn’t Easy. Making a decision may mean doing what is right, even if it doesn’t come with gratitude or recognition. It could also be making a tough decision that may upset others but is still what needs to happen. Integrity goes hand in hand with resilience and strength of character, but in the case of bad news always comes with a compassionate delivery.

Integrity Enables Us To Stand Up & Be Counted. Integrity reduces instances of people turning a blind eye or sitting on the fence. Being a passive bystander, for instance is not OK. This means injustices can be accounted for and resolved and a culture of support and openness is fostered. Respecting other’s values, time, and identity is a foundation of integrity and having this integrated into workplace culture can generate support and collaboration and put an end to conflict and unpleasant behaviour. The younger generations are showing themselves to be largely better at standing up and being counted. The rest of us need to learn from them.

Integrity Fosters Accountability. Many of us are noticing bad habits creeping in such as not accepting responsibility for mistakes or letting things fall through the cracks which can create distrust and discontent. The Global Integrity Report found that 42% of respondents reported unethical behaviour being tolerated when coming from a senior employee or high performer. Taking accountability for actions and decisions reduces conflict and builds trust.

Integrity Prioritises Equality & Equity. Giving everyone the space to express themselves respectfully, asking for collaboration of diverse ideas and points of view, and being equal and fair improves company outcomes, workplace satisfaction and the success of individuals.  When we walk in someone else’s shoes we can begin to understand the impact of our decisions. Many a CEO could do with trying the role and pay of a shopfloor worker.

Integrity Is Dependability. Being dependable and having a reputation for being so, means return business and loyal staff.  Ensuring commitments are consistently honoured to a high standard, being someone you can count on and being trusted to do what is expected of you will go a long way in 2024.

Integrity Shows You Are In Touch With Your Core Values (& Living Them). Integrity is aligned with a deep connection to core values, living by a moral code and remaining ethical and purposeful. Shortcuts and unethical practices can offer short-term gains, but they lead to long-term negative consequences and loss of trust.

Integrity Increases Respect. Upholding a fundamental commitment to treating others with respect ensures different opinions are heard, encourages fairness, creates a better work culture and means that you too are more likely to be treated with respect.

Integrity Develops Authenticity. Authenticity separates bad leaders from great ones.  Being true to who you are and what you stand for means congruence when looking in the mirror, speaking your truth to others and taking action, all the while being self-aware.

www.serenityinleadership.com

• Seven in ten HR decision-makers identify ‘bad managers’ as a pervasive organisational issue
• HR leaders believe leadership training is key to eliminating toxic workplace cultures

A third of employees (33%) in the UK have experienced a ‘toxic manager’ at work in the past five years, and over four in ten (41%) have left a job due to their dissatisfaction with management*.

The worrying findings are from Corndel’s Workplace Training Report 2024, based on research conducted with 250 HR decision makers at large organisations and 1,000 UK employees*. Toxic manager traits including micromanagement, inflexibility, intimidation, gaslighting colleagues and a deflecting accountability.  

This is having a significant impact on employees’ experiences at work. Nearly half of the employees (47%) state that mental health support and empathy from their workplace are crucial for their job satisfaction, and 46% feel that a positive workplace culture boosts their job performance, increasing to 55% among younger employees aged 18-34. 

Meanwhile, nearly seven in ten (69%) HR leaders admit that ‘bad managers’ are a prevalent issue within their organisations and only 54% of HR professionals believe their organisation’s leaders possess the necessary skills to cultivate effective high performing teams. But in contrast, 81% of HR decision makers are confident that their managers uphold the organisation’s values. 

James Kelly, co-founder and CEO of Corndel, said: “In an era where company culture is actively promoted and workplace mental health is marketed as an employee benefit, ensuring that employees’ lived experiences meets their expectations for management culture is key. The evolving expectations of employees are moving beyond free breakfasts and ping-pong tables to influencing organisational structures built on empathy and inclusion, with mental health and wellbeing support baked into the culture”. 

“HR decision-makers must prioritise finding solutions for toxic workplaces, recognising that empathy, emotional intelligence and mental health support are critical factors in enhancing employee retention, performance, and job satisfaction.”

‘Accidental’ managers lack key skills

This significant number of toxic and ineffective managers could be in part due to the number of ‘accidental’ managers being promoted into more senior roles when there’s been a lack of qualified candidates over the past few years, particularly as a result of the UK’s skills shortage. Recent research by the Chartered Institute of Managers** found 82% of workers who enter management positions have not had any formal management and leadership training, and half of people who don’t have an effective manager plan to leave their organisation in the next 12 months. 

Cultivating leadership and management skills to grow high-performing teams

HR leaders nearly unanimously agree (99% of those surveyed) that leadership training is an effective approach to combating a toxic workplace culture – and more than half (54%) are convinced that workplace training can completely eliminate toxicity. 

Over six in ten (62%) organisations will increase their training budgets in 2024, up from 48% in 2023. Furthermore, 90% of HR decision-makers recognise that mental health significantly impacts business performance, highlighting that we’ll likely see a shift towards improved mental health and wellbeing policies being woven into workplace culture in the near future.

James Kelly added: “Our report emphasises that urgent action is required to prevent the domino effect of toxic managers on employee wellbeing, engagement, and retention. By prioritising leadership development that focuses on ‘human’ management skills, emotional intelligence and mental health support, HR teams can combat toxic management cultures and build motivated, psychologically secure teams.”

By Rafael S.Lajeunesse, co-founder and CEO of ReachX

Fractional executives have long held back-end administrative positions, but in the post-pandemic landscape, they are now becoming more prevalent in the C-Suite. These professionals typically offer management services to organisations for hire, whether this be on a temporary or part-time basis. They typically fill executive roles such as chairperson, owner, CXO, vice president, or director and tend to have over 20 years of experience in their area of expertise. As they are usually hired in place of full-time senior executives, they are a great option for companies focused on keeping costs down yet still in need of specialist expertise.   

So, why is it so important to focus on fractional executives as the future of business? 

It is difficult to get exact stats on fractional executives due to the nature of the flexible role, however, my estimate from working with Series A companies is that 20 to 30% of them are using part-time executives. In the early venture stage, 50% of companies are using limited-term and part-time roles.  

Cost Efficiency and Flexibility 

Fractional Executives offer a cost-effective solution to many companies that may struggle to afford C-Suite executives on a full-time basis. Whether the role is held by a fractional CEO or a fractional sales executive, it allows businesses to optimise their budget by engaging with talented individuals on a part-time basis and allows resources to be allocated elsewhere for the organisation’s needs. In times of economic uncertainty and global instability, companies have the freedom to scale resources up or down as required when working with those in part-time positions.   

Strategic Focus

Fractional executives bring decades of expertise, allowing financial leaders to strategically allocate resources and time to their most important business functions. This focus allows overall organisational efficiency and effectiveness. For example, the Fractional CEO of Accounovation, Nauman Poonja told The New York Times that during the pandemic he helped three clients facing insolvency renegotiate with vendors and find other sources of funds as a fractional chief executive. By outsourcing specific functions to fractional leaders, companies can concentrate on their most valuable tasks and goals.  

Expertise 

Another major bonus of fractional executives is that these part-time executives often can offer specialised knowledge which can benefit in-house C-Suite. For example, a fractional executive with knowledge in deal management or mergers and acquisitions could guide financial leaders through complex transactions, ensuring a smoother and more successful process. Businesses can also leverage periodic executives with expertise in investment opportunities who can assess risks, and ensure alignment with the organisation’s goals. Fractional executives with years of investing experience may maximise confidence from stakeholders as they are looked at as experts in their field, which in turn fosters trust in the business they are representing.   

Collaborative Decision-making 

Collaborative decision-making is another crucial asset of successful financial management. Fractional executives can contribute to a diverse network of advisors, bringing a new perspective to the financial health of a business, fresh ideas and a clearer strategy. Enterprises can harness the benefit of fractional executives by creating a dynamic advisory team that enhances the strategic vision and decision-making within the company. Periodic executives with expertise in change management can also offer important insights when making decisions in eras of change.

Possibility for full-time work

The concept of fractional executives not only provides companies with specialised expertise on a flexible basis but also fosters a unique and mutually beneficial collaboration. Many individuals placed in fractional executive roles eventually transition into full-time positions within the company, highlighting the advantages of this arrangement. This process allows both the advisor and the company to thoroughly assess their compatibility and working dynamics before committing to a permanent role. For the advisor, it serves as an extended trial period where they can assess the organisational culture and intricacies, while the company gains the advantage of observing the executive’s performance firsthand. This leads to a more informed and confident decision when considering a full-time commitment and ensures a seamless integration for both the executive and the business.  

Conclusion

To conclude, the rise of fractional executives has emerged as a pivotal trend in the corporate landscape, since the COVID-19 pandemic and global instability have affected the business world. As organisations increasingly turn to part-time leadership solutions, companies find themselves at the forefront of a period of change and transformation. The necessity for cost efficiency and flexibility, along with the strategic focus brought by working alongside limited-term executives, allows enterprises to optimise their budgets and concentrate on key financial responsibilities. Fractional executives should be an area of focus for all C-Suite executives as they become the future of businesses and their ability to supercharge companies, whilst remaining a cost-effective option.

By Adam Herbert, Co-Founder of Go Live Data

Undoubtedly the primary aim of any business is the attraction of new customers. Nevertheless, in an era where markets are saturated and competition is increasingly savvy because of new technology, the task of acquiring new customers has become challenging and costly. And amidst the race for viable solutions, there remains a myth, that extravagant expenses are necessary to achieve desired outcomes but contrary to this, the key really lies in leveraging data.

Here, Adam Herbert, CEO and co-founder of Go Live Data, discusses how data can serve as that secret ingredient to revolutionise your customer acquisition to yield desired results.

The customer journey

Data acts as an essential guide for businesses navigating the terrain of customer behaviour. By meticulously analysing customer data, companies can unearth invaluable insights into the entirety of the customer journey, starting from initial awareness to eventual conversion. By comprehensively understanding this, empowers businesses to pinpoint crucial touchpoints, pain points as well as preferences, which are all linked to influencing a customer’s decision-making process.

For instance, analytics tools can meticulously track online interactions, furnishing a detailed roadmap of how customers engage with a company’s digital footprint. By scrutinising data, including website visits, social media engagements and email responsiveness, businesses can discover the patterns and trends illuminating the customer’s (digital) footprint from discovery to purchase. Armed with this knowledge, companies can fine-tune their marketing and sales strategies to synchronise with the customer journey which in turn, ensures for a smoother and more gratifying experience.

Precise results

Gone are the days of casting a wide net with the hope of capturing random customers from anywhere. The beauty of data is that it empowers businesses to adopt a targeted and personalised approach. By harnessing demographic, psychographic, and behavioural data, intricate customer profiles can be crafted by marketers within companies, leading on to concise segmentation based on such specific information.

For instance, an e-commerce platform analysing customer data might discover that a group within a specific demographic, makes their purchases during a particular time or times of the year. Equipped with this insight, the business can tailor its marketing, promotions, and product launches to resonate with those preferences and behaviours of this target demographic. This not only enhances the likelihood of acquiring new customers but also optimises the efficiency of the marketing activities and expenditure, by concentrating resources on the most promising segments.

Harnessing predictive analytics – AI

Since the introduction of advanced analytics techniques, such as predictive analytics and machine learning, data-driven customer acquisition has risen to new heights. Giving businesses the ability to anticipate future customer behaviour based on historical data patterns, provides the tools to scrutinise datasets, make projections and automate decision-making processes – it’s phenomenal what can be achieved.

A subscription-based service can employ predictive analytics to forecast a decrease in customers. By analysing factors such as usage patterns, customer feedback, and historical data around why they chose to cancel, the business can pre-emptively identify customers at risk of defection and go a step further by implementing targeted retention strategies. This – not only safeguards existing revenue streams but also fosters a more informed and strategic approach to the process of gaining new customers.

Personalisation and enhancing customer experience

Data-driven insights enable businesses to deliver extremely personalised experiences tailored to individual customers’ needs and preferences. From customised recommendations to targeted promotional offers, data empowers companies to tailor their interactions, which in turn, results in fostering deeper connections with their customers.

Let’s consider the impact of data-driven personalisation in the retail sector. An online clothing store, for instance, can leverage customer purchase history and browsing behaviour to suggest products aligning with the customer’s style preferences. This level of personalisation not only enriches the customer’s shopping experience but also improves the likelihood of successful customers and retention, by making recommendations that genuinely resonate with them.

Fostering longer-term relationships

While data proves to be a pivotal tool for gaining new custom, as touched on earlier, its benefits extend beyond the initial transaction. Through continuous monitoring and analysing the data, businesses can cultivate more lasting relationships with customers, nurturing loyalty and advocacy.

Customer feedback, social media interactions, and post-purchase activities collectively contribute to a wealth of data that can be used to refine products, tailor marketing strategies, and customer services and satisfaction. By leveraging the wealth of information available, businesses can demonstrate commitment to satisfying customers who lead on to become important advocates of your brand, contributing to wider growth through word-of-mouth advertising and positive reviews.

The potential of data in generating customer acquisition is vast. From comprehending the customer journey to enhancing precision, leveraging predictive analytics, personalisation and fostering relationships, data serves as the linchpin for modern business success.

The era of data-driven customer acquisition is here to stay and those embracing it stand to gain a substantial competitive advantage over competitors and is essential in today’s digital age.

Ever feel like your customers are slipping away? You put tons of effort into acquiring them, but keeping them engaged feels like chasing smoke. They might buy once, maybe twice, but then…poof! They’re gone onto the next shiny thing.

Sound familiar? In today’s competitive landscape, customer engagement is no longer a luxury – it’s a necessity. Engaged customers are loyal customers, the kind who keep coming back for more and rave about you to their friends and family. They become brand advocates, your biggest cheerleaders.

But how do you transform customer engagement from a struggle to a smooth sailing journey? This blog post will unveil four critical strategies, including the use of technology like Magic Bell or a similar application that can streamline your monitoring. These tactics can completely reshape your approach, turning those fleeting interactions into lasting relationships. Please read on. 

1. Leverage Technology For Personalization 

Remember those days of receiving generic marketing emails that felt like a mass blast to everyone on the company list? Yawn. Thankfully, technology is revolutionizing how businesses personalize the customer experience.

Today, companies are leveraging data analytics to gain a deeper understanding of their customers’ needs and preferences. Imagine having a treasure trove of information about your customer base – their purchase history, browsing behavior, and even past interactions with your support team. By analyzing this data, you can create highly personalized experiences that resonate with each customer.

Through generative AI, computers create human-quality text, translate languages, and even write different kinds of creative content. In the realm of customer service, you can use personalized communication at a scale. Picture chatbots that can respond to customer inquiries in a natural, conversational way, tailoring their responses based on the specific customer’s needs and past interactions.

2. Have An Employee-Centric Approach

Happy employees translate to satisfied customers. It’s a simple equation but often overlooked. Think about it: how can you expect your team to deliver exceptional customer service if they feel disengaged or unsupported? 

Here’s how to cultivate an employee-centric environment that fosters stellar customer engagement:

• Invest in training and development – Equip your team with the knowledge and skills they need to thrive. Provide comprehensive product training, communication workshops, and customer service best practice sessions. 
• Empower your team – Micromanagement stifles creativity and initiative. Trust your employees to make decisions and solve problems independently. This trust fosters a sense of ownership and accountability, leading to more engaged interactions with customers.
• Prioritize customer satisfaction – Make customer satisfaction a core company value. Recognize and reward employees who consistently deliver exceptional service.

By fostering a positive and supportive work environment, you’ll create a ripple effect. Engaged employees are more likely to be passionate brand advocates themselves, taking pride in exceeding customer expectations. 

3. Prioritize Seamless Communication

Imagine a customer stranded on an island of frustration, desperately seeking help. Multiple communication channels, long wait times, and unanswered messages – these are the dangers lurking in the murky waters of poor communication.

The key to customer engagement is building a bridge – a seamless communication experience that lets customers reach you easily whenever they need it. Here’s how to create that lifeline:

• Omnichannel approach – Be everywhere your customers are – phone, email, live chat, social media. 
• Self-service power – Empower customers to find answers on their own time. Invest in a robust FAQ section, knowledge base articles, and even chatbots that can answer basic inquiries.
• Prompt and effective responses –Don’t leave customers hanging. Set clear response time expectations and strive to exceed them. 

By prioritizing seamless communication, you build trust and foster positive customer relationships. Remember, clear and consistent communication is the lifeblood of customer engagement.

4. Cultivate A Community Around Your Brand

Customers are more than just wallets; they’re passionate individuals who share your brand’s values. Here’s how to cultivate a thriving community:

• Spark conversation – Encourage interaction on social media platforms. Host Q&A sessions, run contests, and respond to comments – show you’re listening!
• Reward loyalty – Foster a sense of belonging with exclusive programs and events. Remember, engaged customers are your biggest fans, driving loyalty and brand advocacy.
• Embrace User-Generated content – Let your customers be your brand ambassadors! Run contests that encourage them to share photos or videos using your product. 

By fostering a sense of community, you create a space where customers feel valued and connected. 

Final Thoughts

The landscape of customer engagement is constantly evolving. By implementing these strategies, you’ll be well-equipped to navigate the ever-changing tides. Remember, engaged customers are your biggest champions. So, what are you waiting for? Start transforming your customer interactions today and watch your brand loyalty soar.

The Jobs Confidence Index found that employees are feeling more confident at work, with the index increasing by 9.5 points from Q4 2022 – but when this is broken down, a bigger picture of uncertainty is unveiled. With the pay confidence of employees declining to -36.6 points and employee job search and progression gradually rising to 35.2 points in Q1 2023, the data shows a workforce content to pursue greater value from their work.  

Despite this emerging trend, confident workers still get the workplace wobbles. New survey data from music licensing company PPL PRS reveals that nearly half (46%) of respondents cite performance reviews as their biggest cause of workplace anxiety, with 71% of these claiming they have confidence at work but still suffer from low confidence in some situations. The PPL PRS survey asked 1000 UK workers in the professional services sector, in jobs ranging from interns to C-suite level, about the conditions that impact their confidence at work. 

Wellness & learning coach Deborah Green explores the power of music alongside 5 other tips to help boost your confidence, and the confidence of those around you, in the workplace.  

Recognise good work   

If you’re looking over the work you have done, note down your successes and recognise your own abilities in your job. Consider creating a ‘smile file’ that you could look back on in moments of self-doubt.   

If reviewing a colleague’s work, make sure to let them know about the quality of their work and use reassuring language to boost their confidence in the work they are doing.   

Use positive language in the workplace   

If you find yourself talking down on your work, practise talking yourself up. For example, changing from ‘I don’t think I can do this’ to ‘I will try my best even though this is my first time’. Changing your perspective on your own work will lead you to feel more confident in the work you do.   

Listen to music   

When looking at what helps employees feel more complete confidence in themselves, 90% of respondents stated that music helped them to feel more confident. Almost two-thirds (60%) of people answered that contemporary pop got them ready for the day’s work, with RnB (34%) and Rock (27%) following close as confidence boosters. This is something to note when playing music in the office.   

Almost three-quarters (73%) of employees would say they’re confident in their work, but there are still situations that arise at work that could use that extra push of confidence to get them working to their full potential. Nearly half (46%) of the respondents said they need a confidence boost before performance reviews, and 39% said that starting new projects also requires extra confidence. These are both anxiety-inducing tasks which may benefit from confidence-boosting background music.   

You could invite your team to anonymously write what their favourite tune is and what about it lifts them up. Put these songs into a Spotify playlist for them, which could then be played at different times during the team’s day, and watch their mood and confidence soar.  

Set confidence KPIs   

Having confidence goals to focus on will help you monitor your progression into a more confident worker over time. Seeing your changes will help you realise your full potential. Some confidence KPIs could be looking at how many times you’ve been proud of a piece of work you have produced or tallying the compliments on the work you do.   

Find your cheerleaders   

We all know it can be a struggle to see the best in yourself, so find your cheerleaders at work. Whether it’s a manager or a colleague you trust. Having a person who can lift you up in your moments of feeling low confidence will make a big difference in your outlook on your work.   

Find enjoyment in your work  

If you’re someone who finds starting a project makes you feel undue stress, find a way to make it fun. Doing work that you enjoy will improve your relationship with your work and lead you to feel more confident in what you’re producing as you’re enjoying making it. The process takes time, but changing how you perceive the work you do will make you feel more capable and confident.   

For employers, when considering playing music in a public place, keep in mind that different employees will react differently to some genres, so make sure to keep a good mix on the playlist to accommodate your employees and boost everyone’s confidence. You should also try to foster an environment of praise and progression amongst your employees to make sure they feel confident in the work they’re doing.   

Many business owners will recognise that the stronger the team, the more successful the business becomes. Ensuring that the current team you have is as agile, united and organised as possible is not only down to finding the most suitable talent at the interview stage, but also continuing to nurture this through team building. Research shows that 50% of employees have stayed at a company because they feel part of a team and have turned down tempting opportunities from elsewhere due to having made meaningful connections with colleagues.

CEO of award-winning digital marketing agency Digital Ethos, Luke Tobin, provides some tips on how business leaders can ensure that team bonding is worthwhile.

Luke says: “Not only is team bonding a fun way for your employees to let off some steam and recharge away from a typical day’s tasks, but it also fosters a sense of trust and collaboration between team members. Shared experiences create meaningful relationships and improve empathy.

“Here are a few ways you can get the most out of your team bonding exercises as a business leader.”

Understand team dynamics beforehand

Some teams may naturally work closer together if they attend the office in person consistently and therefore see each other face-to-face more than others, for example, or their departments might be working towards the same goal and collaborate more often. Whatever the reason, business leaders need to observe existing dynamics before a team bonding session to maximise its effectiveness.

For example, if you need to divide the workforce into teams for an activity, it is counterproductive to place employees together who already work closely together if we consider the objectives of team building. Instead, group together employees who usually don’t interact or have given feedback that their team’s dynamic could be improved. This way, they can make the most out of the activity and the shared experience will bring them closer together.

Lead by example

As a senior team member, you have the opportunity to set the tone for the desired outcomes of the team building. By actively participating in bonding activities, you can demonstrate different attitudes you would like to foster within the workplace. By modelling desired behaviours, business leaders can cultivate a positive and supportive team culture that encourages openness, communication, and mutual respect.

Provide meaningful experiences

The most effective team-building activities are ones that your employees will remember long after. Ensure that your team-building exercises each have a purpose by incorporating interactive exercises, problem-solving challenges, and experiential learning opportunities that encourage teamwork and critical thinking. Enjoyable activities will naturally be memorable to the team and will remind them of the successes and learnings taken from the team-building activities.

Include debriefing and reflection opportunities

Team building activities should be followed with reflection, learning, and insights by including a debriefing session afterwards. Team members can then give business leaders honest feedback and key learnings. By hosting guided reflection, business leaders can promote self-awareness, foster team cohesion, and reinforce learning outcomes from the activities.

Additionally, allowing team members to display constructive communication creates a safe and supportive environment where team members feel they can freely express their feelings and opinions without fear of judgement.