How to Foster Innovation During the Perk-cession
Unlimited snacks and expensive coffee beans are disappearing from breakrooms everywhere—the perk-cession is here. In the midst of growing recession fears and the frustration of increasing inflation, personal and professional budgets are being tightened. And those perks can be a tell-tale sign of what’s to come, or at least people may think they are. As a leader, it’s vital to keep your mindset in a healthy and positive place so that you can effectively lead your team through this economic downturn. In this article, we’ll share three ways leaders can creatively innovate during the perk-cession and also three things they can learn.
3 Ways Leaders Can Innovate During the Perk-cession
Prioritize technology. Technology solutions and updates are just not the things to cut—not in today’s landscape. Keep up to date on your system upgrades but look for ways to maximize your solutions. With the increase of free artificial intelligence (AI) tools, ask yourself how you can creatively use these abundant resources. And train your teammates—there are free courses on how to use AI offered through various online platforms or even through the Chamber of Commerce. If there is an individual or team that it would make sense to train on AI, then create the opportunity for them to take the time during the workday.
Focus on scalability. Even though you may be experiencing budget cuts, you can’t ignore the opportunity for continuous improvement. With every challenge, something new is made possible. What is it in this season? Ask your Leadership Team if they see any areas that can be automated. Do the research to learn from other leaders in your industry to find out how they are scaling their organizations. And check the data—are there areas of your business that could produce passive income? Be creative! Include your teammates in brainstorming sessions and see if there is an asset or product you could use this downtime to produce and try out. Get your business lean now to prepare for growth once the economy swings upward again.
Allow on-time for all employees. At Building Champions, we encourage people to schedule on-time: dedicated time in their calendar to work on the business—not just in the business. This time is for development and company growth. And it must be protected. Don’t let inevitable “fires” or competing tasks dominate this time. On-time allows you the space to work on growing your business, learn something new or expand your thinking. This is something leaders should absolutely block in their calendars on a weekly basis, but it’s also something to consider encouraging for your employees. Think about it—if you give people free time to brainstorm, research, learn and think creatively, what might they come up with? During your one-on-ones, check in with them to learn how they’ve been using their on-time and if they have any ideas to share. Perhaps, even check in with your entire team during team meetings to allow for a collaborative brainstorming session.
What Leaders Can Learn from the Perk-cession
Mindset matters. Remember, your teammates will be looking to you, their leader—so your thinking, feeling and believing matters. You have immense influence; and your mindset will be the driving force behind your words and behaviors. The perk-cession isn’t fun—the cool job perks are being taken away, so people will naturally begin to wonder if their jobs are next. They will be wanting communication from their leader, so overcommunicate. And make sure your Leadership Team is clear and aligned on the communication plan. Don’t let a negative narrative run rampant that stirs up fear unnecessarily. As a leader, you are responsible for keeping your mindset in a healthy space so that you show up for your teammates in an uncertain time as a reliable, honest and optimistic source.
What employees want out of their jobs. Ask them! Now is the time to learn from your teammates. If you’re taking away free lunch Fridays and the kombucha tap, you’ll find out if those things really did contribute to company culture in a worthwhile way or if there’s something else employees value more. Find out through surveys or during one-on-ones. Employees might be struggling with their well-being and more flexibility in their schedules could be the solution. You won’t know until you’re curious enough to ask—and change won’t happen until you implement their suggestions.
Learning & Development (L&D) is still a priority. It seems like an easy cut when spending is tight, right? Well, in Lorman’s 2021 report, it was revealed that 74% of employees said they don’t feel they’re reaching their full potential due to lack of development opportunities. And that’s a problem, recession or not. To get an engaged, collaborative and productive team, you must invest in their development. That can look like trainings, workshops, webinars or coaching. LinkedIn’s 2019 Workplace Learning report noted that 94% of employees will stay at a company longer if there is an investment in L&D. So even if the economy feels uncertain and your budget is being cut, you don’t want to risk losing employees who feel underdeveloped. Turnover is expensive too.
Your organization may get lean because of budget cuts, but you’ll find opportunities for growth, improvement and change—as long as you’re curious enough to look for them. Lead your people through the perk-cession with creativity and innovation. Inspire them to think differently and welcome their perspectives, you never know what you might come up with together during this season—as there is always opportunity in challenge.
If you’re looking for more insight on how to see beyond your own knowledge and experience, check out The 7 Perspectives of Effective Leaders, our CEO and Founder, Daniel Harkavy’s most recent book on improving decision-making and increasing influence. Grab a copy today!
