Welcome to this week’s edition of the Wolves’ Den, your hub for the latest in digital marketing news.
As layoffs in the tech field continue, few industries are left unscathed. From social media giants like Twitter and Meta to wellness apps like Noom, Cerebral and plenty more; from career assistance services like recruiters and even to state Employment Agencies like this one, businesses are amputating large chunks of staff.
However, it’s not all doom and gloom. The Bureau of Labor Statistics reported last week that unemployment rates were down in October from the previous year, especially in metropolitan areas. Despite this season of layoffs, there are strategies some businesses are leaning into to combat inflation and the rising Federal interest rates to build sustainable success and resiliency.
During the onset of the pandemic, companies that took early action found success by building out strategies (business model resilience) to help them gain organizational, operational, and digital resilience. These organizations found that they could quickly shift the business model, adapting to customer sensibilities and practical reality for their teams than in the past without these strategies in place. Now companies are facing a different adversity, but there is sentiment that recovery and success is possible by those who utilize these core strategies and craft new ones.
- Diversify the Definition of Success for Your Business
- Diversify Your Products and Practices
- Diversify Your Workforce and Evolve Business Culture
- Easy and Reasonable Accommodations for a Thriving Workforce
Diversify the Definition of Success for Your Business
Author of 20 best-selling books, Marketing Hall of Famer, and founder of Akimbo Seth Godin encourages industry leaders to reconsider what indicators of status and affiliation need an update based on culture shifts. “Norms are normal. Until they’re not,” Godin stated last week. “A big office may no longer be more prestigious than a resilient, productive workforce that works where it wants to. […] In many cases, luxury goods cease to have status when they make the owner look stupid.” (My pickup truck is faster than your Ferrari)
A focus on positive impact on society might just be a ticket to employee purpose and motivation, as well as trending consumer buy-ins. With the consumer base sentiment shifting from asking companies what they can do for the customer to what companies are doing that is sustainable and socially responsible, businesses may see more loyalty on both fronts by taking such initiatives. This in turn can lead to longevity and success for surviving hard times.
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Diversify Your Products and Practices
The farmer knows to not put all of their eggs in the same basket, and this wisdom can help your business as well. Protecting your business during a recession through new practices is something worth considering: expanding your services or product lines, reaching out to customers through new mediums like social media or radio ads, conceptualizing new ways to broaden your target consumer base, offering subscription discounts, creating more essential products vs. luxury items, and other creative strategies that spread out your income possibilities.
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Diversify Your Workforce and Evolve Business Culture
With the global economy and demographic changes in modern society, the call for true diversity and inclusivity in the workplace is not a momentary fashion. To stay relevant and evolving with the times, many companies are hiring employees with various backgrounds, cultures, accessibility, and life experience. While hiring the right people is a great step, working with these groups and individuals to create new policies and practices is a vital part of sustainable success.
Why Diversity Matters for business–in metrics such as financial results and the structure of top management and boards, the results were decisive: for example, companies in the top quartile for racial, ethnic, and gender diversity are more likely to reap monetary returns in their industries.
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Easy, Reasonable Accommodations for a Thriving Workforce
When it comes to accommodation initiatives, the profit outweighs the cost. Time and again, the data shows that proper accommodations for disabled and neurodiverse employees lead to less presenteeism and greater success in the workplace. Considering diversifying your workforce when your company is unfamiliar with what accommodations can be helpful, there’s no need to feel at a loss. Check out what these other businesses are doing, choosing one, and starting small can help your organization build genuine change that benefits your goals.
- Imagine Belonging at Work and how feeling included affects employee morale and performance.
- Having open, genuine conversations with inclusive language.
- Take a few minutes to research how you can make the most of your employee’s unique strengths.
- Quickly brush up on your knowledge about disabilities of all kinds (permanent, situational, temporary, and episodic) to uplift your workers and maximize company success.
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At Fullmoon Digital, we’re serious about making a workplace that works not just for our clients, but our personnel as well. From flexible meeting practices to open dialogs to broadening our clientele, walking this talk has kept us growing. Follow us on LinkedIn to watch us go!
Tune in next week for the latest news in digital marketing from the Wolves’ Den.
