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What Executives Should Do To Help Their Organisations Thrive In The Current Economic Climate

Business

With inflated costs of production and increased stresses on staff, due to the economic downturn, organisations are looking for the best ways to get by and thrive in the eye of the storm. Various leaders have different methods of trying to achieve this, and only time will tell which are effective.

From looking after employee wellbeing, to boosting staff morale and to involving tech, and then analysing these aspects once they are more involved in the production value chain, we asked three experts for their opinions on what executives should be doing to help their organisations thrive in the current economic climate. These are their insights:

Tech and human capital symbiosis is important

Head of MiWay Blink, Keletso Mpisane says, “The most important resource any organisation has at its disposal is human capital. And, considering the direction that industry is moving in as far as tech is concerned (with its increased influence), creating a tech and human capital symbiosis is key. Tech is vital to streamlining the production process because it leaves behind records and paper trails for analysis. The best way to achieve the symbiosis is to take care of the humans first by creating a healthy and productive environment for all executives, creatives, housekeeping, and admin staff to thrive.”

Efficiency is at the heart of business growth in 2023 and beyond

Zuko Mdwaba, Salesforce Area VP / Africa Executive & South Africa Country Leader says, “Business leaders must commit to being strategic and building better resilience by investing in digital transformation as the foundation of a sustainable approach to preparing for the challenges of the near future. 

“This starts with identifying where technology can drive growth, increase efficiency, and create more business value. With the right tools and resources, it becomes easier to do more with less and when the stakes are high – and they are in challenging economic conditions – it becomes crucial to ensure synergy and alignment across every line of business to optimise for growth and efficiency.

“Going forward, businesses will rethink what it means to be efficient at every level, and in every department. We must commit to continuous innovation to solve customers’ problems, ensure seamless service from anywhere, and adapt to customers’ changing priorities,” he adds.

Powered by digital transformation, this will provide opportunities for success in the long term.

Gamification can improve the moral, and possibly aptitude, of staff 

Another way of engaging staff is  through ‘Impact games’, which is an umbrella term which refers to games that are purpose driven as well as entertaining. These are engaging games and immersive experiences that can be used by companies and public benefit organisations to communicate complex concepts, change attitudes and drive behavioural change amongst global audiences.

Sea Monster Entertainment, which is a Cape Town based global leader in the impact gaming space, has an interesting take on the topic. The CEO of the animation studio, Glenn Gillis says, “It’s a complicated, messy world, now more so than ever. Executives should not solely rely on throwing money at their problems to help their organisations thrive in the current economic climate. Instead, they should focus on fostering long-term engagement and loyalty through shared purpose, intrinsic motivation, a sense of belonging, autonomy, and creativity. Games teach us that balancing intrinsic and extrinsic motivation is key to keeping people aligned with an organisation despite short-term challenges and this is crucial to stay the course.”

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