In his new book, Laurence Smith charts the top 10 things leaders should do to turn crisis into opportunity.
Adopting and demonstrating flexible mindsets and a culture of experimentation are likely to be key for organisations struggling under the immense cost pressures brought about by the COVID-19 pandemic.
One question they could potentially ask themselves is, “Do I really need all my employees to be ‘employees’? “
Laurence Smith, Chartered Fellow CIPD, and a thought leader in digital mindset and transformation, explained, “Offer some of your existing employees the opportunity to start their own business providing the same services back to you, but without the fixed costs and overheads they would cost you as an employee.
“Of course, you’d want to guarantee them a certain amount of work for a reasonable time period to give them the courage to take this step.”
In his new book, Transformation Mindset: 10 Things Leaders should be Doing Today to turn Crisis into Opportunity, Smith highlighted the positive effects of allowing employees to become entrepreneurs and start their own business.
Companies get to reduce fixed costs and headcount, and as these ex-employees start to serve other clients, they are exposed to new ideas, they learn faster and become more skilled at the services they provide.
Smith added, “Think of these people as part of your ecosystem of ‘community and crowd’. They are emotionally aligned to you, flexible to provide the services you require, and constantly upskilling themselves at their own expense.
“Taking advantage of the gig economy does not mean you always have to work with strangers. What part of your business is open to leveraging – or providing services and resources, to the larger business ecosystem? For some organisations, there could be whole new revenue opportunities here.”
Grab your copy of Transformation Mindset: 10 Things Leaders should be Doing Today to turn Crisis into Opportunity, which is now available at a special discounted price.
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