4 ways CEOs are boosting productivity
Vistage Worldwide, Inc.
The world’s largest executive coaching and peer advisory organization bringing together leaders to learn and grow.
By Joe Galvin
Against a backdrop of economic uncertainty, business leaders are not sitting idly by. They are laser-focused on turbocharging workforce productivity.
A recent survey from Vistage research reveals that economic concerns are top-of-mind, impacting everything from revenues to hiring. Instead of waiting for economic conditions to improve, today’s business leaders are taking proactive steps to enhance productivity and ensure their organizations thrive.
By prioritizing productivity, leaders can better navigate economic turbulence and keep their organizations competitive and resilient. The following are four ways CEOs find productivity gains and offsetting factors that drag down revenue, profit, investment, and hiring.
1. Investing in AI and automation technology
Productivity has always been linked with technological advancements. From the assembly lines of the Industrial Revolution to today’s advanced robotics, automation has consistently driven productivity improvements. Now, artificial intelligence is poised to continue this trend.
AI is on the brink of a transformative shift, offering significant potential to boost individual worker productivity. In marketing — where creativity and research are critical — various cloud-based solutions and AI tools such as ChatGPT are already being leveraged to optimize campaigns and personalize customer interactions.
While its full impact is still unfolding, AI integration into business applications is inevitable. As more tools adopt AI functionalities, organizations will increasingly tap into their capabilities, setting the stage for a new era of productivity enhancement.
2. Enhanced training and development
Investing in comprehensive training and development programs is crucial for boosting productivity and preparing employees for the future. CEOs recognize that developing their workforce is about skill enhancement as well as cultivating adaptability and leadership.
As AI skills become increasingly essential, cross-training ensures versatility and adaptability. Just as athletic training focuses on preparation and practice to achieve peak performance, effective leadership training equips teams with the skills needed to excel in their roles. By prioritizing employee development, organizations can build a dynamic, skilled workforce ready to meet evolving demands.
3. Streamlining processes
Efficient processes are key to boosting productivity. Inefficient workflows can impede performance across organizations of any size. By examining and optimizing these processes, business leaders can eliminate bottlenecks and significantly improve operational efficiency.
Technology plays a pivotal role by automating and refining workflows, making operations smoother and more effective while allowing employees to focus on higher-value tasks.
Additionally, streamlined processes are essential for maintaining continuity and minimizing disruptions caused by turnover or absences. By leveraging technology, organizations can turn everyday business practices into powerful growth engines.
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4. Fostering employee engagement and culture
A strong company culture is the lifeline for driving employee engagement, which fuels productivity. Engaged employees understand their roles, see how their contributions fit into larger organizational goals and are motivated to perform at their best.
Building a positive culture plays a significant role in boosting engagement. An organization’s culture acts as a magnet, attracting and retaining talent while repelling those who do not align with its values. Engaged employees not only drive higher productivity but also become advocates for the organization, promoting it positively within the community.
Employee engagement goes beyond satisfaction; it involves forging a deep connection between employees and their work. Recognizing and celebrating achievements, encouraging collaboration, and providing meaningful tasks are critical to building a truly engaged workforce.
Navigating the Future
As economic conditions continue to fluctuate, the focus on boosting productivity becomes even more important. CEOs are adopting multifaceted strategies to enhance workforce efficiency, from leveraging cutting-edge technologies like AI and automation to investing in comprehensive training and fostering a positive company culture.
These strategies are not just about navigating current economic challenges but are also about positioning organizations for long-term success.
Looking ahead, the organizations that will thrive will be those that effectively integrate productivity-enhancing strategies into their core operations, ensuring they are well-prepared to seize opportunities as the economic tide turns.
This story first appeared in Inc.
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Founder | Keynote Speaker | Leadership Strategist | Former Air Force Combat Pilot | Transforming Managers into High-Performance Team Leaders at Total Engagement Leadership | Follow Me ??
4 天前The whole is greater than the sum of the parts! Yes, all of these factors are important in and of themselves. When you employ all of them simultaneously, it's like adding an afterburner to a jet engine...the faster you go, the faster you go faster. We have to start somewhere, so let's start with business process. Mapping existing processes and then "re-engineering" them is a critical first step, even before employing AI. We've found in the earlier phases of the information revolution that technology not only allows you to do existing processes better; it allows you to do them differently. And an educated work force using AI to execute more streamlines processes increases engagement because they're not doing busywork; the technology is doing that for them, and the humans can focus on moving the needle in the business. That, in itself is motivating, but training your people in their roles and on the processes and tools that they're using shows that the organization is as committed to them as they are to the organization. Great article Joe!
╰┈?Soft Skills=Hard Results | Maven Coach, Trainer, Keynote Speaker | SME | Solving People Problems That Impact Profits | Certified M/WOB | Vistage Trusted Advisor | #mandevillemethod #training #softskills #coaching
5 天前Fostering a culture of learning and connectivity is crucial to engaging and maintaining the productivity of your present teams and paramount to attracting and cultivating future Gen Z talent. I was so excited to see these things on the list of strategies being used to boost productivity.
Vistage Master Chair & CEO/Executive Coach: Building leaders and businesses 2x faster through local peer advisory boards. [email protected]
1 周We could all use this in our work lives!
Author ?? of; "French Fry ??Leadership; How to attain Profits through serving people", Leader, Inspirer, Mentor, Coach, Consultant When we take care of our people properly, the “#”’s magically take care of themselves.
1 周Really motivated reading this Joe Galvin. You truly have covered all the bases. Investing in people, specifically leadership, will ensure that the culture building that is “on paper” actually ends up being executed in the field.
Board Member & Non-Executive Director @ BrainyKids Foundation & Pink Food Bank, Veblen Director, ForbesBLK Member, Software Quality Engineer @ Apple
1 周Well said Joe Galvin. This is very important - "prioritizing employee development and cultivating adaptability and leadership". Enhanced training and development will surely play an important role in determining which organizations will thrive long term.