The real corporate entrepreneurs are the people that have gone to work everyday during this crisis. It is necessary to do more than just talk about these real life heroes, it is time corporate entrepreneurial leaders to step up, and make real lasting change that will help the company and these employees.
Once we go back to normal, will the management and leaders in these companies go back to normal? If they do, they will quickly realize that the employees will not respond the same way during the next crisis.
The most critical lesson that corporate entrepreneurs will take away from this is the value of the front line staff and management.
Corporate entrepreneurial leaders will:
We are not bashing senior managers (12,000 of our readers are senior management). We are asking each of us to take a look at ourselves, our value, our culture and ask the question; what can we do that is best for the company, our employees and our customers?
We know on-line shopping and technology will eliminate many customer facing positions in the near future. Many of these will make the customer experience better and reduce costs for the retailer. We know there will be even fewer jobs in retail.
The re-imagine we are discussing, is the change in attitude, pay, benefits, expectations of all the levels of employees. It is time to think of the line employee as the ultimate customer facing part of your business. Many companies “talk the talk,” but do not “walk the walk.”
We’re all aware of companies that pay their employees better than average, offer financial assistance for education, and full benefits for part-timers. In order to re-imagine the new normal, companies will have to think of executive pay to lowest paid employee ratios. Yes, the future will look at the value of each employee and create an ROI for their worth. They will look at:
The new normal will have the greatest impact on senior management. Retailers can only close so many stores and reduce the floor personnel so much before customers stop looking at the live experience. Instacart, online shopping, and store pickup after shopping online. is allowing customers to still shop, just not in stores.
How does this affect senior management? Companies are going to have to put more resources into line personnel so that the customer has an experience they cannot get online. AI analytics will incorporate machine learning and will utilize real time store data, geographic data (i.e. weather, unemployment rate, street traffic patterns, etc.) and psycho-graphic data (political attitudes, stock market data, social media, etc.) and demographic data, inventory in store, warehouse, on trucks, etc., to decide staffing, real time promotions, pricing and strategy for product mix.
With increased pay, benefits, flexibility, training and potential bonuses, employees at all levels will embrace the corporate entrepreneurial principles of a mutual benefit culture and:
You can see how these principles will lead the need for less levels of management. It will also help management become more aware of their “real value” to the company.