Inclusive companies will survive and thrive through the economic downturn.
A note from our CEO,
2023 is already being hailed as a tough year for many with reports of the impacts and predictions of the recession across all media outlets. Leadership and People teams alike are grappling with the affects this will have on their people and their organisations; as well as how the rise of demands for global social justice plays out in the workplace.
At the same time, organisations are considering how they shape their budgets to secure their future, as they do this it is vital that leaders take a strategic long-term approach. The January 2023 EY CEO Imperative Series, found that leading CEO’s know that to survive and thrive both during and after the economic downtown, it is vital to invest in talent and ensure that they feel seen, heard and included in your organisation.
The reactive cost-cutting approach that organisations often take will leave them with a depleted talent pool of disengaged teams. This will make recovery and growth challenging.
We at Mahogany understand that in most cases budgets will be challenged and want to help you with some high impact approaches for you to distribute your people budgets in 2023.
Making an impact with your people budget in 2023
Safe spaces for your leadership teams
2023 is going to require inclusive, courageous leadership, transparency and vulnerability from ALL your leaders. Consider…
1) How are you creating safe spaces for your leaders in 2023?
2) How are you empowering and equipping your leadership team in 2023?
Listen to your people
We consistently advise our clients to ‘listen to your people’. They can tell you what’s working, what is not and ultimately what they need. Consider…
1) How are you creating safe spaces for all your people?
2) How are you hearing the voices of the underrepresented in your organisation?
Understand where you are now
Understanding where you are and therefore what the priorities are is vital especially when budgets are tight. An external review by experts which examines how your organisation is set up to achieve inclusion for your team, customers, stakeholders, and the wider community will give you deep insights on which to build tangible actions and distribute your people budgets with impact.