Updated: May 11
The following is an excerpt summary. Read the full article here.
The COVID-19 pandemic has transformed worker expectations regarding pay, employee experience, and overall job satisfaction. People have emerged from the pandemic with a new perspective on the importance of work-life balance, flexibility, and job satisfaction. Companies that invest in their employees are likely to weather the storm of economic downturns, as those employees are motivated to do extraordinary things.
The quality of people and how management invests in them will be critical factors in determining which solid, nonspeculative companies will survive and thrive through the next economic downturn. The importance of investing in employees is hard to overstate today, and companies need to focus on augmenting human capacity with technology, augmenting the human experience with innovative benefits and educational opportunities, and augmenting the traditional career path.
Companies such as Starbucks and Airbnb are proof that investing in employees during economic downturns leads to success, both in the short term and in the long term.