Harder, Better, Faster, Stronger. This popular song was released more than two decades ago, but it may as well be the motto of corporate America today. We are increasingly pressured to do more with less while we outstrategize the competition and add new revenue streams to increase profitability – all while maintaining everything we were doing previously. No wonder more than 38 million people left their jobs in 2021. (Source)
Answer honestly: Do you sunset as many products, features and services as you bring to market – even when older offerings have ceased to offer their former value to the majority of your clients? The business world rewards simplicity. In fact, a simplified approach to business could solve the hiring and retention crisis facing the majority of organizations today.
Several years ago a global branding company released a study revealing the companies that value a simplified approach to work were rewarded with far higher employee engagement and retention. Their study found the following to be true of companies that clearly expressed their business goals and articulated how employees are instrumental to their success:
95 percent of employees are more likely to trust their company’s leadership;
84 percent of employees plan to stay longer in their job;
65 percent are more likely to refer someone to work at their company;
54 percent find it easier to innovate.
Statistician and economist, E. F. Schumacher famously noted, “Any intelligent fool can make things bigger, more complex... It takes a touch of genius — and a lot of courage to move in the opposite direction.”
Here are three ideas for leaders to consider as they create their company’s future state:
Consider the business problem you are trying to solve: Would this new initiative directly fill a current or future gap for your business? Or, would prioritizing it distract your team from solving the true business problem you face?
Consider the impact to your workforce: What is the opportunity cost of pursuing a new offering? Is it the right decision and the right time? If not, where can you simplify the priorities of your team so they can fully invest into this new initiative?
Consider who you should consult before making this decision: Harvard Business Review stated, ”As companies grow, leaders lose grasp of how all the elements are intertwined.” Do you and your upper management team fully understand how a new initiative would impact your employees and customers, or should you solicit input from middle managers?
“The ability to simplify means to eliminate the unnecessary, so that the necessary may speak. ”
Let’s change the mantra of corporate America from Harder, Better, Faster, Stronger to… Simpler, Smarter, Happier, Together.