The SEED Executive School told MTI on Monday that domestic business leaders are thinking about new management strategies to face new challenges.

According to a survey by the Business School for Corporate Development, there is no company today that is not being forced to change its management approach to transform the way they work.

The pre-coronavirus framework is not meeting service and knowledge-base expectations because employees want more flexible conditions, although the rules are often still evolving. Work-life balance is more important today than it was before the epidemic, but 81% of business leaders cited employee burnout and lack of motivation as among their biggest challenges, as well as supply chain bottlenecks and securing the workforce they need, they wrote.

Introducing, for example, a four-day work week or working from home may seem like a simple answer, but a change in strategy needs to be more than that, according to the statement. A company’s resilience to a crisis may depend on its ability to maintain productivity while looking after the mental health of its employees, adapting to constantly changing conditions, and taking advantage of new opportunities.

The concept of the team needs to be redefined, and it is not enough just to increase wages, but also to make fringe benefits work, they added.

Flexible working can be a disadvantage if working from home does not benefit everyone in the company equally, say managers. The role of company managers also needs to be reassessed, because it will be more necessary than ever to ease tensions around them and create a calm atmosphere in-house. Openness to digitalization and sustainability initiatives was also mentioned in the survey as a new expectation.

More than 100 executives from 40 domestic companies participated in the SEED Executive School survey.

Source: https://hungarytoday.hu/