Invest in performance coaching to tackle productivity decline
The RBA reports that labour productivity has slumped to a 60 year low over the past decade How Australia can fix its productivity timebomb - AFR. Some of the causes of poor productivity stand out, not least of all pandemic disruptions, labour shortages, and delayed investment. While economic commentators point to the role of technology and automation as one pillar of productivity improvement and ensuring that resources flow to where they are needed most (Pat Bustamente, Westpac Wire, Report highlights Australia's productivity challenge), Corporate Psychology Australia suggests that upskilling the existing workforce through internal coaching should also be top-of-mind for Boards and Executives.
Growing internal capability to meet present and future business challenges requires having the right people with the right skills, in the right roles, in all business cycles. The current tight labour market and a large cohort of experienced workers approaching retirement age further highlights the need to develop a highly capable and adaptable workforce that is self-sustaining.
Efforts to create a self-sustaining and adaptable workforce can be bolstered by identifying the knowledge and skills that are specific to the businesses’s own context. Capability frameworks provide the outline and organising principals to guide the development of employees, and in service or knowledge industries, the identification of Strategy Execution capabilities are those that influences profitability and the bottom-line. identifying, developing and retaining those of your existing people with the ability to translate strategy into activity is a vital component of improving the performance and profitability of your business.
The organisational capability for enabling experienced workers to cascade their specialist knowledge through the organisation unlocks the potential of less experienced staff, provides a multiplier effect and creates a positive cycle of knowledge transfer, leadership opportunities and crucially, a performance dividend that has a direct effect on #culture. Executive coaching can be the key that unlocks this capability for your organisation.