(Bloomberg) -- Investors fuming over the rapid collapse of a leveraged loan issued in June have hired a law firm to examine legal options over what they view as inadequate disclosures during the debt’s marketing process.
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The loan, issued by technology company Avaya Holdings Corp., plunged nearly 30 cents on the dollar over the last week after the company slashed quarterly revenue and earnings expectations and jettisoned its chief executive officer. The rapid change in Avaya’s fortunes -- revealed mere weeks after the debt hit investors’ accounts -- left some buyers questioning why the information wasn’t disclosed when Avaya was marketing the deal with help from Goldman Sachs Group Inc. and JPMorgan Chase & Co.
Investors who bought the company’s $350 million incremental first-lien leveraged loan have hired law firm Akin Gump Strauss Hauer & Feld to explore their options, according to people with knowledge of the matter, who asked not to be named discussing a private transaction. Some holders of the company’s other first-lien loans have also joined the group, the people said.
Representatives for Avaya, Goldman Sachs and JPMorgan declined to comment. A representative for Akin didn’t respond to requests for comment. LevFin Insights earlier reported on Akin’s hire, and other elements of the situation.
Avaya, which offers communications software and services and competes with the likes of Cisco Systems Inc. and Microsoft Corp., wasn’t an easy sell in the leveraged loan market. The company needed to raise money to refinance convertible bonds due in 2023 that were deeply out-of-the-money. It brought the deal in a market weakened by recession fears, inflation and rising interest rates, after previously trimming its full-year earnings forecast.
Investors balked at a proposed $500 million leveraged loan, forcing the company to split the planned issuance into a smaller loan and $250 million of privately-placed exchangeable notes, both secured on a first-lien basis. To get the deal done, Avaya agreed to hike the interest rate on the loan to 10% over the Secured Overnight Financing Rate -- the highest margin of the year -- include an upfront fee, and add other investor protections.
JPMorgan and Goldman priced the debt on June 24. New investor Brigade Capital Management bought a $125 million chunk of the new exchangeable notes, one of the people said, while multiple investors purchased the rest, according to a July regulatory filing. A representative for Brigade declined to comment.
Barely a month later, on July 28, Avaya said it was slashing its forecasted adjusted earnings for the third quarter by more than 60%, to between $50 million and $55 million. It also cut its revenue expectations by over 16%.
Even more concerning to some investors, Avaya removed its CEO, James Chirico, and replaced him with Alan Masarek, former head of Vonage Holdings Corp. Hiring a new chief executive typically takes weeks or months, raising questions about why the company didn’t disclose the transition during the June debt offering, some of the people said.
The news sent Avaya’s new term loan falling to quotes in the 60s as of Tuesday, different people said, from around 89 to 90 cents on the dollar. Its shares and other debt also plunged.
Now, investors await the company’s full earnings release on Aug. 9. In the meantime, Avaya’s share price closed Tuesday around 82 cents, a potential threat to the company, which must maintain a $1 share price over a 30-day trading period to remain listed on the New York Stock Exchange. Under terms of its new exchangeable notes, Avaya must be listed on the NYSE or Nasdaq, according to a Friday report from S&P Global Ratings.
The credit grader lowered its rating on Avaya two steps to CCC, saying the company may struggle to maintain the listing requirements or seek to restructure its debts.
(Updates with graphic of stock price.)
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During the past few years, business leaders experienced a crash course of invaluable lessons. While there was plenty to learn throughout the pandemic, perhaps the most important takeaway was the value of being agile and flexible in the face of fast-moving changes. The businesses with the resilience to roll with the punches have fared measurably better than those lacking a fast-acting ability to protect operations, technology, and employees from crisis and chaos. According to McKinsey, the most resilient companies were 11% more profitable in 2020 than in 2019, highlighting the importance of flexibility as a key driver of value-added growth.
As change continues to shape the future of business, flexibility remains essential for long-term success. In its World Business Telephony Forecast, MZA has gone as far as naming flexibility one of its key business communication trends in 2022 — specifically calling out the need for greater flexibility in working environments, technologies, and licensing and payment models.
Table stakes for survival
Why will flexibility remain a vital trait in the post-COVID era? It boils down to higher expectations. Whether a business is facing hardships or striving to increase competitiveness, consumers and employees now have higher expectations than ever before.
Today’s customers know what they want, and they expect that businesses will “get” them and deliver. They’re also increasingly paradoxical, wanting to be connected but left alone, and treated equally but served uniquely. They expect experiences to be fully featured, effortless, and consistent. Yet, they’re still delighted by the unexpected. Gartner has termed this the “Everything Customer” mindset, and it’s propelling us to want the services we use and the experiences we have to “be composed” around us.
This mindset has also spilled over into the workplace. The experiences that we now expect as consumers are driving similar aspirations for the way we work. Employees want to work for employers that maximize their potential to make a difference. This requires journeys to be consistent across personas, modalities, and touchpoints. In other words, business experiences must be effortless, exciting, and rewarding across all personas of both employees and customers.
Delivering the “Total Experience”
Supporting the “Everything Customer” means delivering a personalized user experience and multi-experience digital journey that’s contextual, intelligent, consistent, and connected. This “Total Experience” combines and elevates employee experience, customer experience, multi-experience, and user experience into a single, integrated, workstream collaboration experience. Yet, delivering this heightened level of experience requires the flexibility to serve narrow use cases that simply can’t be created by single, purpose-built applications. A cloud-based, platform approach is fundamental to overcoming silos between roles and personas and achieving the flexibility necessary to deliver a total experience.
Cloud as a toolset, not a destination
The cloud plays an essential role in achieving this heightened level of flexibility, but it requires more than “moving to the cloud.” Greater flexibility means leveraging the cloud as a set of tools to drive greater intimacy with customers and employees. And creating and delivering the Total Experience requires using cloud as a platform to modernize and reimagine business communications.
With a cloud-based experience platform, businesses are empowered with the exact tools they need to orchestrate the Total Experience and accelerate innovation. This is a giant leap forward from the old monolithic approach to business communications. With a single cloud-based architecture, businesses can quickly pivot to meet customer and employee needs and deliver personalized experiences that target very specific, granular use cases.
Faster time to value
A cloud-based platform allows unified communications as a service (UCaaS), contact center as a service (CCaaS), communications platform as a service, and workstream collaboration to act together to accelerate innovation — allowing projects that once took months or years to be completed in weeks or even days. Even AI applications, such as green screening, upscaling, translation, transcription, and noise cancellation, can be quickly added and updated across any endpoint or mode. This heightened level of flexibility and speed to value offers a distinct competitive advantage for businesses as they compete for customer time and attention.
Enhancing virtual learning with an experiential learning platform
Clearly, greater flexibility offers a host of benefits to businesses, but it is also an advantage for other organizations, including educational institutions.
In the case of Clemson University, the pandemic propelled the need for a rapid transition to online courses. For Dr. Alex Feltus, Professor of Genetics & Biochemistry, this meant a rapid conversion of a traditional face-to-face Bioinformatics course with labs into a unified, digital course. Leveraging the Avaya OneCloud™ platform, he soon discovered that his digital program resulted in more engaged students, improved performance, and an all-around better experience than traditional methods.
“I wanted to take my course outside the classroom to have a more experiential component,” says Professor Feltus. “I wanted something where I could do what I was doing in my lab and classroom and really scale up.”
Since Fall 2021, students and faculty have been required to physically return to the classroom. However, Professor Feltus will never go back to full-time face-to-face teaching because of the heightened level of collaboration and communication his class has gained with the OneCloud platform. And thanks to the inbuilt analytics capability, he is even benefitting from actionable insights that he can now access to see who has not been logging on often and may need additional help.
“It’s a much better experience, and I firmly believe it has made me a better teacher 50 times over.”
Businesses that were flexible and agile have survived the pandemic. Those that were not only able to quickly adapt to changes, but also reimagine the experiences with the right toolset, fared even better. Focusing on business resilience and increasing flexibility has and will continue to enable businesses to succeed in an expanding, shifting work environment, as well as to be better positioned for when the next unexpected disruption comes our way.
To learn more about Avaya OneCloud, visit us here.
The need for video conferencing devices and technology has become imperative for businesses’ resilience and growth along with families getting connected with the help of the latest tech. Adding to that, video conferencing solutions have been helping to make the virtual meeting and video conferences for work and personal experiences more equitable for all employees and create more collaborative culture.
For remote employees, what they really need to be at their best is the ability to seamlessly shift between the workplace and their home or other remote workstations. One way to help employees set up a more effective workspace out of the office is to provide a set of personal collaboration tools that employees can use when working remotely. It should include a good business-grade webcam that integrates seamlessly with popular video conferencing platforms for problem-free meetings.
Here are some interesting webcams one must get their hands on for a seamless WFH experience:
Logitech Brio: The Logitech Brio is one of the most sophisticated business webcams available. It is perfect for employees who want to look at the part and portray themselves in the best possible light. The Brio is designed for professional video meetings and jam-packed with cutting-edge technology, raising the bar for 4K HD video collaboration excellence. Featuring Logitech’s RightLightTM 3 and HDR technology, it automatically adjusts for the best professional look in any lighting environment. With high frame rates and outstanding low-light performance, the Brio power teams collaborate through high-quality meeting experiences. Enterprise-ready, the Logitech Brio business webcam is certified and compatible with popular video applications in the market. It is a manageable gadget that can be readily attached and ensures high performance.
Jabra PanaCast 20: PanaCast 20 is your go-to data security device. With PanaCast's unique onboard Edge AI chipset driving all the intelligent features, a data breach is always off the radar. So, you may go about your business without worrying. Jabra's PanaCast 20 webcam can handle video calls for one person or a whole conference room. PanaCast 20 is a personal webcam that understands precisely what you need, when you need it, by leveraging powerful onboard AI to provide an intelligent feature set that elevates your video experience to the next level.
Avaya Huddle Camera 020: Everyone can now be in the room without really being there. With a full HD USB fixed camera that produces a 1080p30 video feed, a 105-degree horizontal field of view, and 8x digital zoom, the Avaya HC020 is excellent not only for personal collaboration but also for small meetings rooms and huddle spaces. This device's strengths are connectivity and collaboration since it is completely integrated with Avaya Spaces®, Avaya Cloud Office®, Avaya One CloudTM, and Avaya Workplace, as well as compatible with all third-party cloud services.
LogitechC920e: LOOK PROFESSIONAL. EVERYWHERE. C920e is a work-from-anywhere HD 1080p webcam that surpasses the video and sound quality provided by most laptops. Built-in HD autofocus ensures you’re seen clearly throughout your video calls. Working in tandem with automatic light correction, C920e delivers optics that help you look good in all your video meetings. Step up to professional-quality video collaboration at a price point ideal for deployment at scale. C920e is Certified for Microsoft Teams® and Zoom® and compatible with other popular applications.
Poly studio P15: The Poly Studio P15 is a business-friendly personal video bar that has everything you need to appear and sound your best in video conversations. Exceptional optics, powerful audio, automatic camera framing, and cutting-edge noise-blocking tech provide a unique user experience. The Poly Studio P15 Personal Video Bar is a condensed version of the company's conference room camera system that contains many of the capabilities seen in conference cameras used in large-scale video installations.
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Did you know there are some financial metrics that can provide clues of a potential multi-bagger? One common approach is to try and find a company with returns on capital employed (ROCE) that are increasing, in conjunction with a growing amount of capital employed. If you see this, it typically means it's a company with a great business model and plenty of profitable reinvestment opportunities. However, after investigating Avaya Holdings (NYSE:AVYA), we don't think it's current trends fit the mold of a multi-bagger.
For those that aren't sure what ROCE is, it measures the amount of pre-tax profits a company can generate from the capital employed in its business. Analysts use this formula to calculate it for Avaya Holdings:
Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)
0.031 = US$151m ÷ (US$5.8b - US$948m) (Based on the trailing twelve months to March 2022).
So, Avaya Holdings has an ROCE of 3.1%. In absolute terms, that's a low return and it also under-performs the Software industry average of 9.7%.
See our latest analysis for Avaya Holdings
Above you can see how the current ROCE for Avaya Holdings compares to its prior returns on capital, but there's only so much you can tell from the past. If you'd like, you can check out the forecasts from the analysts covering Avaya Holdings here for free.
In terms of Avaya Holdings' historical ROCE movements, the trend isn't fantastic. Over the last five years, returns on capital have decreased to 3.1% from 18% five years ago. On the other hand, the company has been employing more capital without a corresponding improvement in sales in the last year, which could suggest these investments are longer term plays. It's worth keeping an eye on the company's earnings from here on to see if these investments do end up contributing to the bottom line.
On a related note, Avaya Holdings has decreased its current liabilities to 16% of total assets. That could partly explain why the ROCE has dropped. Effectively this means their suppliers or short-term creditors are funding less of the business, which reduces some elements of risk. Some would claim this reduces the business' efficiency at generating ROCE since it is now funding more of the operations with its own money.
To conclude, we've found that Avaya Holdings is reinvesting in the business, but returns have been falling. Moreover, since the stock has crumbled 77% over the last three years, it appears investors are expecting the worst. On the whole, we aren't too inspired by the underlying trends and we think there may be better chances of finding a multi-bagger elsewhere.
If you want to continue researching Avaya Holdings, you might be interested to know about the 2 warning signs that our analysis has discovered.
If you want to search for solid companies with great earnings, check out this free list of companies with good balance sheets and impressive returns on equity.
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
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About 17,000 security professionals are expected to converge on Moscone Center in San Francisco today for this year's RSA Conference, one of the biggest cybersecurity trade shows in the world.
Cybersecurity "is getting worse as more and more devices go online," said Sandra Toms LaPedis, one of the conference organizers. "There's a need for the industry to come together and solve these tough problems."
MLS All-Stars vs LIGA MX All-Stars in Minnesota on August 10
Today in Tech
NASA's Landsat satellites have consistently made history in Earth observation since the project's first launch in 1972, with this year marking 50 years of innovation and science. Its influence may surprise you, as will its continued relevance in the face of a fast-growing commercial imaging satellite sector.
Landsat may be a familiar name to you but doesn't ring any particular bells. It's understandable — there are a ton of NASA satellites up there looking down on the planet. But the easiest way to say it is this: In 1972, Landsat basically invented modern Earth observation. Then, remember a while back when every Google Earth image said "USGS" on it? Yeah, that was Landsat too. The project has basically ushered satellite imaging from bleeding edge research tool to everyday technology.
Landsat 9 just launched last September, the latest in a long line of influential spacecraft.
A schematic sketch of Landsat-1. Image Credits: NASA
I talked with Jim Irons, who has worked at NASA since 1978 and on Landsat since 1992. Irons told the story of Landsat from the beginning, both what he took part in himself and the lore he's absorbed over the years. It's fitting that for a project that would redefine Earth imaging, its very first satellite was both innovative and historically significant.
"Landsat 1 launched in 1972 — it carried two instruments, one was the Return Beam Vidicon, and it was kind of like a TV camera, it took analog data," Irons said. "But Hughes [Aircraft Company] convinced NASA to put another instrument on the payload that was more experimental: the Multi-Spectrum Scanner. And it provided digital data."
It hardly needs to be said that in 1972, digital anything was pretty innovative, let alone high-performance digital sensors in orbit. But the team clearly saw the writing on the wall, and good thing too.
"After launch, the RBV had problems, and the data from the MSS became the preferred data. That was a big turning point," recalled Irons. "It was an instrument that used an oscillating mirror that went back and forth to scan a path at 7-14 Hz, underneath the orbital path of the sensor, to create a digital image. And it's mechanical! It was amazing."
"The designer of this sensor, Virginia Norwood, she's still with us, in her 90s. It was very unusual at the time to have a female engineer at all. She came to the launch of Landsat 9 last month, actually."
Virginia Norwood (photo taken in 1972) with the MSS instrument she created. Image Credits: NASA
It's a remarkable fact that the beginning of the orbital imaging revolution was the brainchild of one of the then-rare women in the space and tech industries, whose roles in many of the era's important accomplishments have only recently begun to be given the attention they deserve. You can read more about Norwood's role in the creation of the MSS, which is the precursor to many more such systems, at this NASA history article, or this more recent piece.
A successor to the MSS called the Thematic Mapper launched in 1982 with more spectral bands, but then in 1984 another big improvement struck a nerve at HQ:
"Landsat 5 in 1984 carried both a multispectral scanner and advancement on the thematic mapper idea that improved the spatial resolution of the data, from what had been 80 meters with the MSS to 30 meters, and spectral bands were added," Irons said. "But there was all this data! Some people were afraid of that data, that analysts would be overwhelmed by it — but it didn't turn out that way. Computer capacities kept up and soon the thematic mapper data was preferred."
Image Credits: NASA
That would prove a rule as time went on and right up until the present: There really is no such thing as too much data. As long as you can collect it and store it, someone will find a use for it.
They might even pay you for it — but an attempt to privatize Landsat in the following years fell flat, or burned up on reentry in the case of Landsat 6, which never made it to orbit. Meanwhile, the private company created to operate and distribute the rest of the data jacked up the price until no one was willing to pay any more. "It was up to $4,400 per scene of thematic mapper data. People just stopped using it," Irons said.
When NASA and the USGS, which handled the distribution of the imagery originally, returned to the reins, they had an international data recovery problem. Imagine having reams of data in a ground station in China or South America, long before ubiquitous broadband networks. How do you get it back to HQ in the States for central processing and analysis? I told Irons I was picturing big trucks full of hard drives, the internal combustion equivalent of Sneakernet.
"That's exactly what happened!" he laughed. "They just drove up to the [USGS] facility with semi truck trailers full of magnetic tapes. It was difficult because they had all these different formats and instruments. So that created a little chaos. They bought pizza ovens to bake the water out of some of those tapes." (I wanted to hear more about that part but our time was limited.)
Image Credits: NASA
But the repatriation of the data was only a precursor to an even larger shift.
"After Landsat 7 launched was perhaps the biggest change in the entire program," Irons said. "USGS was still charging $600 for a mapper scene of data. And they made made what I consider an institutionally brave decision in 2008, to be consistent with NASA and provide Landsat data at no cost to anyone who wanted it. So it went from $400 to $600 to free."
As you can imagine, this choice completely upended the model, and overnight, it changed everything.
"There was an explosion of use and redistribution of the data," he continued. "Now, some places like Google Earth and Amazon Cloud Services, they'd gone in and downloaded the whole archive from USGS."
Remember the old Google Earth app? Image Credits: Google
That's why for years, whenever you looked at an online map, it credited the USGS. Of course Google and Amazon didn't own the imagery, or capture it themselves, though now all the majors are doing that at various scales. They simply downloaded a huge picture of the entire Earth and re-served it to their customers in a new form.
"It's a struggle for us to brand the data and the program so taxpayers know they're getting their money's worth," admitted Irons. It's not like every time you opened Google Maps, it thanked you for making their business possible!
In the years since, Landsat 8 and 9 have launched with improved sensors and continued to collect invaluable data that is continuous with the previous decades — a free, long-term database of a large portion of the planet imaged every couple weeks or so depending on the era.
Image Credits: NASA
Of course nowadays constellations like Planet's are imaging the whole globe on a daily basis. So why have Landsat at all?
"Those of us who work on Landsat are very impressed by what the commercial providers have achieved," Irons said. "The message we want to get out is that Landsat is complementary to that data — they don't replace Landsat data. One, it's open and transparent access — that's key, and it's true of all the data collected by NASA satellites.
"Two, the USGS has maintained this 50-year archive of data. Is there a business case for companies to archive their data for decades, so we can observe the effects of climate change over the long term rather than just have short bursts of data? I don't know that the business case is there."
You can see an example of what decades of continuous data looks like here:
"And one of the things that enables our time series analyses is that NASA pays a great deal of attention to inter-sensor calibration," Irons continued. "If you're going from one Landsat image to another, you know it's been calibrated — if you see a change over time, you can be clear that the thing is changing rather than the camera. [Commercial constellations] use Landsat data to do that; we serve as an industry standard to help them do their calibration."
Here the conversation overlapped with what I talked about with Ginger Butcher, who's done outreach for the project for years.
"We can compare a Landsat image today to a Landsat image from 1972," she said. "That's one of the tenets of the program: We have a dedicated calibration team keeping an eye on the instruments. Every full moon we turn the spacecraft around to use it as a kind of photographer's grey card."
With the increasing prominence of commercial providers in the U.S. space program, it was a real question over the last few years whether Landsat was worthwhile to continue funding, but arguments like those above won out.
"We used to have to work really hard to get that next mission, but now we've basically got the government saying this is a valuable resource worth continuing with," Butcher said. "Now we're looking to the future and what kind of capabilities we want to get out of the next Landsat. What kind of research are people doing? What additional wavelengths are needed for work on ice, or on forests, or particular areas in agriculture? For example, with thermal data we can look at crops and see if they're being overwatered or underwatered — with water rights out west, that's really important. As scientists take on new questions and new areas of study, they decide where Landsat goes next."
More than ever, the project will work collaboratively with the commercial sector and with ESA satellites like Sentinel-2.
"We think it's great," said Irons. "The emergence of all these systems means the Landsat project has been incredibly successful; it basically created the market for them."
This is a guest post by Jeremy Paton, team engagement and collaboration specialist at Avaya
The skills shortage is retaining its vice-like grip on Australia.
Businesses across a range of industries are facing a continuous struggle in finding and retaining workers, despite the staggered re-opening of borders and the government’s skilled migration initiatives.
We have seen this, for example, play out in regional Victoria, where the lack of manpower from working visas has disrupted the operations of local businesses and agriculture, and the technology industry, where the dented talent pool has caused companies to send jobs offshore and delay product launches.
In April, job-seeking platform Seek hit its highest level of job vacancies posted in its 25-year history, which was 59.7% higher than a year earlier.
And the latest data from the Australian Bureau of Statistics (ABS) found 11 out of 19 industries saw a rise in payroll jobs compared with a year prior, with some of the largest increases in professional services, education and training and healthcare, reflecting the heightened need for skilled workers in these fields.
The gap between demand and supply is widening and could result in long-term economic repercussions for our national prosperity.
Last year, the Great Resignation dominated headlines, however it proved to be largely confined to the US. Although workers in the rest of the world might not be rushing to quit their jobs, they’re certainly happy to move to a competitor if their needs aren’t met.
CEOs and business leaders alike are feeling the crunch, and according to recent research from Gartner, attracting and retaining talent is now the top business priority for 31% of them. This is up from just 16% last year, representing the biggest jump of all priorities.
While the analyst firm has recommended a greater focus on internal factors such as training and upskilling, it also advises there is “a need for CEOs to focus more sharply on productivity as a way to reduce staff volume hiring needs”.
The idea that productivity isn’t at the top of the CEO priority list, and indeed, didn’t even make the top 10, is baffling. After all, more productive employees contribute to increased performance at their organisations, motivating them to stick around.
It’s been touted a thousand times that hybrid work is here to stay, but flexible hours and arrangements are only one piece in the productivity puzzle.
In its report, Gartner says “business leaders should be turning to their technology executives now, asking for more aggressive and radical productivity-improving solutions…A deeper, more direct focus on productivity engineering will help restructure the cost base to compensate.”
To ensure effective hybrid work and overcome talent acquisition and retention challenges, employers must empower their employees to be productive through access to the affordances of today’s advanced technologies.
Workers require the tools to stay connected and collaborate with their peers, and perform at their peak without jumping hurdles or circling roundabouts when trying to do their jobs. These are the fundamentals of productivity.
Although they served their purpose in the early stages of the pandemic, run-of-the-mill communications apps don’t cut it anymore. In fact, at a recent event attended by some of the largest organisations in Australia, leaders reported that over the last two years, inadequate remote work setups had seen their workers continually hit productivity roadblocks that seriously impacted their quality of life and ability to serve customers.
Staff should be supported by automation, machine learning and artificial intelligence (AI) while working, particularly to reduce the burden of repetitive, time-consuming and administrative tasks. That gives them the capacity to focus on high value activity that bring greater value to the business.
At the same time, companies need to take greater advantage of data analytics to understand whether employees’ needs are being met, and determine whether there are roadblocks they need removed to get their jobs done meaningfully and enjoyably.
In a survey of Australian workers, 85% indicated their well-being declined during the pandemic, and 37% considered their employer their main source of mental health support. Organisational leaders need to encourage consistent feedback loops – backed by technology – where workers can make proactive contributions around their own productivity, health and well-being.
Employees also need more than just a virtual meeting room to form ideas, retain information and raise their hand to ask for help from supervisors. While working from home, they should be able to connect and collaborate in a way that is integrated with their digital lives.
In addition to leveraging technology to accommodate flexible work arrangements and boost productivity, CEOs also need to turn their attention to training, upskilling and development.
This can serve as a key differentiator and a major value proposition for prospective employees. People don’t want to stagnate in their current roles; they expect the opportunity for ongoing professional development so they can expand their skills to grow professionally.
After all, work is no longer viewed as somewhere people simply go, but a symbiotic ecosystem in which customers, managers and colleagues freely exchange value and meaning.
External pressures and evolving employee expectations mean it’s harder than ever to attract and retain the right staff. The sooner organisations empower employees to optimise productivity, the faster they will be able to fill talent gaps, and importantly, beat their competitors in attracting skilled workers.
Using technology to support staff to do their best and work to their own beat unlocks flexibility and operational agility while reducing business risk, ultimately setting a new benchmark for recovery.