In today’s competitive market, we know that leaders are challenged on all fronts as they face a state of disequilibrium not experienced before. Our current unpredictable business landscape is defined by rising costs, worldwide geopolitical tensions, the rise of AI, an increase in merger and acquisition activity and disconnected workforces … the list goes on.

Leaders today are expected to take all this in their stride, but there is a lot of volatility and fragility as a result of these challenges and tension between workforce expectations and business demands.

Prioritize your people over profit

With so many pressing priorities to consider, leaders often overlook their most critical asset – their people. Yet, this can be a costly mistake. According to Gallop’s ‘2024 State of the Global Workplace’ study, US$8.9 trillion was lost in global GDP due to low engagement of workers.

It is easy to forget the impact of the current change and uncertainty on employees in addition to the organization as a whole. But people are worried about everything from job security and the cost-of-living crisis to what the future holds with the rise of AI.

With the increase of unhappiness and mental health challenges in the workplace that coincide with this, which, according to Gallup, only continues to worsen, leaders must prioritize their people over profit. The risks are too high if they don’t.

Our Employee Communication Impact 2024 (ECI 2024), conducted with the USC Annenberg School for Communication and Journalism, reveals a troubling statistic: nearly half (46%) of employees lack trust in their line managers. This erosion of trust doesn’t just harm morale; it undermines brand reputation and damages bottom-line results.

The burning question for many leaders is this – how can you successfully guide your workforce through such uncertainty while catering to the different needs of your employees to bring everyone together around the campfire, so to speak?

The value of purpose and connection

From our conversations with more than 150 corporates across the region, we know that people have an overwhelming desire to feel connected. This desire goes beyond business – it’s one of the most challenging social problems of our generation – but championing transparent and frequent communication could hold the key to building trust and increasing employee engagement.

For example, almost 70 percent of the respondents of our study who said they plan to stay in their jobs were also satisfied with internal communication. Successful communication within businesses helps people feel like they’re part of something bigger than the job itself, as does knowing what your employer stands for.

Unfortunately, less than half of the employees (46%) we surveyed are familiar with their organization’s purpose and vision, but workers want to know what the main strategic imperatives of the organization are and, most importantly, how their contributions matter in achieving these goals. According to Deloitte, the younger generation wants purpose-driven work and will turn down roles that don’t align.

CEOs must address worker engagement and prioritize effective communication to future-proof their company, ensuring it doesn’t fall behind. So, where should leaders start?

Five things you can do to engage your people

1. Use right-fit technology to assist with enterprise-wide communication

According to the ECI 2024 research, only about a third of employees have a high level of satisfaction with the communication they get at work. This data underscores the importance placed on leaders listening and embracing the right tools to communicate effectively with teams.

With tailored technology solutions focused on communication, you can also proactively engage your frontline workers – for example, those underground in mine sites or emergency workers. It isn’t only about the operational technology; it’s about embracing the right-fit technology to engage your people in all areas of their working lives.

2. Be authentic

As a modern leader, you need to be an excellent communicator while being genuine, showing vulnerability and being ready to connect with your people. Investing more in communicating directly will build more equity with workers, increasing engagement and delivering other performance results.

While in the past, leaders communicated via town halls or prerecorded videos, with the rise of AI and deepfakes, leaders must rethink how to communicate in a safe environment where their people know that the communication is really from them.

3. Ensure you have multi-channel communication approaches and mechanisms in place

Communication is not a one-way channel. People like to receive communication in different ways. For example, Gen Z wants an app so that they can become a part of company culture before they even start.

When communicating with your people, think of creating an effective surround sound experience. Ask how you can bring in a multi-channel experience so employees can consume relevant information whenever and however they want.

4. Reassure your people about the benefits of AI

While there is a lot of noise around the risks of AI in terms of security and data breaches, what does all of this really mean for employees? Focus not only on the risks but also on the many benefits for people. For example, AI will execute mundane tasks, opening the door for people to feel more connected and find more value in the type of work they’re doing.

5. Invest in your frontline management team

Your frontline managers play one of the most critical roles in the organization, especially when it comes to communication. The ECI 2024 study found that almost half (47%) of employees get their information from their immediate managers. Yet, often, these managers are overlooked. More investment must be made in their professional development, including management and effective communication.

A people-first approach

Beyond these key focus areas, culture is at the core of every business, and leaders must boost efforts toward fostering an inclusive, engaging workplace environment, given the growing disconnect taking place inside organizations. Much of employee engagement or disengagement is influenced by organizational culture, but leaders who prioritize people ensure both employee satisfaction and a competitive edge.

To successfully navigate challenges on the horizon while prioritizing people, leaders must rely on two-way feedback and trusted internal data. These valuable insights will serve as the basis to craft a strategic framework that aligns business objectives with people-focused goals, such as meaningful employee training and development. Initiatives such as upskilling not only make employees more of an asset but also makes them feel more valued and connected to their organization’s mission.

With this people-first foundation, leaders can ensure an inclusive and transparent environment – one that champions authenticity and reassures teams during these uncertain times.

Opinions expressed by The CEO Magazine contributors are their own.