FORTUNE – Managers should focus on fostering meaningful engagement to combat employee burnout. Key strategies include recognizing and utilizing employees’ strengths, providing opportunities for professional growth, and ensuring clear, consistent communication. Empowering employees by involving them in decision-making and offering regular feedback can enhance their sense of purpose and connection to the company. Managers must also be vigilant in identifying signs of burnout and addressing them proactively to maintain a motivated and productive workforce.
FAST COMPANY – JUN 10 – Improving judgment at work involves developing critical thinking skills and fostering a culture of reflection and feedback. Employees should seek diverse perspectives, question assumptions, and consider long-term impacts when making decisions. Practicing mindfulness and managing emotions can also enhance judgment. Unique practices include regular debriefing sessions to analyze past decisions and using decision-making frameworks to structure thought processes. By cultivating these habits, individuals and organizations can make more informed, effective decisions, ultimately leading to better business outcomes and a more resilient workplace culture.
Implement effective change management strategies to adapt to market shifts and seek innovative solutions to prevent business closure.
Focus on building customer loyalty and community engagement to create lasting relationships with consumers in niche markets.
Joann, a crafts and fabrics retailer with a history spanning 80 years, announced the closure of all 800 of its stores across 49 states. This decision stems from ongoing financial struggles and low sales, affecting 19,000 employees, of whom 15,600 are part-time. The company filed for bankruptcy in March 2024, reporting debts between $1 billion and $10 billion. Following a failed attempt to find a buyer, the financial services firm GA Group won the auction for Joann’s assets and decided to completely shut down operations. Going-out-of-business sales commenced immediately, with store closure timelines still to be announced.
Crafters and designers expressed their dismay on social media, highlighting the emotional impact of losing a vital resource for their creative endeavors. Affected individuals shared sentiments about the lack of community and inspiration in the wake of Joann’s closure. Joann’s leadership stated that they made every effort to secure a favorable outcome to keep the company operating, demonstrating that even long-standing businesses can face insurmountable challenges in the current retail landscape.
Sephora’s Beauty Insider program uses gamification to engage customers. It offers tiered rewards and limited-time prizes in a “Rewards Bazaar,” encouraging members to move up tiers. This strategy has led to 17 million members accounting for 80% of Sephora’s sales, boosting cross-selling and upselling. It’s a unique approach for mid-sized companies to increase customer engagement and sales.
LEGO runs LEGO Ideas, an open innovation community where fans submit ideas for new LEGO sets. Members vote on ideas, and selected designs become commercial products, with creators receiving 1% royalties. This unconventional approach turns customers into brand ambassadors and sources of innovation, a strategy mid-sized companies could adapt to engage customers and drive product development.
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