Layoffs in 2023 - Does Team Work Still Make the Dream Work?

With more than a dozen major tech companies already announcing massive layoffs in 2023, it's evident that the tech sector is facing difficult times.

However, there are still ways to keep teams functioning efficiently, particularly when remote work is involved. Here are five tips that will make teamwork more efficient no matter what challenges you're currently facing in your job.

1. Clear Vision

A clear vision helps team members stay focused on the big picture and what needs to be accomplished. It also assists leaders in making informed decisions about what needs to be done and where their team should go in the future.

Teams that have a clear vision can avoid the distractions caused by change and uncertainty in the market or technology. They also avoid readjustments and debates which often result in slow cycles or missed opportunities.

Furthermore, a vision allows teams to direct their efforts towards goals that matter most for the overall success of the project. This can be an effective tool in cutting down cycle time and focusing team members' energies on tasks with greatest significance for achieving those objectives.

Team visions can also be used to motivate and inspire members of the team. To do this, remind everyone of their goal and desired future state as a motivating factor.

Communication across various channels, such as emails, videos, meetings and collaboration platforms can be accomplished. Furthermore, the team should meet regularly to review their vision and any updates made.

One of the best ways a team can ensure their vision stays at the forefront is to create an illustrated portfolio that displays both its current state and what it will look like in the future. This could include pictures, drawings, and videos to demonstrate progress toward achieving that vision.

Team vision should be created collaboratively by all those involved in the project - including its leadership and members. If leaders create a vision without seeking input from their colleagues, it could result in vague or unclear guidelines that hinder progress throughout the entire group.

2. Synergy

Synergy is an integral aspect of team work, offering teams the capacity to produce better outcomes with greater efficiency. This can result in business growth and efficiency, increased market share and competitive advantage, enhanced productivity levels and lower capital expenses.

Companies can achieve synergy through mergers and acquisitions. This type of merger provides organizations with shared information technology, logistics and supply chain skillsets. Furthermore, it improves production and efficiency by bringing together personnel from different departments who would have otherwise worked separately.

Synergy can have numerous advantages, yet its implementation can still prove challenging due to factors like skills bias, parenting bias and opportunity cost bias.

Skills bias, for instance, can thwart a synergy initiative when the business units involved lack the required abilities to work together effectively. This is especially true if there is an organizational shift or shift of responsibility that is unfamiliar to unit managers.

Another, less obvious but equally critical reason why synergy initiatives fail is a perception gap. This can occur when business units lack awareness of the benefits that synergy initiatives can bring or fail to recognize how best to use them.

For instance, chemical company business heads were aware of the advantages of pooling resources for an Asia-Pacific office but could not convince local managers to support it. They argued that such an endeavor would incur high opportunity costs which would divert marketing funds and management time away from other local brands.

Similarly, a perception gap can cause an inadequate synergy program that sends mixed signals to line managers and undermines headquarters' credibility. By taking time to properly size prizes, corporate executives can avoid this issue.

3. Shared Goals

When a team is going through transition, it's essential that everyone on the team has achievable goals that everyone can work toward. These should be aligned with the company's mission, values and culture so that everyone understands how their individual tasks contribute to the larger scheme.

Shared goals also motivate employees to remain productive throughout their workday, particularly when people are feeling stressed out and under pressure to finish tasks on time. This type of motivation can be especially crucial during times when individuals may feel under duress to complete projects on schedule.

One way to create shared goals is by gathering a team and asking them their opinion about what improvements they would like to see. Then, leaders can assemble these ideas into an action plan that benefits everyone involved.

A study on the effect of shared goals on social interaction revealed that these objectives promoted cooperation and collaboration, with actors putting group needs ahead of their personal interests when making decisions. This is likely because people were better able to comprehend others' perspectives, struggles and opportunities.

Another way to achieve shared objectives is through a process that encourages everyone involved in the project to contribute simultaneously. This gives people an incentive to feel like they're contributing towards an innovative vision and have influence over its direction.

Maintaining communication throughout the entire process is essential. For instance, using a team app like Slack to guarantee everyone has access to all pertinent information for completion of tasks can help foster long-term cohesion and shared purpose.

A shared vision is the first step to creating a successful product. It brings everyone together around one common problem and how it will benefit lives, providing them with motivation to tackle their duties in an optimistic light.

4. Communication

Team members who feel secure sharing their views openly and fairly are more likely to collaborate effectively with their colleagues, building trust within the organization that in turn leads to higher levels of engagement, productivity, and overall performance.

A successful communication strategy is critical for any business. It keeps teams informed on key matters and provides regular updates regarding timelines and due dates. Furthermore, it ensures employees are informed of any upcoming changes such as layoffs or restructuring.

Communicating effectively with your employees during times of crisis is especially critical. If you're facing bankruptcy, restructuring, or downsizing, it's essential to convey the news in multiple ways so everyone stays informed and can make their own decisions about what should happen next.

As the economy begins to take a downturn, businesses across technology will look for ways to cut expenses. Spotify CEO Daniel Ek has already indicated that hiring will slow down, while digital health firms are also delaying new hires.

For instance, payments startup Bolt Financial plans to cut up to 250 jobs as it seeks to become profitable. Cloud security firm Lacework is also taking action by eliminating approximately 300 employees in order to streamline its operations.

Zoom, a communications technology firm, announced plans to reduce 15 percent of its workforce worldwide - impacting 1,300 workers. CEO Eric Yuan explained the cuts were "necessary steps to enhance efficiencies" and that affected employees would be notified via email in the US; non-US staff will receive information based on local requirements.

5. Accountability

Team accountability is the process of setting and holding individuals to certain expectations, goals, and standards. This can be an effective way to guarantee everyone works towards achieving the same outcome.

Accountability is also essential in creating and maintaining a positive work environment. When employees feel valued and appreciated at their workplace, they're more likely to stay engaged and productive; plus they're less likely to miss work due to sickness or termination. Accountability plays an important role in creating this type of atmosphere.

Negative work environments can result in a variety of issues. These may include poor communication, miscommunication, and missed deadlines.

Team accountability allows everyone to focus on the tasks at hand and be sure they're doing their best to finish them within deadline. Furthermore, the team can communicate their progress directly to managers.

When there is an issue with a project, an accountable individual should step up and attempt to find a resolution. Doing this helps keep the issue from getting worse while saving both time and money in the long run.

Another advantage of instilling accountability within the team is that it encourages healthy relationships between coworkers. When someone feels held accountable, they are more likely to treat their peers with kindness and respect.

This can make them more motivated to go the extra mile for their teams and clients, which can be a beneficial practice for any company or team.