Alexander Kwapis

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Modern companies should think beyond traditional philanthropic efforts and find ways to make a real difference for the people they serve. As consumers become more focused on brands that practice corporate social responsibility, more and more companies are finding impactful ways to make a positive mark on their local communities. Forward-thinking businesses are spearheading work programs, offering financial assistance, and nurturing entrepreneurial talents in their neighborhoods. Here, Fast Company Executive Board members discuss the strategies companies can adopt to contribute to their local communities in an impactful way. Follow their recommendations to create a lasting and meaningful change in your community beyond your bottom line.

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Balance your core ‘bread and butter’ with diverse revenue options. When a business is faced with economic uncertainty in a competitive environment, it may be tough to gauge whether the right decisions are being made to ensure a stable future for the company and its team. The importance of leaning into what you know and are already successful at may seem like the obvious choice of action, but it's also important to recognize a good opportunity to bring in additional revenue when you see one. This may be the key to helping elevate your core business and continue to keep your brand at the forefront of the industry and top of mind for current and potential customers. Here, 16 experts from Fast Company Executive Board each share one strategy that can help company leaders future-proof their business in an unstable marketplace.

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Apply these steps to get (and keep) your company off the ground. There is a traditional assumption that if a business is still around—and thriving—after its first five years in the marketplace, then chances are the leadership and team are bound to see their company survive to take further strides. Now, in the new norm, with a global economy that is constantly changing and a digital culture to keep up with, business owners must work double time if they want their products or services to remain relevant in the public eye and gain the attention of potential new clients and customers.  If your company is still fresh out of the gate and looking for smart strategies to keep growing, tapping into the experience of successful entrepreneurs is a big help. Below, 14 experts from Fast Company Executive Board each offer one tip to help startup owners find ways to mitigate risk as they work to grow their businesses.

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Leading experts share 20 tips to help managers and their employees find a reasonable work-life balance that gets the job done.  Even before the COVID-19 crisis took the world by storm in 2020, managers at most companies were not promoting the idea of a remote or hybrid work culture environment. But when the Centers for Disease Control and Prevention issued a shelter-in-place mandate, employers had to quickly adjust their traditional policy.  Realizing the cost-effectiveness on both sides of the aisle, some companies have fully leaned into the idea of enabling employees to WFH and have never looked back while others continue to resist the idea when their staff members question whether they must commute from home just to sit inside a cubicle space. Below, 20 Fast Company Executive Board members weigh in on how employers can work with employees to find common ground and implement the right policies—aside from the current standard hybrid solution.

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Are your traditional gift-giving gestures getting stale? The holiday season is the perfect time to spread more cheer by demonstrating to your dedicated employees how much you appreciate their efforts to help keep a well-organized business up and running. If your leadership team is all tapped out of original gift-giving ideas for their team this year, then try one of the following ideas that 17 experts from Fast Company Executive Board highly recommend to show gratitude for the hard work their staff members continue to put in throughout the year. 

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Let's discuss in a little more detail the key ingredients to building a healthy, creative, and productive work culture that brings about that cultural magic.

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To avoid rising employee turnover rates, address your company's weaknesses head-on. If your company is having trouble holding on to some of its best talent in the workforce, then there may be a serious communication gap or issue that needs to be addressed regarding your work culture and a staff that may be feeling dissatisfied or misinformed about what they originally signed up for. Establishing a regular open-door policy that fosters psychological safety for employees to express their interests, career aspirations, or concerns about the organization's business practices is a first step. Proactively seeking feedback from current and outgoing employees is the smartest way to rebuild employee morale and strengthen team relationships. Here, 12 Fast Company Executive Board members weigh in on the exit interview process. They discuss how gathering feedback and analyzing turnover data are helping their companies identify trends and areas in need of improvement.

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10 ways to bridge the communication gap (and restore trust) between department leaders and company heads. It takes a village to raise a company's success level in the marketplace. That is why it is necessary for teams to depend on each other whether the business is up or down, so they can stay in sync and keep the operation running smoothly. Building stronger relationships at work plays a key factor and can boost morale, which in turn, can boost productivity and encourage leadership and teams to collaborate effectively at all times. Below, 10 Fast Company Executive Board members each offer one tip to help department managers and company founders or owners develop and maintain trusting relationships with one another. 

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Having a hard time finding potential new hires? Here are 18 methods for you to try at your next event. In a picky job market, the right career fair at the right time can be a win-win situation for the potential employer and the job seeker alike. It can cost a company a lot of money, however, if they are not focused on the right candidates who can fill their company's needs—right now.  But hiring managers should not solely rely on resume history—or if a candidate meets all 10 "job requirements"—as it's also crucial for the recruiter to find the right cultural fit and a team player who can help a department and company thrive in the long term. If you are scheduled to attend a career fair or networking event in the coming weeks or months, below, Fast Company Executive Board members each share one tip for leaders who want to attract the right new hires to work with.

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Business leaders discuss which type of business atmosphere fuels their drive and creativity.  Since the COVID-19 pandemic began—and now in the new normal as it continues to be a part of our everyday lives—there has been plenty of debate between company leaders and their employees concerning return-to-work policies vs. hybrid or remote work.  However, it's not just about where you work best, sometimes it's also about how and when you are able to thrive the most and in certain situations. That doesn't necessarily correlate with the physical space. It can also have to do with the people you engage with on a daily basis, the trust (or distrust) you have in leadership, psychological safety, and the opportunities (or lack of) to take on new assignments with the encouragement and ability to advance your professional career. Below, 13 Fast Company Executive Board members weigh in on what types of work environments help them produce the best work and why they think that is.