In 2021, employee engagement across numerous industries took a hit, coinciding with the so-called Great Resignation. During that period, virtual assistant platform Time etc took an unconventional route to address the challenge of keeping employees engaged.
In a move to invigorate their workforce and promote a culture of productivity and collaboration, Time etc swapped out traditional managerial roles for “coaches.” The company maintained a ratio of one coach to six employees.
According to Time etc, employee performance on key goals spiked 20% following the shift. But the change went beyond increasing productivity and engagement.
Empowerment Over Enforcement
The role of a coach is similar to a manager in that it provides a go-to source of assistance for employees when problems surface. But, in other ways, it deviates significantly from traditional management styles.
Coaches don’t hand down solutions or direct employees so much as they empower them to navigate challenges themselves. At Time etc, a culture of self-improvement isn’t just encouraged — it’s integral to their operational philosophy.
The transformation goes beyond job titles. Time etc imagines a far less hierarchical work environment which promotes more autonomy, skill development, and personal growth. The company’s support for continued learning also manifests itself through resources like monthly allowances for Udemy (UDMY) courses and books, as well as workshops.
Managers vs. Coaches
The move to replace managers with coaches has significantly impacted Time etc’s workforce.
In terms of employee engagement, the company now ranks in the top 1% of teams worldwide, according to Gallup’s Q12 Survey.
These days, worker flexibility is increasing due to the rise of remote work. But, at the same time, many companies are responding by tightening scrutiny on employees, sometimes going as far as to install surveillance software on remote workers’ devices, a practice almost 60% of workers say causes anxiety and stress.
Time etc’s approach creates a stark contrast to that. And, as the employment landscape evolves and the cost of keeping talent comes at a premium, it raises a crucial question to other companies: would your workers rather be managed or coached?
Looking for more stories like this? Check out On the Money — SoFi’s one-stop-shop for news, trends, and tips!
Please understand that this information provided is general in nature and shouldn’t be construed as a recommendation or solicitation of any products offered by SoFi’s affiliates and subsidiaries. In addition, this information is by no means meant to provide investment or financial advice, nor is it intended to serve as the basis for any investment decision or recommendation to buy or sell any asset. Keep in mind that investing involves risk, and past performance of an asset never guarantees future results or returns. It’s important for investors to consider their specific financial needs, goals, and risk profile before making an investment decision.
The information and analysis provided through hyperlinks to third party websites, while believed to be accurate, cannot be guaranteed by SoFi. These links are provided for informational purposes and should not be viewed as an endorsement. No brands or products mentioned are affiliated with SoFi, nor do they endorse or sponsor this content.
Communication of SoFi Wealth LLC an SEC Registered Investment Advisor
SoFi isn’t recommending and is not affiliated with the brands or companies displayed. Brands displayed neither endorse or sponsor this article. Third party trademarks and service marks referenced are property of their respective owners.