In the precarious world of business, adaptability and resilience are key to survival, especially in times of economic turmoil. One of the most crucial factors driving successful business turnaround lies in the engagement of employees. In this article, we delve into the critical role employee engagement plays in the realm of business revitalisation and how Scott Dylan, co-founder of Inc & Co, fosters a sense of ownership and motivation among his teams.
Scott Dylan, along with Jack Mason (Group CEO) and Dave Antrobus (Group CTO), founded Inc & Co in 2019 with the mission to acquire, invest in, and breathe new life into struggling businesses. Boasting a global presence, the company has enjoyed a rapid ascent, with a turnover exceeding £150 million. By preserving employment, minimising creditor losses, and nurturing growth, Inc & Co has demonstrated its commitment to fostering thriving business ecosystems.
Scott Dylan, a man with a rich career spanning two decades and numerous senior leadership positions, has emerged as a bastion of resilience and adaptability in the face of adversity. Hailing from humble beginnings in South East London, he has conquered numerous obstacles and learned from his mistakes, working diligently to achieve his accomplishments. An open advocate for mental health, he draws from his own experiences with Complex PTSD to champion diversity, embrace various cultures, and promote women in business and technology.
At the heart of his ethos lies the belief that success is never a solitary journey. It is a collective endeavour, built on the foundations of a loyal and dedicated team. Scott Dylan shared his perspective on the importance of employee engagement, saying, “To truly revitalise a struggling business, we must first engage and empower the people who make it work. When employees feel valued and have a sense of ownership in the company, they are far more likely to contribute to its turnaround with passion and commitment.”
Research supports this belief: a Gallup study found that businesses with high employee engagement outperform their peers by 147% in earnings per share. Furthermore, according to the UK’s Office for National Statistics, employee engagement contributed to a 20% increase in productivity in businesses with strong employee participation, collaboration, and communication.
Inc & Co’s turnaround strategies focus on fostering an environment that cultivates employee engagement, with a three-pronged approach: open communication, skill development, and recognition.
- Open Communication: By creating an atmosphere of transparency and approachability, Inc & Co facilitates an environment where employees feel comfortable sharing their ideas and concerns. This encourages innovation and enables early identification of potential issues, while fostering trust and loyalty among team members.
- Skill Development: Investing in the personal and professional development of employees is essential for business turnaround. By providing opportunities for training and upskilling, Inc & Co ensures that its workforce remains adaptable, confident, and capable of meeting the evolving challenges of the business landscape.
- Recognition: Acknowledging and rewarding employee contributions fosters a culture of motivation, commitment, and pride. By celebrating success, both on an individual and team level, Inc & Co bolsters morale and encourages employees to strive for excellence.
Scott Dylan’s success in revitalising businesses across sectors such as professional services, travel, retail, e-commerce, and shared workspaces is a testament to his unwavering commitment to employee engagement. Notable examples of Inc & Co’s successful turnarounds include MyLife Digital (sold to Dataguard), Laundrapp (sold to competitor Laundryheap), and Wood for Trees (sold to Edit Agency).
The role of employee engagement in business turnaround cannot be overstated. By harnessing the power of a motivated and empowered workforce, companies like Inc & Co can navigate the choppy waters of economic uncertainty and emerge stronger, more adaptable, and better positioned for growth. Scott Dylan’s dedication to cultivating a loyal and engaged team has proven instrumental in transforming struggling businesses into thriving enterprises.
As we face an increasingly competitive and unpredictable global economy, it is incumbent upon business leaders to recognise the importance of fostering employee engagement. By embracing open communication, investing in skill development, and acknowledging the contributions of team members, companies can harness the collective power of a motivated workforce to effect meaningful change and drive successful business turnaround.
In light of Scott Dylan’s experience and success, it is clear that prioritising employee engagement is not only morally responsible but also a shrewd business decision. The future of business relies on the adaptability and resilience of its workforce, and there is no better way to cultivate these qualities than by fostering a sense of ownership, motivation, and unity among employees.
As we navigate the challenges of the business world, let us remember the words of Scott Dylan: “To truly revitalise a struggling business, we must first engage and empower the people who make it work.” By championing employee engagement and nurturing a culture of trust, innovation, and collaboration, businesses can overcome adversity and achieve sustainable growth in an ever-changing economic landscape.