| The markets are up. The markets are down. The | | | | people go through change and don't have enough |
| markets are up. The markets are down. What a crazy | | | | information, they start to make assumptions, |
| roller-coaster ride our economy has experienced. | | | | second-guess what is happening and make their own |
| Businesses, employees and the entire economy, for | | | | predictions. Therefore it is critical that you share as |
| that matter, are reeling from the shock this volatility has | | | | much information as possible so that confusion and |
| created. International leaders are urgently convening | | | | rumours don't reign within your organization. There is |
| crisis-management meetings while investment advisers | | | | nothing wrong with not knowing an answer, just be |
| and government leaders are meeting to find a way to | | | | sure to indicate you will try to find out the answer and |
| stem the tide of financial disaster. Businesses large and | | | | then follow it up by sharing the response with |
| small are also meeting to find ways to survive. | | | | everyone. |
| It is during times like this that leaders must really show | | | | Hold more frequent employee meetings -- Leader |
| leadership. This is a fight for survival. | | | | visibility can be enhanced by frequent but short |
| While the financial stability of a company is critical, so is | | | | meetings which will, at the same time, help employees |
| the stability of your workforce. You need to keep | | | | to get their issues out into the open. Provide progress |
| those high performers performing. In fact, you need to | | | | reports and whenever problems are discussed be |
| ensure that all of your employees are working to their | | | | sure to inform employees about the solutions. Invite |
| full capacity. You can't afford to get bogged down in | | | | their participation where possible. Be open, honest and |
| anxiety and indecision. If you don't lead and provide | | | | consistent. |
| some sort of certainty for your employees, believe | | | | Keep employee engagement and retention top of |
| me, they will start to leave. In times like this, everyone | | | | mind -- Your high-performing employees create a |
| goes into career survival -- they will look after | | | | market differentiator for your organization and you |
| themselves first; they have to. | | | | must make every effort to retain them. It is easy to |
| So what can you do as a leader? What can you do | | | | get lost in all of the other critical issues and to let |
| to calm yourself down, maintain a steady-as-you-go | | | | human-resource issues slide. If you do so, believe me, |
| pace and at the same time, deal with the crises your | | | | you will pay in the long run. Ensure employees have |
| organization is experiencing? As you can expect, the | | | | challenging work, provide coaching, mentoring and |
| first step is to look inward and calm yourself down and | | | | training. Be sure your corporate culture remains |
| then reach out to your employees. The following | | | | supportive. |
| guideline will assist you to do that: | | | | Continue to invest in training -- A downturn will quickly |
| Determine what you can personally control -- Put on | | | | show you the value of good employees. Well-trained |
| your problem-solving hat, clarify the situation personally | | | | employees are more flexible, more innovative and |
| and professionally and set out a clear plan for moving | | | | more creative. It is these employees who will have |
| forward. When you have a plan, you will be able to | | | | answers to problems, who will be able to look at new |
| provide answers for your employees. If you start to | | | | ways of doing things and cut costs. It is these |
| get into a personal slump, look at what you are saying | | | | employees who will help to continue building your |
| to yourself: Are you over-generalizing, seeing things as | | | | corporate culture and steady the ship. It is these |
| catastrophe, labelling? Stay positive; remember, you | | | | employees who will "rise to the occasion," so to speak. |
| are a role model and all of your employees are | | | | Take advantage of available talent -- Instead of |
| watching you ever so closely. | | | | implementing a hiring freeze, look around you and |
| Understand and share the change management cycle | | | | examine the talent available in the downturn market. |
| -- When people go through change, they go through | | | | There will be plenty of highly talented professionals |
| several stages, similar to dealing with death and dying. | | | | looking for new opportunities. Think about how these |
| First they will experience shock and denial, then anger | | | | new employees could take your organization to the |
| and resistance. As a leader you have to move them | | | | next step. Welcome them aboard. |
| quickly through these steps so that they can see a | | | | Turn outward, not inward -- In a downturn economy, |
| future with your organization. They need to see | | | | thinking "outward" is one of the hardest strategies to |
| something tangible. | | | | follow. Instead, it seems natural that we focus on |
| Share your vision of the future -- People need | | | | internal efficiencies. But this is also a time to seek out |
| something concrete. If you are making changes, be | | | | your customers and find ways to help serve them |
| sure to explain the reasons for the change and what | | | | better and/or differently. Look for new opportunities to |
| is at stake if you do not go ahead with your plans. | | | | move into new markets. |
| Help your employees to understand where you want | | | | Cut strategically -- If there is no way around it and you |
| to go. If and when possible, involve your employees in | | | | find that restructuring and downsizing is a necessity, |
| creating these plans. Employees who are involved | | | | then do it strategically. At the same time, treat your |
| have more ownership and will feel engaged in the | | | | departing employees with dignity and respect. These |
| process. | | | | employees may well become your customers and |
| Ensure leader unity -- There is nothing more unnerving | | | | believe me, they will never forget how they were |
| that having your executive team expounding different | | | | treated when they departed your organization. |
| opinions and sharing different information with your | | | | In a downturn economy, it is easy to get caught in the |
| employees. Ensure that the leadership team is all on | | | | scramble and crisis of the moment and lose focus on |
| board and is speaking the same language. Prepare | | | | future potentials. And steering your organization |
| question-and-answer scripts for everyone to refer to | | | | through such difficult times is not easy. While it requires |
| so that the message is clear and people can see the | | | | a lot of personal soul searching, this is the time when |
| unity among leaders. | | | | true leadership and creative strategy will prevail. |
| Communicate, communicate, communicate -- When | | | | |