A Stress Test
Uncertainty: Recent History
Following the 2008 Great Recession, we saw an economic expansion that lasted years. In fact, just before the pandemic, some American companies were seeing high growth and profitability. While the pandemic years saw falling revenues and layoffs, government stimulus and the development of COVID vaccines drove a quick reopening of the economy and, as many are now experiencing, big challenges in hiring.
What kinds of lessons does the past teach us about our own resilience and, in the face of many resignations, the importance of maintaining a healthy workplace with leadership that values its people?
Challenges for New Leaders
COVID-19 has acted as a stress test for leaders. The challenge, for example, of managing remote or hybrid teams, demands a lot of leaders in all kinds of organizations. To further understand how tough it might be for an individual CEO or VP, consider that the average tenure of an S&P 500 company is five years. Many leaders today, therefore, may be managing during an economic slowdown for the first time.
Bigger Than a Business Bottom Line
The impact of uncertainty on your people cannot be underestimated. Whether your teams or community members are experiencing extremes of weather, war, poverty, or the threat of unemployment, it is on you as a leader to strengthen your culture and business systems to protect against crises today and tomorrow.
It is as much a moral as it is a practical responsibility.
How Great Leaders Show the Way
It is not easy to maintain a healthy work culture while dealing with an issue like a recession. However, it is during the toughest times that we need to show our best leadership skills. Your ability to be open, honest, and transparent builds trust and strengthens your organization. To do this, you need to create an environment that acts as a barrier blocking any negative effects for your teams and their families. Listening more than speaking, encouraging feedback, and recognizing each person’s contribution will go a long way to creating a more resilient and sustainable organization.
For more on strengthening your organization’s leadership, contact Capricorn Leadership.
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Dan Keelan founded Lightning Strike Media in 2017. The company offers strategic marketing, custom publishing, and online learning services focused on growing organizations and entrepreneurs.
To find out more about working with Lightning Strike Media, contact Dan Keelan.