As we navigate a global pandemic, companies and their leaders are at a breaking point. How leaders handle this crisis will make or break a business. “No one wants to admit it, but leaders at the top are frightened; there are fewer knowns and the pace of change ushered in by the coronavirus is so fast-moving that it is hard to keep up,” says Niamh O’Keeffe, corporate leadership advisor and author of Future Shaper: how leaders can take charge in an uncertain world. “Rather than be overwhelmed by an onset of new challenges, let’s rewrite the rules to determine a more positive future for you and your organization.” Below, O'Keefe shares the most common mistakes that leaders are already making.
1. Trying to control the situation.
There is no rulebook for a crisis like COVID-19. Rather than trying to control this situation, or feeling overwhelmed by the lack of control, try to shift your focus to developing a new leadership skill: the ability to rapidly evaluate an evolving situation and respond with compassionate, creative, and collaborative solutions.
This is unchartered territory. The closest similar experience that leaders have is the most recent global economic recession, and already we see government and leaders quickly accessing that experience to tap into resilience and lessons learned. When the time comes, we will look back on this, too, and learn the lessons and build our contingency plans accordingly.
2. Not stepping back to see the bigger picture.
There is growing pressure on governments to exit lockdown and help the economy get back to normal. However, this emphasis on returning to ‘normal’ falsely implies that we think we can go back to where we were. It will not be as simple as that.
Leaders need to step back and see the bigger picture. Leaders need to acknowledge the severity of both short term and long-term business economic fallout from COVID-19 and try to pivot their businesses accordingly to an adjusted or new set of products and services and delivery platforms. It might help you to think of pre-COVID-19 as ‘normal’, the current crisis as the ‘new normal’ and post-COVID-19 as the ‘next normal’.
3. Not communicating enough.
In any crisis, it is important to communicate more often because people want more reassurance and information than usual. Set out how regularly you plan to be in touch, and stick to your schedule. Don’t wait longer than a week for your employees and key stakeholders to hear from you - otherwise you create a vacuum of silence that will inevitably be filled with unhelpful fear-led rumors.
Never cancel any planned communications events. Even when if there is nothing new to share, stick with the planned session to let people know that there is nothing new to communicate yet. Take the opportunity to be encouraging and explain what plans are in place to continue working on solutions.
4. Not decentralizing decision-making.
Centralizing decision-making in a crisis like COVID-19 is a mistake because, although the pandemic is global, it is occurring at different rates in different countries. Allow country heads to establish their own response. Give clear direction to your teams on the key priorities but decentralize decisions making and empower local teams to respond on how to deliver on those key priorities as they see appropriate, while still staying accountable to big picture purpose and values of the organization.
However, just as individual team members should not isolate themselves from each other, don’t let the team distance itself from the rest of the organization and what is happening at headquarters and around the world. Ideally, different country teams can be leveraged to help each other through the worst parts of this crisis.
5. Not accessing the experience in your organization.
Allow space for everyone at every level to step up to play their part and be open to their ideas and resourcefulness. It will be interesting to notice whether members of your diverse and minority groups will be the ones to make a maximum contribution because of their inbuilt resilience and life experience of responding to situations where the odds are stacked against them. It was not that long ago when businesses had to respond to a sudden global economic recession – and I can already see that leaders who went through that experience are tapping into the lessons learned.
6. Missing the opportunity to bond with your customer and community.
Lack of transparency would be a mistake. This crisis is happening to all of us. Let your customers know that the team may be working remotely, but that they remain committed to excellent customer service. Explain that we are all in this together and we will all come through this together. There is nothing more bonding than working with your customer in a transparent way during a crisis and coming up with solutions together.
Beyond customers, businesses have an opportunity to show what they really stand for, and show their support to the community suffering around them. What resources does your business have that you can redeploy for the benefit of those less well off during this crisis?
7. Moving to remote-working without a holistic employee engagement strategy.
It is a mistake to think that it is business as usual for employees working from home. Employee stress and burnout should be a concern as workers grapple with the healthcare implications of COVID-19 for loved ones, and their requirement to work from home while other members of the family have to be home-schooled and their other partner is also working from home.
Develop a holistic employee engagement strategy to support the emotional and social health of your people – from employee assistance programs to leaders hosting virtual coffee informal check-ins. No one should be expected to be superhuman and deliver the same 100% rate of output during a global pandemic and country lockdown. This goes for you too. As a leader, you are not superhuman – remember to take care of yourself as well as taking care of your people.
As the COVID-19 continues its disruption, the livelihood of many entrepreneurs and small business owners has been threatened. According to a recent Goldman Sachs survey, 50% of business owners that were surveyed said they didn’t think they could continue business operations for more than three months.
This week, along with releasing our new Accounting 50 Rankings, Vault published new profiles of the top accounting firms. In addition to employee feedback from our annual accounting survey, these profiles include information from firms on how they’re responding to the coronavirus pandemic with new initiatives such as remote-work policies, virtual interview policies, and internship and full-time hiring policies.
You’ve been creative for as long as you can remember, from drawing pictures on the walls with your crayons, to tirelessly studying all your theory and applying it flawlessly to your dissertation. You’ve mastered the Adobe Suite, honed your skills, and expanded your thinking beyond what you thought possible.
Whether you’re a student, a recent graduate who just entered the workforce, or a grizzled, forty-plus hour a week veteran, you’ve undoubtedly encountered a few of the more unsavory personality traits that colleagues and coworkers sometimes have to offer. Let’s take a closer look at some of these traits, along with some tips for dealing with them.