Opinions expressed by entrepreneurial contributors are their own.
If we’ve learned anything over the past few years, it’s that plans can derail at any time without warning. Businesses that were lucky enough to survive the pandemic know that it took a lot more than luck to get through it, and many are still dealing with the consequences. From Kovid – to the Great Resignation of 2021 – A A looming recession In 2023, many business leaders feel like they can’t rest. Although we have learned to adapt and thrive in times of uncertainty, this does not mean that it is easy to prosper in these times.
I’ve spent the past 25 years leading businesses, but I’ve learned more as a CEO in the past few years than I ever have in my life. The most important thing a CEO can do in times of crisis is to lead by example and set an example for his team. Below I’ll outline some of the best ways I’ve found to do that effectively.
Related: How to lead effectively in uncertain times
What does uncertainty mean for CEOs?
93 percent CEOs are bracing for a recession in the next 12-18 months. Historically, recessions occur on average every 9-10 years. Until now, the last recession was in 2008 – so it’s clear we’re long overdue.
While talk of a recession is nothing new, and it is still unknown how severe the economic correction will be, 51% CEOs are considering job cuts as part of their preparations from Q4 of 2022. This kind of uncertainty around job security can disrupt an otherwise healthy company culture, leaving employees feeling like they’re walking on eggshells and wondering if their jobs are at risk. .
In times of crisis, teams look to their leaders to show the way. A good CEO will take this responsibility seriously, setting the tone for the entire organization and establishing an environment of trust and respect. We’ve seen some poor examples of leadership that have been widely publicized in recent years, and they remind us that even leaders in high-performing businesses are flawed. While we can’t be perfect, we can choose to do the right thing and accept responsibility Overcoming adversity.
1. Practice transparency and effective communication
When it comes to communication, less is better. This is especially true in times of uncertainty. Keeping employees in the loop is key to building trust and showing that you care about their well-being. Let them know what is happening in the industry, how they will adjust in response, and what your expectations are for how you plan to move forward.
Some CEOs hold back when it comes to talking Transparency For fear that they will share too much and have the opposite effect that is desired. There is a fine line to strike here, and it is ultimately up to the CEO to decide what information is best shared with employees and how it should be shared.
Transparency helps prevent miscommunication and rumors from spreading within the company, strengthening team unity and alignment. While you don’t need to involve your employees in all company decisions, it’s important to give them the opportunity to share their opinions and concerns and to acknowledge that their voices are valued. I think it’s best to take it Employee feedback For consideration and to help you make your decision. Then, relay the information once the details are established and discussed among company leaders and you have a clear idea of direction.
Related: 4 Steps to Building Your Team’s Resilience
2. Prioritize mental health and wellness
In recent years, the unpredictable nature of the economy has drastically increased stress levels among American workers. A survey by the American Psychological Association found that 75% of Americans feel more stressed than they did five years ago. In addition, 83% of US workers Suffering from work-related stress, 25% say their job is the main stressor in their lives.
As a CEO, it’s important to try to help employees reduce stress by prioritizing them mental health and well-being. This may include offering flexible work hours, providing resources and access to therapy services, encouraging breaks throughout the day, allowing time for physical activities, and implementing policies that promote employee autonomy and self-care.
Additionally, it is important to create an open dialogue where employees feel comfortable expressing their feelings and concerns. Businesses that prioritize mental health have been proven to have better employee retention.
At my company, Align, we have an unlimited PTO policy. The policy is simple: complete your task, and you’re free to take off whenever you want. We use this policy as a way to show employees that hard work is appreciated and rewarded — and that we value their mental and physical health. I encourage all my team members to take off when they need a day to recover to help maintain a healthy mindset. Avoid burnout.
3. Decisions based on the company’s core values
People panic during times of crisis, which is why it is the worst time to make important decisions. Planning ahead is key, but as I mentioned, planning for the unknown isn’t always easy. What you can do is plan where you will cut costs when a recession hits. You may plan to cut people, salaries or departmental resources and costs. But whatever you decide, make sure it makes sense for your company.
If you get stuck, go back to yourself Core values. Your company’s core values are what define your organization and should guide all decision-making, big and small. Use them as a compass to steer you in the right direction even in times of uncertainty.
Your core values should be at all levels in your company from top to bottom. If you act with these values in mind at all times, you can build a culture of trust and earn the respect of your employees.
At Aligned, we emphasize the importance of core values at all times, starting from the beginning with the hiring process. We make sure every new hire knows our core values and understands what it means to uphold them in our daily work and relationships. This Adjustment to normal values It is important to maintain a cohesive culture and to be able to survive as a team during difficult times.
When it comes to teams, resilience isn’t a trait—it’s something that must be cultivated through careful planning, transparency, and trust.
Leading a team under adverse conditions is a huge responsibility. It can be difficult to manage in times of economic hardship or political instability, but following these principles and Inspiring your team By staying positive, you will come out stronger.
Related: How to stay calm in a crisis and lead your team through anything
—————————————————-
Source link