When The Going Gets Tough, Keep Calm
Go ahead and panic.
Go outside and scream.
This advice was from Michelle Singletary, who spoke on NPR's 1A about the angst and fear that many of us are feeling about the wavering state of our economy. Singletary is the nationally syndicated personal finance columnist for the Washington Post. She has held that post for more than 20 years, and for one good reason: She offers common sense.
And so her caveat to her comments speaks volumes. Don't act on your panic.
Singletary's advice is suitable not simply for consumers and investors but for anyone in a management position. The uncertainty we are feeling now is palpable. The economy seems in stasis. Job cuts to government employees fuel anxiety. Contracts are not being let.
Employees in the private sector are looking over their shoulders. Am I next? They wonder.
No one—certainly not this leadership correspondent—knows what is coming next, but one thing I do know is that what will steady us now and enable us to meet the challenges of the future will be remembered. How leaders respond to the unease of those they lead now will be remembered. So, having lived through more than a few economic uncertainties, let me offer a few tips.
Take the temperature. What are people saying about the situation?
Listen to your team. It's easy to listen to what is said out loud, but it's tough to decipher what is not said. When fear takes hold, people shut down. Read the room. Ask open-ended questions. Reveal what you are feeling. Make it safe for people to speak up.
Recognize their efforts. Compliment the team on what they have accomplished to date and can achieve in the future.
Will these steps—collectively or individually—improve the situation? No. Your leadership actions will demonstrate that you care, that you understand the issues and challenges, and that you know how they feel.
Decades ago, I witnessed an example of reassurance from a VP executive whose company was about to be purchased by a larger entity. It was a surprise move, and everyone seemed on edge except the VP. Straight out, he told employees that he did not know what would come next, but he did offer one assurance. He told the managers in the room to invite him to their regular staff meetings. He would listen and take questions. In short, he would be present.
Tough times are terrible to endure. For leaders, they have an opportunity to show their mettle for the benefit of those they serve. We cannot control the situation around us, only how we react to it. 'When you have peace in yourself and accept, then you are calm enough to do something," wrote the Vietnamese monk and poet Thich Nhat Hanh, 'but if you are carried by despair, there is no hope.' In short, face the situation with a sense of calm and resolve to help yourself and your team persevere.
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