Of course, different companies take different approaches to adjusting to times of economic slowdown like we are facing now. Based on what she’s hearing from her clients, Bobbie LaPorte finds there are three common themes that every organization is emphasizing in some way. Watch her August 29 “Your Best Next Move” video to better understand these strategies—which can help you now AND prepare you for the next time this happens (because we know it will!).
Transcript of Your Best Next Move: 3 Leadership Themes to Consider in an Economic Slowdown
Hi everyone, Bobbie LaPorte here again with my weekly leadership tip for your Best Next Move, where I help you see continuing curveballs as an opportunity.
Over the last few weeks, I have focused these tips on leading through the current economic slowdown we are experiencing.
In earlier tips, I’ve proposed the idea of “doubling down” on successful, small projects to amplify their impact, why the concept of building your social capital is more important than ever in challenging times, and how now is the time to be investing in your team members’ growth and advancement in the company.
As I speak to clients and hear about the changes their companies are installing to deal with economic uncertainty, I hear three major leadership “themes” that I believe would be helpful for you to consider. They are execution, employee engagement and retention, and “watch the numbers.”
- Let’s start with execution: while many leaders might find themselves in retrenchment or “protection” mode, this is time to double down on execution – no excuses about lack of resources or focus from your team. Delivering results should always be at the top of your list. If you need support or insight from others, get it. But get it done.
- Retention and engagement: you are probably tired of hearing about this, but we know it continues to be an issue for all organizations. Whether it’s the Great Resignation or Quiet Quitting, a recent study by Korn Ferry found that 6 of 10 employees are accelerating their job search, given all the present uncertainty. There are so many small, inexpensive but meaningful things a leader can do to show your team they are valued.
- Finally, watch the numbers: the pullback that many companies are implementing started with recognizing that their internal financial plan isn’t realistic given the soft and uncertain market conditions. Approach this time like it’s your money, and make decisions that reflect these challenging times.
So that’s my tip for this week. These are all issues that are part of the cyclical nature of business. If you consider them as opportunities to use your personal agency to act, to build capacity in yourself and your team, you will be in a better position the next time this happens. And it will.
Please also check out my “Summer Slowdown” tips on LinkedIn each Thursday, to help you make the most of this summer.
Have a great week; I’ll see you on September 6th, after the Labor Day holiday weekend. Enjoy the holiday as we close out summer.