Leadership is important all the time, but there are some extra recommendations for leading your company during a crisis.
Great leaders influence others to accomplish what is needed. This requires a high level of trust from employees. When leaders are honest about the situation and clearly outline the issue and the plan to tackle the issue, employees are more likely to get on board.
As company Executives transition to leadership, they’re often given the advice to “shut up and listen”. This may require a different type of learning for an executive, but it’s critical to understand the issues from the viewpoint of those on the front lines. Trust is built when employees believe their concerns are being heard.
In a crisis, leaders can calm the environment. A good leader will communicate the plan, exude confidence (not overconfidence) and assure employees that they are an integral part of the plan in place. As the situation changes - and they often change rapidly in a crisis - the leader will communicate quickly when a redirection is necessary.
During the current COVID-19 outbreak crisis, employees may be furloughed and worried about future income. Those still at work are grateful for a job but concerned about their health. It’s especially important for leaders to be forthcoming about plans and what arrangements can be made to support all employees. Helping employees navigate through Federal or State governmental supplemental plans will also be appreciated.
Investment Risk & Leadership?
As it happens, the same criteria that investing experts use to assess risk for investing in a company can also be used to identify companies with good leadership. Companies that have high ESG Ratings (environmental, social and governance) by definition, have policies in place to protect the environment, take care of employees, communities and customers and hold leaders accountable through rigorous management systems.
One of the ways in which to take care of employees is to have a structured employee reward & recognition program in place. When properly designed, these programs align individual tasks with corporate goals, ensure that company priorities are communicated, outline the role that all employees play in the process and recognize and reward achievements. Great leaders understand that employee incentive and performance improvement programs that recognize the contributions of employees are even more critical in uncertain business environments.
Companies with good leadership are often described as being creative, collaborative, excellent communicators, transparent, encourage teamwork and employees are accountable. These qualities are never more important than in a crisis. To discuss how to structure a program that keeps your employees on track and engaged, contact one of our Incentive Professionals today!