Leading in uncertain times - Executive Leadership PerformanceExecutive Leadership Performance

A lot has been written about the state of our economy. There exists a lot of fear out in the market despite the fact that corporate earnings continue to go up for some companies and the stock market is above the 10,000 mark. What are some of the reasons for these concerns? Wages are stagnate, housing values are flat or declining, small businesses who create the majority of the jobs have posted a sales drop of 6.5% in 2010 and are cutting staff, layoffs continue with larger companies; state and local government authorities are reducing headcount and services in order to help balance their budgets. We are in the worst job market since the great depression. No wonder consumer confidence continues to slip. Without consumers on board, the economic recovery is looking dangerously vulnerable.

With all this uncertainty it begs the question, how should people be managed and lead when fear is in the air, confidence is slipping and it looks as if the road ahead will be difficult for a long time?

Here are ways the bad economy can improve your leadership:

1. Challenge the status quo – Ask “what if” questions. Recent research published in the Harvard Business Review shows that the most effective leaders ask these kind of questions. Visionaries challenge the status quo by asking heaps of questions.

2. Focus on your internal talent – Leaders find the time to visible with their teams, talk passionately about their plans for the company, how the business is performing and seek their input how to improve the business. Leaders need to meet frequently with their teams and address their questions and concerns, even if they don’t have all the answers. Yes, it is OK for leaders not have all the answers. (Go to step #1) Resist hunkering down in your offices when things are uncertain. Remember their still exists a war for talent. Leaders need to keep their top talent. The bad economy creates a paradox, putting so many more highly qualified people on the market and yet leaving many organizations under a hiring freeze. What can you do? Grow, groom and hone your talent. Investment in your people generates cash and makes you look good too. Leaders are measured by the people they hire and grow, not simply by their own talents.

Finally, find ways to inspire, motivate and recognize your teams. In Daniel Pink’s book, DRIVE, he writes about a new and compelling way to motivate people.
http://www.fastcompany.com/1646337/science-shows-that-bigger-bonuses-create-worse-performance

3. Innovate – Companies seeking to increase profits are looking for solid ideas. (Go to Step #1) Whenever the circumstances get you down, it’s a great time for innovation. In truth, new ideas are always welcome as they inspire growth.

4. Be visible with your clients – There is no better time than now to visit your most important clients and ask how your doing, what they need from your organization and how your team can be more valuable. Be indispensable.

External circumstances will always challenge you and throw you off base. Embrace the uncertainty and lead with conviction, passion and be the most positive, visible leader you can be. Your team is watching you!