In today’s Wall Street Journal Nick Timiraos has written an excellent article called Fixing Fannie, Freddie Is a Political Hot Potato.
Basically he states that these two mortgage giants are on their way of becoming the largest costs to taxpayers from the financial crisis and that the current governmental leadership is in no hurry to address their problems. It is too hot to handle! The government is saying to us, the hardworking taxpayer, we know there is a problem but due to current financial reform measures, health care and other issues we will not be addressing it right now. Basically, our politicians are just following the CYA code. As a general rule, once an individual has been elected to public office, they will live and die by the CYA code. Is that leadership? Are they really representing us or are they ignoring the issue because it will affect their ability to get re-elected. We know what is going on here. It is not my point here to debate this topic but to only bring in up as a reminder to leaders what political hot potatoes are you failing to address right now?
Hot Potatoes that your facing could be: Your top sales person is arrogant, out of control and treats everyone, besides their customers, with lack of respect.
You have a money losing division that no longer fits a part of the strategic direction of your firm but you continue to hold on since it was the legacy business founded by your great grandfather. Or it could be, your largest client continues to mistreat your research and development team and several key members of your team have resigned due to the client’s callous behavior.
Handling political hot potatoes is not easy. But they need to be addressed. Everyone knows what these issues are. Your team is looking to you as the leader to deal with it and don’t hide it under the rug. It means taking a stand against the current and say enough is enough. As leaders, we need to deal with the issue(s) and the consequences that come from it. That takes conviction, courage and humility to make calls like this.
So as a leader what can you do to proactively address the political hot potatoes that you are facing?
1. Get real and face it. Understand why you have not dealt with the issue before. What are the underlying assumptions, beliefs that is driving your behavior of NOT acting? Ask yourself ” Am I living the values that are important to me and this company or not”? Get a resource to help you discuss these issues thoroughly, openly and honestly.
2. Get support. Seek support from others in your organization to discuss the issue(s) that need to be dealt with. Get their perspectives and support. Create contingency plans. Being a leader is lonely job and important decisions on issues need the support and input from your leadership team.
3. Get going and act. Leaders need to act with conviction. Your staff, clients, board and shareholders are expecting it. Yes, there will be consequences for your decisions and the road may get a little bumpy but that’s what good contingency planning is all about.
As leaders, by improving our ability, aptitude and attitude to deal with political charged issues you will lead with more conviction, courage and humility. All wonderful leadership qualities people flock to and embrace.
What political hot potato issues are you facing today that need to be dealt with?