We are in an interesting time in business. Just yesterday GM stock traded at the same levels as it did in the 1950’s. Every market is dropping in value by the trillions... do I need to go on... probably not unless you just crawled out from under a rock. What’s it all going to mean... I guess we just have to hold on and see where this crazy train goes.
I tell you one thing that is definitely going to happen. People inside your business are going to need some added reassurance to overcome this tumultuous time. It’s hard to watch the money you have worked hard to save become worth 20, 30, 40 and gulp even 50% less than it was only a few weeks ago. We are all human and that loss hurts and makes us respond in fearful ways – I’m not immune to it, I don’t think many people are.
How can we benefit from this downturn?
Well I can think of a few ways. One is picking up stocks into our portfolio that will valuate well when the markets start a normal climb again (hopefully sooner than later). And two is I think this can offer us the opportunity to remove some of the team members who aren’t adding as much value as we might need – to cost cut. And also to build stronger connection to those that do.
One of the cornerstones of Nano Teams is my Team Triad. This model is designed to create increased group engagement and retention. Check it out at the top of this post there is a diagram.
Right now as a team leader spend your time on the bedrock of this model. Build Trust and Belief within your team. Invest the time to develop increased Trust and Belief in your industry, your company, your leadership and each employee’s individual futures. Spending time now will help to generate long term value particularly in the younger employees. Their commitment level to your group will increase, which in turn will help to ease the pressure of them looking to find “better work”.
The Facebookers look strongly for that social interaction and connection. Now is the time to start to give it to them. Especially because they haven’t experienced a downturn in the economy, a recession or what could be more to come. Being their strength means building trust and belief in the social connection of your group.
Three easy things you can do:
1. Go for a Coffee – Spend some time this week with each of your employees listening to their concerns and fears. Ask how they are doing and listen in a caring manner. There is little solace we can provide right now other than simply listening. If you can help to mitigate a fear or reduce their stress in some way. Do it
2. Lunch Exercise – Invite a group of people to go with you for a walk today. Start a lunch time “fresh air” club. Exercise helps to reduce stress and will help your team to reconnect in some healthy ways. (Not to mention you can’t read the paper or listen to the news while you are walking with your team J).
3. Company Watch – Get to know your company. Share openly with your staff the good news about where the company is going. How it has weathered storms like this before. Start those good news artefacts or rumours churning around the office. Demonstrate what is working and what has worked before. Stay positive, realistic, and inspire others to think positively about the future.
Right now is when you earn your stripes as not just a manager/leader but also as a person. In next weeks post I’m going to talk more specifically about how to build Trust within your team.... so if you haven’t already signed up for a feed of my blogspot... do it now. Talk to you next week.
Take care and make today a great day!
Tyler
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