Amid uncertain times, here’s how leaders should respond to austerity

Amid uncertain times, here’s how leaders should respond to austerity

With recessionary fears still top of mind amid an uncertain economy, several high-tech darlings have begun massive layoffs. What’s critical is how leaders handle challenging times. Prior to Elon Musk slashing payroll and driving away scores of Twitter employees with his blunt talk, remember last year when the CEO of a real estate company fired about 9% of his employees on a Zoom call just before Christmas?! Now more than ever, we need courageous and transparent leadership, as well as straightforward communication.

This is a good time to talk about how companies can avoid stumbling when the going gets tough and set themselves up for success. Organizations that prioritize strong leadership and employee empowerment understand how to effectively communicate with their workforce during challenging times. The first step is self-care. It’s easy for entrepreneurs and leaders to prefer grinding it out, which fuels a sense of anxiety and frustration. As a leader, the state of your health and wellbeing can cast a shadow across the entire company. Secondly, it’s important for leaders to be honest, vulnerable, empathetic and show they care.

Delivering difficult messages is never easy, but it should be communicated immediately. Those who hesitate to do this until they have all the answers are doing a disservice to their teams. Also help employees understand what’s behind the decisions that are being made, and it’s also okay to show vulnerability as a leader to connect with team members on a human level. Another component is to make sure that action plans are being clearly outlined, which sets expectations and establishes accountability. Finally, be supportive of employees, create a platform that people can collaborate on to share information and resources. You’ll be surprised what your teams can do in times of hardship.

Instant-paycheck trend hugely beneficial as inflation antidote
Ways for employers to help bridge the nation’s skills gap

Leave a Comment

Your email address will not be published. Required fields are marked *