In the face of a pandemic and a damaged economy, many seek comfort in a time of uncertainty. Business coaches Rich Armstrong and Steve Baker have offered their own wisdom on how employers can help their workers ease their fears and tackle the big issues.
Armstrong and Baker recommend employers study four key virtues during the coronavirus crisis. Transparency, financial discipline, trust & respect, and a forward focus can help companies band together.
Embracing transparency means that all your employees understand the factors of your business’ success. Some business owners balk at sharing financial details and other sensitive data, but employees knowing what’s up means they can do something.
Your employees are adults, and they want to do what they can to help. Sharing news with them, good and bad, means they can make more informed decisions—and you don’t worry alone.
Being honest about your financial position—especially in a crisis—can help to save it. When you find your company struggling, being up-front about money issues can encourage conversation about cutting costs and increasing cash flow.
That same trust and respect means making an effort to protect peoples’ jobs. Without your employees, say Armstrong and Baker, you don’t have a company. While many companies turn to layoffs in a panic, crises don’t last forever. When the economy recovers, will you find that you’ve driven talented and productive workers into the arms of another boss?
Finally, forward focus means keeping your head. Armstrong and Baker find that market downturns can be perfect opportunities to assess what’s working, and what isn’t. That rethinking may be your best friend when things start looking up again.
To read more of Rich Armstrong and Steve Baker’s advice, visit their website, or read best-seller The Great Game of Business.
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