There’s no hiding away from it, unfortunately. There is huge economic uncertainty in the country right now. In just the past few weeks, we’ve seen some of the largest mortgage providers withdraw packages, the pound fall to its lowest point ever against the dollar and the energy crisis take its toll on thousands, if not, millions of people and businesses across the country.
It is the job of leaders within organisations to be sensitive to the struggles and anxieties that their employees may be facing during this tough time and support them in the best way that they can. Here’s how you can use our Nine Habits of Trust model to lead your team effectively in the cost of living crisis.
Connect with your team and really listen to their concerns during this period of economic uncertainty. Be honest and open with them about your own concerns and how it may put a strain on you and the business, as well as the people in it. Most of all, be humble. It’s no secret that those who hold ‘higher’ positions within organisations tend to be paid higher than most and, therefore, may be less affected by the current situation. These conversations are not an opportunity for leaders to say that they think everything will be alright in the end when they may not suffer the same financial hardships as others. Instead, they are to understand the bigger picture of everybody within the organisation and work out ways to help.
Once you have worked out the best way to move forward and support your employees, you can start to deliver on the best ways to help. A good example of this is offering those who normally work from home some office-based hours to help them stay warm as we head into the winter, without the worry of using more energy at home. Or it might be that you offer the option of working from home to those who have long and expensive commute to the office. Whatever you decide is best for your business and the people in it, you must remain consistent and fair with what is being offered. Doing anything else may harm relationships within the workplace.
This pillar is often overlooked by leaders because sometimes, they’re so focused on building a successful business, they can forget the little things that show they care. . To evangelise means to spread the good news and whilst there isn’t a lot of good news on the economic front right now, good leaders will share their inspiring visions for the future. Great evangelists will also know how to excite people so when it comes to implementing support for employees, they will know that they’re in the right hands with this leader. If you are a leader who loves what they do, has a clear sense of vision and resilience, it will become contagious throughout your organisation.
For more tips and advice on leading your team through this economic hardship we are facing, follow us on Twitter, connect with us on LinkedIn or get in touch today.