The global economy is constantly changing: businesses face complex and sometimes unpredictable challenges. The 2008 financial crisis and the COVID-19 pandemic are good examples. In this rapidly changing environment, managers and business leaders must be able to adapt. Here we will give you tips and advice for managing and leading in times of economic uncertainty.
Accepting uncertainty in order to better adapt to it
The first step in successfully coping with uncertainty is simply accepting it. By recognizing this reality, you can process information more effectively, as it allows you to consider multiple scenarios for each of your forecasts.
Addressing uncertainty transparently with your teams helps alleviate the fears, worries, and stresses that come with it. This makes it possible to play down the consequences of certain economic events: by preparing for them, it is easier to react calmly.
It is also essential to create a climate of trust that is solid enough for each employee to feel comfortable voicing their concerns. It is a good opportunity for managers to reassure their teams when doubts arise. Establishing two-way communication allows employees to be more emotionally stable.
Encourage commitment and encourage motivation
In times of economic uncertainty, even more than at any other time, it is crucial that commitment and Motivation of your teams be at the top. Indeed, employees need to feel fully connected to the objective of their company and to see that their efforts have a significant impact.
Recognition plays a key role in this. It is essential for employees to feel satisfied with their work. Constructive feedback, congratulations or even material reward systems make it possible to value everyone's work and contribution.
It can also be very interesting to provide managers with one or more engagement tools and performance. That's what Teamstarter, a crowdfunding platform, offers. It allows each employee to propose project ideas and to implement them once they have collected the budget necessary for implementation. Each month, all employees are allocated a sum of money that they dedicate to the project of their choice. This type of initiative is very effective, since it allows teams to be involved in projects that are important to them. It can also create strong relationships between employees and help them develop certain skills. It is also a way to promote Taking the initiative and autonomy, which is very important for the performance and productivity of organizations.
Supporting your teams in times of uncertainty
More than at any other time, employees need support and reassurance during uncertain economic periods. It is therefore important for managers and leaders to show their teams that they are their priority.
This includes creating a work environment that supports the mental and physical health of each employee. In addition to the material elements (adapted equipment, rest rooms), the climate and the general atmosphere of the company must be conducive to appeasement. Supporting the overall well-being of employees must be a priority now more than ever.
Offering good working conditions and a climate far from any sign of stress allow teams to focus more easily on their missions, develop their creativity and promote innovation.
Managing and leading in times of uncertainty requires the creation of a work environment that is as stable as possible in order to limit team stress. Accepting uncertainty, talking about it openly, and encouraging commitment are key to successfully navigating these moments. The support of employees also involves the establishment of good working conditions, in order to promote the physical and psychological well-being of everyone. Managers need to encourage more than ever A communication openness and recognition for being able to face challenges. By implementing these strategies, your business will be able to continue to perform, regardless of economic conditions.
Sommaire
