Ten Ways to Ignore the Global Financial Crisis

By James Adonis

There are three insufferable words that I'm so sick of hearing that I refuse to mention them in this article - even though this piece is specifically about those three words. You know the ones. They share the same acronym as the Grace Fellowship Church, the Gaelic Football Club, and the Great Firewall of China. These three words haven't been very Good For Companies, and sadly, employees. The latter is what this article is about. So let's visit the top ten ways to get your team switched-on rather than turned-off when revenues have eased and budgets are squeezed.

1. Trust is more important than ever.

There's a reason why Gen Ys display more loyalty to the Taliban than they do to their employers. It's because they've seen their Baby Boomer parents down-sized, re-sized, anything but up-sized... and now it's their turn. Cautiously watch you don't trample on trust because that's what'll save you when the market picks up. Imagine a salad of competence, reliability, and benevolence, and your entree of trust is served.

2. Be open and honest about your situation.

I know of an SME going through a merger where a quarter of the workforce is likely to be retrenched. Of course, rumour and gossip have begun to sprout faster than the office of the National Enquirer. The CEO's silly solution has been to place a ban on all staff discussing the upcoming changes. Whacking metaphorical masking-tapes on the mouths of your employees won't shut them up. Instead, ramp up candid communication.

3. Be careful how you treat your staff today.

Since that's how they're going to treat you tomorrow. This crazy period where the increasing unemployment rate means that employers are receiving resumes from people other than Sri Lankan MBA graduates is not going to last forever. It won't be long before the talent shortages re-emerge. The power pendulum will swing back in favour of the employee and before you know it, last year's problem will become 2010's migraine.

4. Get a little bit personal.

If you were to see my credit card debt, you'd seriously freak out. Occasionally I cross out the words "Amount Outstanding" and replace them with "Monthly Income" just to make myself feel better. You probably have employees who face similar pressures. Now's the time to show you really care. Find out the issues they're facing outside of work to see how you can help. Worries at home mean worries at work.

5. Create some excitement about the future.

In 'I'm So Excited', the Pointer Sisters sang: "Tonight's the night we're gonna make it happen; Tonight we'll put all other things aside." Their point (and mine) is this. Stop focusing on the darkness of the present. Generate a titillating vision of the future that will excite your team about what's ahead. Give them hope. Now if only I could create a work-related point out of, "I want to love you, feel you, wrap myself around you..."

6. Find opportunities for development amidst the downturn.

So it's a little slower than usual. If you can afford to keep your staff during this quieter period, there's no better time to spend training them. Unfortunately, most companies cut their workforce when clients are queuing at Centrelink rather than their shopfront, which means that when business picks up again they haven't got the people to capitalise on the upswing. It's a bit like cutting off your left arm just because you're right-handed.

7. Ramp up recognition.

More than ever, employees need to feel as if they're valued. It amazes me how infrequently managers give heartfelt appreciation. I was presenting at a conference ages ago and when I got to the part about giving recognition, an obnoxious and ostentatious moron yelled out "BULLSHIT". He thought that recognition sounded contrived. Loser. There's nothing contrived about acknowledging the people who make you look good.

8. Stay in touch.

If you fire a great employee, remember this one word: boomerang. This is where you maintain the relationship just in case you'd like to rehire them once business picks up again. So, keep in contact regularly. It's cheaper and easier to hire an ex-employee than to find a new one. An ex-employee comes back extra-committed gratefully knowing that the grass isn't always greener on the other side.

9. Cheer up.

Be happy that you're doing business in Australia. Our government debt is minimal; Japan's is at 170 percent of GDP. Our unemployment rate is at 5.4 percent; Liberia's is at 70 percent. Four of the Top 50 safest banks in the world are Australian; none are from the economic steroids of Brazil, China, and India. Yes, business is harder this year than in 2008, but I wouldn't want to be working anywhere else. Instead, smile a patient smile.

10. Address all fears.

People are scared. Will I have a job tomorrow - or won't I? Will my company survive the next year - or won't it? Will Australia make it into the soccer World Cup - or not? Fear is what holds people back in life and at work. Frankie Roosevelt was right when he said, "The only thing we have to fear is fear itself." Identify what each employee is afraid of right now, name it, talk about it, address it, and watch that fear disappear.

I made it. I got through this entire article without mentioning those three dreaded words. It's not about avoidance. It's simply an aversion to the negativity that those three cringe-worthy words represent. One day they'll be a distant memory... Gone Forever. Closed.

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