Updated: Aug 19, 2022
I haven't written anything related to recession yet but today as I was going through more news of layoffs in the tech world, I thought I'd share my views and experiences around managing teams, having gone through them twice before.
It goes without saying that the very thought of an economic downturn is nerve wracking for businesses as well as individuals. In my conversations with managers at companies like Google, I have heard how teams are expecting and preparing for the worst. It goes without saying that most are worried about their safety. Interestingly enough, some are actually taking this as a sign of freedom.
If this is your first time around managing teams while navigating the dark waters, here are 5 tips that can help.
1.Safety and Trust - While there is no guarantee for any job to be safe, open communication between team builds trust and comfort. Which is what really everyone is seeking at a time like recession. Your team members may have questions, they may need assurances, as a leader your job is to answer them as best as you can. If you don't know, I think it's okay to say so. You don't need to know everything or be able to solve every problem. Just make your team feel safe amidst uncertainty.
2.Boost Team Morale - Typically during a recession, not only are people jittery but their confidence is low. So a leader's role is to do his or her best to boost their team's morale. Celebrate wins, make members feel acknowledged and heard. Think of all the ways you can counter negativity with excitement, enthusiasm and positivity.
3.Share Vision - Strategies change during a recession. Short term and long term goals have to be altered, disruption is to be expected and contingency planning needs to be done. Involve your team by sharing and discussing what the new vision is. Invite their input and include them if possible so they feel more involved in the change process.
4.Lead by example - A leader's job is never easy, especially during a recession. There will be all kinds of pressures on you. Just like members of your team, you may also have concerns about the safety of your own job. It's easy to crack but you can't. Staying calm, having the courage to weather the financial storm, being humble and grateful towards your team members are some effective ideas to lead well during this time.
5.Invest in your well - being - Stress impacts productivity. Although investing in well-being is important generally, it becomes even more critical during a recession. Encourage ways that will help you and your team amp up productivity. Be kind and compassionate towards yourself and others.
Just like things in life, nothing is permanent. And so the good news is that Recession isn't either. It will come and it will go. It's weathering the storm well what it's all about.
Now it's your turn to share what has worked for you well in the past if you've been through one. Share in the comments.