While there is still considerable debate as to when this recession will end, the consensus seems to be that the economy is nearing rock bottom. Whether the economy springs back in the fourth quarter of 2009 or we climb out slowly over the next two years, the countdown to economic recovery is on. Are your organization’s leaders ready for take-off?
Different economic times require different leadership skills. Leading during prosperity is not the same as carrying a company through tumultuous times. There are countless leadership competencies—all necessary at different points. These five however, are critical to leading organizations through—and out of—a turbulent economy. By narrowly focusing on these core competencies, leadership can build on the skills, behaviors, and knowledge they need to move their companies into the future. By concentrating on these areas, leaders can ensure that their companies will be poised to catapult ahead of the competition when the economy rebounds.
Setting the direction—Leaders must define the focus for the organization by developing a vision for the future, along with the strategies for making the changes needed to achieve that vision.
Aligning people—Leaders can’t move forward without first gaining the support of employees. By making the vision, objectives, and mission clear to staff, leaders can create the cohesive teams necessary to achieve their goals.
Motivating and inspiring—Leaders can build enthusiasm and confidence among employees by raising expectations, encouraging them to accept challenges, and instilling a desire for excellence.
Communicating—Strong communications skills are vital to moving an organization forward. If leaders keep employees informed and are transparent about changes in the organization, employees will be more secure, focused, and productive.
Managing Talent—Success can’t happen without engaged employees. Leaders must nurture and develop people to fill the needs of the organization and help retain talented staff.
Leaders should focus on these five competencies if they want to come through the recession stronger. But how can leaders improve their skills when development dollars are so limited? And even if the money is available, it often isn’t practical for organizations to undertake extensive, formal leadership development initiatives during a down-turn. However, it is possible for organizations to implement development programs cost-effectively. One example of this is a targeted coaching program where leaders can increase their skills without draining company resources.
Instead of the traditional broad-based, academic-focused programs, organizations can roll out more streamlined approaches like this that support the challenges of key talent and leaders. The first step is to identify those individuals who will make the biggest impact on the organization’s future.
By concentrating on a finite number of people and these five competencies, targeted coaching techniques can mobilize a leadership team, increase management capability, lend clarity to the organization’s goals, and help the organization gain momentum while managing through the change. And since this coaching is done on-the-job in real time, instead of a classroom setting, the organization will realize immediate impact and high value.
Economic recovery may arrive next quarter or next decade. Regardless of when it happens, the companies that invest in their key people now, will position themselves for takeoff when the economy rebounds.
Susan Miele is a senior partner with Camden Consulting Group, a Boston-based consultancy providing integrated talent management solutions for organizational and leadership development. Camden is a division of Keystone Partners, a career management firm.
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