Cofounder and Chief Operations Officer at SetSchedule. Resident tech guru.
With inflation levels unseen in many markets for a long time, it’s evident that leadership teams must prioritize navigating economic uncertainty with laser focus.
The period preceding the market crash at the start of the pandemic was marked by a palpable sense of unease among many leaders, myself included. The pandemic caused significant damages in the economy, at least for the decade to come. Most of all, what’s also unclear to me is that, if a market crash is something we’ve already seen, can we weather out more uncertainty using the same approaches? With a rapidly changing society, how should businesses adapt?
The looming question really is how fast and how severe a potential downturn would be. This uncertainty can breed a pervasive sense of fear and panic, making it challenging to lead with conviction. Even leaders who were once confident in their decision-making abilities may find themselves doubting every move.
The Link Between Economic Preparedness, Digital Maturity And Sustainability
One study found that organizations that are prepared to address economic uncertainty have two key characteristics: They have a higher level of digital maturity and are advancing their sustainability agenda. And digital maturity is not just about technology and data; it’s also about culture.
Leaders who feel prepared to face economic uncertainty are often more likely to work in cultures that embrace innovation, experimentation and risk-taking. These organizations are not afraid to fail, learn from their mistakes and pivot quickly to try new solutions.
Why Cohesion And Culture Are Keys To Leadership Confidence
To build confidence, I recommend leaders focus on two critical areas: cohesion and culture. Cohesion refers to the ability to align the organization around a set of long-term goals. Culture, on the other hand, refers to the norms, values and behaviors that define how work gets done.
A cohesive business model that has clear objectives and willingness to adapt in a changing landscape is important to build a culture that aligns with your business identity and your purpose. For example, at my company, we place a strong emphasis on transparency and accountability, and regularly recognize and reward employees who go above and beyond in their work.
Here are some tips for improving cohesion and culture.
• Encourage and reward experimentation. Reward employees who take risks and learn from their mistakes, even if the outcome is not always successful.
• Create safe spaces for dissent. Employees should be able to share their opinions and challenge assumptions without fear of retribution. This could be in the form of regular town hall meetings, feedback sessions or employee surveys.
• Foster collaboration. If there are more opportunities for cross-functional teams to work together on projects and initiatives, it can help break down silos and encourage diverse perspectives and ideas.
• Lead by example. Leaders should model the behaviors they want to see in their employees. This is also one of those chances to hit two birds with one stone, helping new employees understand the work culture better and at the same time, molding the team’s growth based on company values.
Digital Opportunities And Culture
Digital transformation is not just about technology, and because it’s a digital revolution, it requires a fundamental shift in mindset and culture. This means embracing new ways of working, experimenting with new approaches and empowering employees to take ownership of their digital journey.
One may argue that transitioning to the digital landscape of work is a generational thing. But hacking the mindset is one crucial factor to take a leap from the conventional. If anything, I’ve noticed fear of uncertainty is often what cripples businesses from achieving their full potential.
Instead of seeing the introduction of new digital technology as a threat, I suggest leaders approach it with a growth mindset: Focus on the benefits. Take small steps. Find a mentor, and seek out training and resources. Maintain a positive attitude throughout the process, and encourage all team members to do the same.
Sustainability For Long-Term Success
Sustainability is no longer just a nice-to-have for many organizations; it’s a must-have for long-term success. By prioritizing sustainability, leaders can reduce their organization’s environmental footprint, build resilience and create value for all stakeholders. They can also enhance their brand reputation and attract top talent, investors and customers.
For example, sustainability in my company is manifested through constant innovation addressing our clients’ concerns. If there are needs that arise, we figure out ways to innovate client experience, like building an app for example.
Taking a new approach can help advance sustainability where both the industry and your business thrives.
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