During this time we must be prudent, but as leaders, we cannot panic and overreact and hurt those we lead. This is a time for compassion.
In this Harvard Business Review article – “The Coronavirus Crisis Doesn’t Have to Lead to Layoffs” they make the following statement:
“To be sure, a cost-cutting reflex is understandable. Leaders are obligated to make responsible decisions to keep their companies afloat. But those who manage the economic effects of this crisis in a clear and compassionate way create more value for their companies and will come out of this pandemic stronger than ever before. So before announcing deep layoffs, we recommend that you consider these measures first.”The Coronavirus Crisis Doesn’t Have to Lead to Layoffs in the Harvard Business Review
Now is a time to lead with courage and compassion. Now is the time to show if you do truly care for those that you lead. Now is a time to model calm in the midst of uncertainty. Here is another good quote about how to communicate to your emloyees:
“Instead of forcing your employees to second-guess what might be in store for them, be utterly clear with them about the financial health of your firm and what goals you will prioritize. These goals will not be the same for every company, and you shouldn’t communicate empty statements you don’t believe in, such as “we put our employees first.” These statements can be confusing and even counterproductive when people are worried about their jobs. It’s better for you to be specific.”The Coronavirus Crisis Doesn’t Have to Lead to Layoffs in the Harvard Business Review
As they say in the article, now is the time to have “ice in the belly”.