(originally posted on April 8, 2020)
Over the past 3 weeks or so – I’ve had numerous conversations with Clients that deal with a simple question ‘how long do we wait?’. Given the current health crisis and economic instability the different points of view I am getting are pretty fascinating. While each situation is unique; two of the more common comments have included something along the lines of:
We have put our hiring on hold as we wait to understand what the new business landscape looks like. This is the safe / responsible approach. No one knows when the market will come back – so now is not the time to take on new overhead.
We are ramping up to take advantage of some of the instability in the market. Try to attract some superstar Candidates who would otherwise not be open to new roles. These Clients are being very proactive and using the downturn as a tool to really build for the future.
What I find really interesting about these opposed viewpoints is that the common thread between the two has NOT been Industry or even current performance during this crisis. I have some Clients that have seen a significant increase in business due to Covid19 who are taking the safe approach; and conversely have other Clients that have seen a massive decrease and have still decided to put hiring into overdrive. The differentiating factor has been Leadership style.
The more aggressive / bold Leadership approach says don’t wait. Move forward. For them this is the optimal ‘buy-low’ opportunity.
The more secure / protected Leadership approach says play it safe. Press pause. For them this is the essential ‘wait and see’ moment.
From my perspective – both styles can be correct. The more important thing right now is having an organization that has a strong sense of direction. I’m finding that companies that are having a hard time are the ones that have an absence of Leadership. The Management Team either has not been able to agree on a direction or has been unsuccessful in communicating the plan.
The advice I’m giving my Clients right now is to be consistent, communicate with their teams, and ensure they are doing their best to be Leaders.
If you are ‘playing it safe’ then take this time to strategize. Develop contingency plans. Put your hiring on hold and tell your team that you are doing your best to decrease overhead to make sure their jobs are safe. Your employees will appreciate the stability.
If you are ‘moving hard and fast’ then make sure your organization is on board. Let your team know exactly what the plan is and engage them to help. Your employees will appreciate working for an organization that is forward thinking.
Either way – pick a lane and act accordingly. With all the uncertainty in the world right now employees are looking to their Senior Leadership teams to remain dependable and provide clear direction on how the organization is moving forward. When asked the question ‘how long do we wait?’ – the answer itself is less important than actually having a consistent and cohesive answer that makes sense for your organization.