How to Lead Through Tumultuous Times
Whether changes are occurring inside the organization, or outside forces are creating conflict, the key is to accept and encourage change, rather than deflect it.
Change is hard, whether in personal or work lives. There’s no other way to phrase that. It’s just hard. Change management is a discipline, in and of itself, within the realm of human resources because the impact to morale, to say nothing of the bottom line, can be intense when changes aren’t introduced properly.
It is not the strongest or the most intelligent who will survive but those who can best manage change. ~ Charles Darwin
People want to guard what they know, their little piece of the business pie, for fear that they will become expendable if they share it with others. Any changes in an organization often lead to people hoarding their pie slices even more closely than in normal times.
There is one key to effective change management within an organization and that’s the attitude of the leaders. If they don’t buy into the changes, or they’re discomfited by conflict, allowing their agitation to show to the rest of the team, they won’t be able to lead their team through whatever upheaval they need to manage.
All leaders deal with turbulence or conflict, within the organization but they must also deal with influences from without. In fact, a good leader will have a nose for what’s coming and be ahead of the game, where they can.
Strategic, long-term thinking, which is a major focus for most leaders, has to be done in the context of the real world: the current economic climate, the international market, the political realities of the day and so on.
So how can you lead through tumultuous times?
Lead by example
This one should be obvious to most any leader worth their salt but, perhaps in these days more than ever, it’s worth repeating. If you expect your team to work through change or conflict, you have to show them how.
That’s what leadership is, at its most distilled level. Your team is looking to you to show them the way and will be scrutinizing every move you make. Don’t make them guess at what to do next: communicate your vision and goals at every step!
Adapt with positivity
Look at change as an opportunity. The evolution of digital is a great example of how massive and very fast changes can be upsetting but if you alter your frame of mind and see them as opportunities for growth or to capture new business, you can ride the wave with more confidence and success. Example? Banks could have balked at changes in the digital sphere.
After all, there is far less call for tellers when everything can be done via a smartphone. Rather than lose their collective minds, they adapted and built apps and online resources. It’s what customers were asking for, so they embraced it.
Embrace differences of opinion
It’s important not only to acknowledge conflict or change but in fact to embrace it. Through conflict, new ideas are often born.
You’ll never find a better sparring partner than adversity. ~ Golda Meir
It doesn’t need to become toxic or overwhelming to be effective, but a little adversity can create a new vision. This goes back to the previous point about adapting: it’s often from places of difference that these new and interesting opportunities develop.
It’s a question of having an open mind, in order to be able to see the possibilities. Within a team, within an organization or even within an industry, or a country, adversity can lead to interesting changes so long as the leaders acknowledge it in the spirit of growth, as opposed to destruction.
Doing things the way they’ve always been done isn’t an open door to growth, but endless conflict isn’t either. A good leader will weave a path between these two extremes and inspire their team towards change. It’s not always an easy sell but worthwhile for the company, and leader, that can get it right.
It’s not always an easy sell but worthwhile for the company, and leader, that can get it right.
Advisors Will Be Extinct in 5 Years Unless…
I’ve had financial advisors for more than 40 years. Not once in those years have I called my advisor to find out what stock/funds I should buy or sell. But I have called to find out where I should get my first mortgage, when to sell my house, or how much income I could get in retirement.
In short -- and I think I’m pretty typical – I was looking for financial advice, as it relates to my life.
Here’s the disconnect, what most advisors do is simply manage their clients’ assets. They determine what to buy, and what to sell, they think about risk management, about growing their practice by finding new clients and about getting paid.
Historically that has been the business model. But as more women take control over financial assets, they, like me, will be looking for a different experience. And unless the financial community is willing to change ….. advisors, as they are today will be extinct in five years.
Advisors who want to survive will have to do a lot more than just manage money – they will have to provide genuine “advice”. That means doing what’s right for the client, not pushing product and pretending it’s advice.
Women especially, but all investors generally, are becoming more and more cynical. They says, “If I want advice about reducing my debt, that’s what I want and not ‘here’s more debt’ because that’s what my advisor gets paid for! And if saving taxes is what I want then saving taxes should take precedent over selling me a product.”
You may be thinking that spending your time providing advice isn’t lucrative but the reality is that in the long run – it pays off in spades. The advisors who take the time to build real relationships with clients, who provide advice as it relates to their clients’ lives, even when there is no immediate financial benefit to themselves, those who don’t simply push product – are the ones who over time have the most successful practices.
Generally women understand and value service, but they will say, “If I’m paying, I want to know what I’m paying for: Is it for returns? Is it for advice? Is it for administration? I want to know. Then I can make up my mind what’s worth it and what isn’t.”
Investing is becoming a commoditized business and technology is replacing research that no one else can find. Today the average advisor is hard pressed to consistently beat the markets, and with women emerging as the client of the future, unless they start providing real advice, their jobs will likely be extinct in five years.
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