Managing in Turbulent Times: BCG and Knowledge@Wharton
Episode Description
Part 3: Managing in Turbulent Times: A downturn can be profoundly unsettling, especially when it involves cost-cutting, ownership changes, layoffs or bankruptcy. Business can suffer when people are emotionally distracted by feelings of uncertainty, grief, guilt and anger. In this special video report, experts from Wharton and The Boston Consulting Group outline five actions that managers can take to minimize declines in productivity and stimulate confidence in the future and company leadership. Managers who learn how to listen, inspire trust and maintain morale can help their companies thrive in the downturn and beyond.
Brief Summary
Strategies for supporting employees during downturns include communication, alternatives to layoffs, and maintaining morale.
Key points
- Support Your People. In times of downturn, it's crucial to support employees to minimize productivity declines.
- Communicate Openly. Keeping employees informed is vital, even if the news is bad.
- Think Beyond Layoffs. Avoid panic-driven decisions; consider alternatives to layoffs to maintain morale.
- Listen to Your Employees. Understanding employee concerns can change their influence positively.
- Set Clear Expectations. During stressful times, clear expectations help maintain productivity.
Ask about Knowledge at Wharton
Episode highlights
- Support Your PeopleIn times of downturn, it's crucial to support employees to minimize productivity declines.“Here are five ways to support your people.”0:34Sep 29, 2009
- Communicate OpenlyKeeping employees informed is vital, even if the news is bad.“The most important thing is to keep them informed.”1:08Sep 29, 2009
- Think Beyond LayoffsAvoid panic-driven decisions; consider alternatives to layoffs to maintain morale.“The biggest mistakes companies make is that they panic.”1:50Sep 29, 2009
- Listen to Your EmployeesUnderstanding employee concerns can change their influence positively.“Listening to them actually changes how they feel.”3:56Sep 29, 2009
- Set Clear ExpectationsDuring stressful times, clear expectations help maintain productivity.“Set clear expectations for each team and individual.”4:09Sep 29, 2009
