Turning crisis into opportunity: Transparency breeds trust

The road to recovery from COVID-19 is likely to be a long and arduous one, with many economies globally expected to slip into recession.

For many companies, the reality of having to implement wage freezes, or worse, layoffs, is a very real one. However, if you are a leader faced with making a difficult decision, choose to be open and transparent, advised Laurence Smith, Chartered Fellow CIPD, and a thought leader in digital mindset and transformation.

“Your employees are smart people and they know these times are hard for every business. If you give them the chance, they will help you come up with solutions.”

He also dismissed traditional “command and control style” leaders who simply see people as costs to be cut off as the quickest way to survival in these difficult times.

“But I would argue that it is precisely these types of organisations – and these types of leaders – that will not survive this crisis, or if by some miracle they do, will be unable to attract the best talent and thereby perform the most poorly in tomorrow’s new world of work.”

In his upcoming new book, Transformation Mindset: 10 Things Leaders should be Doing Today to turn Crisis into Opportunity, Smith cautioned that now is not the time to batten the hatches and hunker down, but rather the time to open up.

He added, “Ask employees for their greatest contribution. Ask leaders to lead by example and make themselves vulnerable by admitting that nobody has the answers, but know that the wisdom of the crowd, of employees and other stakeholders, when brought together, can result in amazing ideas, innovations and cost savings.”