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  • Yee Mei, Rachel Chan

    Member
    January 10, 2022 at 12:03 am

    What are the most important managerial challenges at times of crisis?

    When in time of crisis such as Covid-19, leaders or managers had encountered tremendous managerial pressure to manage the company.

    1. Decision-making – Decide with speed. This is because of the Covid-19, company had to adapt to the SOP restriction by the government. Ensure SOP follow strictly as there will penalties imposed. Other than that, different countries have different SOPs and some countries may encounter lock down, thus if the company is doing export goods, they need to keep abreast of the news and follow the rules. Leaders need to make rapidly process available information, quickly determine what matters most, and make decisions with conviction.
    2. Adapt – During crisis, they need to review and put hold on large initiatives and expenses and prioritize. These enable business continuity for longer period with the uncertain future. The leaders need to adjust quickly and make new plans
    3. Reliably deliver – in crisis, leaders need to keep team focus, establish new metrics to monitor performance and create a culture of accountability. Suggest to stay alert and aligned on a daily dashboard of priorities. Set KPIs and other metrics to measure performance.
    4. Engage for impact – during crisis, the team members are affected as well. Important to care for them by understanding their circumstances and distractions, find ways to engage and motivate, clear communication, health care also important check. This is also to reduce any employee resign which can cause understaff and impacting performance or productivity during Covid 19.

    How do we manage crises efficiently at times of recession / economic downturn?

    1. Access your business’s health
    During crisis, the profit keep going down. In order to keep to company from bankrupt, it is important to check the business health in term of financial view, workforce view, environment factors and others.

    2. Implement change
    Thru no 1 assessment, you identified the troubled areas and it is time to make the require changes such as restructure organization staff, evaluate products and services for the market demands , readjust benchmarks and project growth targets.

    3. Maximise your talent
    During crisis, hiring is mostly freeze. Thus, resign or previous not backill position will face stress. They will need to maximise and identify undiscovered leaders to step up.

    4. Meet the needs of your employees
    Recession is hard on everyone. And yet company need employees to be more efficient and productive. Thus, it is important to understand employee need thru listening.
    5. Recession proof your business.
    To improve and maintain the company existence during recession,. Need to think long-term, conduct regular checkups, this is to prepare ahead before crisis

    References

    Chaffold, J(n.d.). Managing a business in a recession: 5 strategies. https://www.insperity.com/blog/managing-a-business-in-a-recession/
    Nichols, C, Hayden S C, Trendler,C (202). 4 Behaviors That Help Leaders Manage a Crisis. https://hbr.org/2020/04/4-behaviors-that-help-leaders-manage-a-crisis