Updated: Nov 24, 2022
Today, a vast array of pressing challenges such as climate change, clean water scarcity in regions, flooding, COVID, workforce training and job hiring demand high quality leadership from business managers and executives in order to secure healthy growth long-term. In fact, the economic cost of COVID is estimated at nearly $18 Trillion and over the next 20 years the cost of climate change will reach $25 Trillion reports SocialContentService.com.
Further, the U.S. Debt continues to climb over $28 Trillion. So, the economic shift underway will require much higher corporate and individual tax burdens with higher materials and wage cost of goods and services. As report by Brookings Institute, the coming carbon taxes will transform business costing between $10 - $15 per metric ton of carbon dioxide. And challenges associated with climate change will reduce the U.S. GDP by $2 Trillion annually. So, carbon capture becomes important with Geoengineering technology.
On a personal level, the mental health impact of uncertain times on our workforce has affected nearly 65% of all Americans, now under severe stress and many diagnosed with PTSD about 35% including healthcare workers, managers, retail and business employees often with kids, many left dazed by the pace of rapid change in almost every phase of life. Uncertain times bring anguish, and instability, requiring better leadership.
More often managers and business leaders also grapple with the blistering pace of change such as the acceleration of automation, now a competitive cost advantage, and workers now performing more tasks remotely, due to safety and the cost of childcare or senior loved ones.
How does leadership manage all this change during uncertain times?
Increase Communication : To better coordination and perform tasks in an accelerating, rapidly changing economy. The need for more interconnected open communication saves time and money, while helping to prevent potential missteps in a rapidly changing business environment that's often uncertain.
In fact, David Grossman reported in “The Cost of Poor Communications” that a survey of 400 companies with 100,000 employees each cited an average loss per company of $62.4 million per year because of inadequate communication to and between employees.
While Debra Hamilton asserted, in her article “Top Ten Email Blunders that Cost Companies Money” that miscommunication cost even smaller companies of 100 employees or less an average of $420,000 per year.
Open Mind : Add flexibility to solve unexpected problems that may arise by maintaining an open mind, which enables more cost effective and smarter solutions. Tap into a variety of resources to create the best outcome solution.
Intelligence : Setup a high quality intelligence network system that automatically monitors and feeds information on key issues affecting your business. With so many factors now impacting our business, it's critical to get real-time intelligence. The ability to make adjustments before events happen will provide your employees with a more stable sense of wellbeing and happier quality of life.
Hiring / Job Training : Learning is a constant progression in today's business world, it's a lifelong matter. Hire people that are self-motivated and positive thinkers with a genuine enthusiasm towards work and life in general.
Nimble : Create a "nimble" highly flexible organization or business network model that does not require expensive overhead physical or logistics. Smart leaders always seek ways to reduce costs, while increasing productivity and the higher quality of products and services. Continuously strive for better solutions that add value to customer needs. Reduce waste or harmful environmental business models. Be a good role model, lead by example, and live healthy.
Respect : Embrace diversity which provides new perspectives and ideas that produce better innovation within organizations. Managers and leaders must stay grounded, communicate in a humane fashion, clearly understanding their employees personal challenges. This approach is especially important during the most uncertain times in which we all live now. Seek agreement to reach important decisions that affect workers personal situations. As a manager or leader use phases like "does that make sense", "can we agree to try this next time", and "I understand your situation, but let's agree to communicate better next time".
There is no doubt that with the added pressures involving cultural, geopolitical, environmental and business economics that unprecedented historic challenges lay ahead. To successfully navigate business management and leadership in the next 20 years will require out-side-the-box thinking, and smarter open problem solving. The practical ideas in this article will help produce great leadership.
Managers, Leaders and Entrepreneurs are encouraged to contact us