23 Apr Webinar Key takeaways: M&A and Integration in the Time of Coronavirus – Get Back to Basics and Lead, but what does that actually mean?
Here are our key takeaways from the webinar which took place on Wednesday 22nd April.
Leadership strategies in times of crisis will be different than “business as usual”:
- Creating a broader network of teams to allow decisions to be made at different levels of the organisation can be an effective, resilient strategy. These smaller teams are far more effective in triage situations when combined with short decision-making times and a ‘beachhead’ strategy
- Finding the right individuals throughout the organisation’s hierarchy will help create effective tactical teams in emergencies. These individuals should be calm and decisive under pressure
- Executives should “lead from beneath” to allow their teams to make better, timely decisions which will help organisations navigate difficult times
- Sometimes inaction can be the best approach. Trying to look useful can sometimes get in the way of important decisions. “The best leaders are those the people hardly know exist” – Tao
- The success of a plan could be thought of as an equation: E = Q x A, or Excellence = Quality x Acceptance. If there is no acceptance of a plan, no matter how good it is, it will not be effective
A culture of empowerment is essential for a team to be successful during extraordinary circumstances:
- A culture of empowerment can help identify individuals throughout the organisation who can make decisions in difficult scenarios. Confidence and trust in these individuals is essential
- Mistakes will be made, but as long as decision-makers understand the rules/boundaries, these mistakes should not be punished. These decision-makers will learn from their mistakes and come out better overall
Values and behaviours at an organisation will become evident during a crisis:
- Values and behaviours promoted in “normal” times will become much more evident when an organisation deals with emergencies
- “Pulse surveys” given to employees can help identify areas of improvement
- Integrity and honesty are critical at any time, but especially during challenging times of emergency