RIGHT APPROACH
Avoid hasty decision-making; wait till the end of the lockdown or even end of the month, if possible. Instead of taking piecemeal calls, take decisions that are final
Before taking any tough decision, get buy-in from the entire organisation. Involve more people in the decision; ask for suggestions on where the company can save on costs
Go overboard with communication. Explain the rationale and the situation the business is in, not just through an email, but also personal meetings or a townhall
While the communication is not always pleasant, do not stop employee engagement activities that can be done digitally so that camaraderie in teams remains
Walk the talk. Leaders should be the first ones to take the brunt of a pay-cut. That puts out the message that they are trying hard to look out for the junior members
This story is from the May 03, 2020 edition of Business Today.
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This story is from the May 03, 2020 edition of Business Today.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
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