Ten leadership tactics to practice during the COVID-19 pandemic
Dr. Evangelo Damigos; PhD | Head of Digital Futures Research Desk
- Competitive Differentiation
Publication | Update: Oct 2020
According to Arlin Sorensen, Vice President of Ecosystem Evangelism at ConnectWise, the COVID-19 pandemic has created a unique crisis for businesses, but these leadership tactics can help your recovery.
1. Self-care is important
Self-care is vital to greater success. We all need rest to free ourselves from a consistently stressful connected environment. The most important thing you can do for yourself is to get enough sleep, exercise regularly, put down the electronics, and spend time with family and friends. You cannot effectively lead your organization through a crisis if you are not well.
2. Rely on your team
In challenging times, people will step up if we let them. But if you try to solve the world’s problems on your own, your team can only stand back and watch. Bring your team into discussions and planning and execution strategies – you will quickly see how valuable your team members are and better understand what they are capable of.
3. Planning and preparation are key
Brainstorm actionable strategies with your leadership team. Walk through a number of "what-if" scenarios that can be rapidly executed at a moment's notice.
Some of the worst business decisions are made when emotions direct the outcome. Planning and preparing ahead of a crisis is one of the most important things you can do as a business leader. The best way to do this is to brainstorm actionable strategies with your leadership team. Walk through a number of “what-if” scenarios that can be rapidly executed at a moment’s notice. This helps you and your team make decisions based on facts rather than emotion and prevents you from making knee-jerk reactions to crises without sufficiently considering impact on the organization.
4. Communicate thoughtfully
Communication is crucial, but it can also be the Achilles’ heel of leadership. Never assume that your teams and clients automatically know how to succeed – that doesn’t just happen on its own. Communicate information clearly and honestly so others don’t need to guess and possibly fill voids with inaccurate information. When people are feeling stress and anxiety, it’s especially important to share information clearly from the beginning so it is not misconstrued.
Never assume that your teams and clients automatically know how to succeed – that doesn't just happen on its own.
5. Personal ideals matter
Employees often leave their personal beliefs and ideals out of the workplace for fear of crossing professional lines. But if your personal practices and principles help you stay healthy, organized, composed in stressful situations, and even motivated, omitting them from your work life means losing a critical part of who you are. That, in turn, can limit your ability to lead effectively. Lean into your values and engage with others who share them. Don’t dismiss your personal ideals and standards, especially in the face of a crisis.
Let's look at five more tips:
6. Get to know others better
Even when things are going well, we don’t always take time to get to know each other. Because different personalities and work styles can clash, especially in stressful and uncertain situations, it’s important to make connections. The best leaders take responsibility for meeting people where they are and try to communicate with them in ways they understand. That means understanding different work styles, preferences, and attitudes.
7. Use partners, peers, and external experts as resources
Too many business leaders fail to utilize external experts and peer groups. Over the years, I have sought advice from outside experts, hired people with different skill sets, and tapped peer groups and other business leaders for their expertise. There are peer groups for every industry and joining one like IT Nation Evolve can offer tremendous benefits, including enhanced leadership and management skills, strategies, for sustainable growth, advice for attracting talent, and more.
8. Study the facts and be transparent
People trust leaders who are honest, and they will quickly lose faith if they don’t trust the information they are given.
Fact-finding is crucial during difficult times. People trust leaders who are honest, and they will quickly lose faith if they don’t trust the information they are given. It’s critical to learn the truth and be transparent in sharing it. You may sometimes be tempted to protect people by withholding information or sharing only part of what you know. But in times of crisis, people are in search of truth. They will quickly lose trust if they sense you are hiding information.
9. Reward your team
As we navigate this pandemic, leaders and employees alike will need to make sacrifices to ensure business continuity. Whether this means working more hours, taking a pay cut, doing tasks that are outside the job description to fill needed services, you’ll likely be asking people to do more. Incentivize and reward those who make sacrifices to help the team – and the organization – succeed.
10. Look forward – not back
The COVID-19 crisis will eventually pass. Your employees and clients need optimism and hope to make it through this crisis, so keep a positive outlook and focus on the possibilities. You may not always feel optimistic, but keeping your eye on a better future gives people a goal to work toward – and makes you a stronger leader.
Source: The Enterprisers Project
Objectives and Study Scope
This study has assimilated knowledge and insight from business and subject-matter experts, and from a broad spectrum of market initiatives. Building on this research, the objectives of this market research report is to provide actionable intelligence on opportunities alongside the market size of various segments, as well as fact-based information on key factors influencing the market- growth drivers, industry-specific challenges and other critical issues in terms of detailed analysis and impact.
The report in its entirety provides a comprehensive overview of the current global condition, as well as notable opportunities and challenges.
The analysis reflects market size, latest trends, growth drivers, threats, opportunities, as well as key market segments. The study addresses market dynamics in several geographic segments along with market analysis for the current market environment and future scenario over the forecast period.
The report also segments the market into various categories based on the product, end user, application, type, and region.
The report also studies various growth drivers and restraints impacting the market, plus a comprehensive market and vendor landscape in addition to a SWOT analysis of the key players. This analysis also examines the competitive landscape within each market. Market factors are assessed by examining barriers to entry and market opportunities. Strategies adopted by key players including recent developments, new product launches, merger and acquisitions, and other insightful updates are provided.
Research Process & Methodology
We leverage extensive primary research, our contact database, knowledge of companies and industry relationships, patent and academic journal searches, and Institutes and University associate links to frame a strong visibility in the markets and technologies we cover.
We draw on available data sources and methods to profile developments. We use computerised data mining methods and analytical techniques, including cluster and regression modelling, to identify patterns from publicly available online information on enterprise web sites.
Historical, qualitative and quantitative information is obtained principally from confidential and proprietary sources, professional network, annual reports, investor relationship presentations, and expert interviews, about key factors, such as recent trends in industry performance and identify factors underlying those trends - drivers, restraints, opportunities, and challenges influencing the growth of the market, for both, the supply and demand sides.
In addition to our own desk research, various secondary sources, such as Hoovers, Dun & Bradstreet, Bloomberg BusinessWeek, Statista, are referred to identify key players in the industry, supply chain and market size, percentage shares, splits, and breakdowns into segments and subsegments with respect to individual growth trends, prospects, and contribution to the total market.
Research Portfolio Sources:
Global Business Reviews, Research Papers, Commentary & Strategy Reports
M&A and Risk Management | Regulation
The future outlook “forecast” is based on a set of statistical methods such as regression analysis, industry specific drivers as well as analyst evaluations, as well as analysis of the trends that influence economic outcomes and business decision making.
The Global Economic Model is covering the political environment, the macroeconomic environment, market opportunities, policy towards free enterprise and competition, policy towards foreign investment, foreign trade and exchange controls, taxes, financing, the labour market and infrastructure. We aim update our market forecast to include the latest market developments and trends.
Review of independent forecasts for the main macroeconomic variables by the following organizations provide a holistic overview of the range of alternative opinions:
As a result, the reported forecasts derive from different forecasters and may not represent the view of any one forecaster over the whole of the forecast period. These projections provide an indication of what is, in our view most likely to happen, not what it will definitely happen.
Short- and medium-term forecasts are based on a “demand-side” forecasting framework, under the assumption that supply adjusts to meet demand either directly through changes in output or through the depletion of inventories.
Long-term projections rely on a supply-side framework, in which output is determined by the availability of labour and capital equipment and the growth in productivity.
Long-term growth prospects, are impacted by factors including the workforce capabilities, the openness of the economy to trade, the legal framework, fiscal policy, the degree of government regulation.
Direct contribution to GDP
The method for calculating the direct contribution of an industry to GDP, is to measure its ‘gross value added’ (GVA); that is, to calculate the difference between the industry’s total pretax revenue and its total boughtin costs (costs excluding wages and salaries).
Forecasts of GDP growth: GDP = CN+IN+GS+NEX
GDP growth estimates take into account:
All relevant markets are quantified utilizing revenue figures for the forecast period. The Compound Annual Growth Rate (CAGR) within each segment is used to measure growth and to extrapolate data when figures are not publicly available.
Our market segments reflect major categories and subcategories of the global market, followed by an analysis of statistical data covering national spending and international trade relations and patterns. Market values reflect revenues paid by the final customer / end user to vendors and service providers either directly or through distribution channels, excluding VAT. Local currencies are converted to USD using the yearly average exchange rates of local currencies to the USD for the respective year as provided by the IMF World Economic Outlook Database.
Industry Life Cycle Market Phase
Market phase is determined using factors in the Industry Life Cycle model. The adapted market phase definitions are as follows:
The Global Economic Model
The Global Economic Model brings together macroeconomic and sectoral forecasts for quantifying the key relationships.
The model is a hybrid statistical model that uses macroeconomic variables and inter-industry linkages to forecast sectoral output. The model is used to forecast not just output, but prices, wages, employment and investment. The principal variables driving the industry model are the components of final demand, which directly or indirectly determine the demand facing each industry. However, other macroeconomic assumptions — in particular exchange rates, as well as world commodity prices — also enter into the equation, as well as other industry specific factors that have been or are expected to impact.
Forecasts of GDP growth per capita based on these factors can then be combined with demographic projections to give forecasts for overall GDP growth.
Wherever possible, publicly available data from ofﬁcial sources are used for the latest available year. Qualitative indicators are normalised (on the basis of: Normalised x = (x - Min(x)) / (Max(x) - Min(x)) where Min(x) and Max(x) are, the lowest and highest values for any given indicator respectively) and then aggregated across categories to enable an overall comparison. The normalised value is then transformed into a positive number on a scale of 0 to 100. The weighting assigned to each indicator can be changed to reﬂect different assumptions about their relative importance.
The principal explanatory variable in each industry’s output equation is the Total Demand variable, encompassing exogenous macroeconomic assumptions, consumer spending and investment, and intermediate demand for goods and services by sectors of the economy for use as inputs in the production of their own goods and services.
Elasticity measures the response of one economic variable to a change in another economic variable, whether the good or service is demanded as an input into a final product or whether it is the final product, and provides insight into the proportional impact of different economic actions and policy decisions.
Demand elasticities measure the change in the quantity demanded of a particular good or service as a result of changes to other economic variables, such as its own price, the price of competing or complementary goods and services, income levels, taxes.
Demand elasticities can be influenced by several factors. Each of these factors, along with the specific characteristics of the product, will interact to determine its overall responsiveness of demand to changes in prices and incomes.
The individual characteristics of a good or service will have an impact, but there are also a number of general factors that will typically affect the sensitivity of demand, such as the availability of substitutes, whereby the elasticity is typically higher the greater the number of available substitutes, as consumers can easily switch between different products.
The degree of necessity. Luxury products and habit forming ones, typically have a higher elasticity.
Proportion of the budget consumed by the item. Products that consume a large portion of the consumer’s budget tend to have greater elasticity.
Elasticities tend to be greater over the long run because consumers have more time to adjust their behaviour.
Finally, if the product or service is an input into a final product then the price elasticity will depend on the price elasticity of the final product, its cost share in the production costs, and the availability of substitutes for that good or service.
Prices are also forecast using an input-output framework. Input costs have two components; labour costs are driven by wages, while intermediate costs are computed as an input-output weighted aggregate of input sectors’ prices. Employment is a function of output and real sectoral wages, that are forecast as a function of whole economy growth in wages. Investment is forecast as a function of output and aggregate level business investment.