During the bad times high performers are the first ones to be roped in by the competitors .high performers quit as they feel that they are being under recognized under promoted underutilized. High performers are critical to the organization , as they are ones who brings in certain kind of disruptive innovation and thinks differently which work for organization ,but during financial crisis , budgets are tight and monetary rewards are limited and to retain them becomes difficult , thus , company must adopt following ways to motivate employees .sending employees for international assignments, wide exposure across business units, long term incentives in the form of wealth generation and initiatives around work life balance. Junior managers should be certified and trained communication development, communication development, strategy building, and team management
According to PETER F DRUCKER “Turbulence is a time of opportunity for leaders to understand ,accept and exploit the new realties ,however dealing with turbulence calls for effective strategies that ensure the survival and growth of the organization” .leaders need to focus on business stability and employees who form business entity. Open dialogue format should be introduced and information which is accurate, curbs rumors, encourage trust building, should be shared at same time with all the stakeholders.
Leaders must employ right media to convey right message to right audience. Leaders must celebrate short term wins, highlight newsletters / posters / intranet etc through which company has protected employees
Leaders need to create an environment where employees think and act like owners, thus giving employees control and removing ambiguity; it does not mean giving away all the power, decision should be made at the right level but not necessarily hierarchical level. This will enable the leaders to develop positive environment, involve team together in solution finding process.
During crisis it is necessary to cut down the cost, in such situation it is imperative to convey to all the employees that austerity is not enforced down the line but from top to bottom – starting from senior management and applied to all the employees
During turbulence most leaders fall prey of coercive approach and pace setting style where they jump in and try to do all the work themselves. Both these styles can adversely affect the overall climate of the organization.
Leaders must exercise