Leadership in the era of COVID

In my past leadership blog, I wrote, “For those of us at a management level, adopting a leadership style that embodies the goals of the organization and our own individual qualities can be a daunting endeavor. Our modus operandi affects persons across the company; it sets the tone, influences culture, and cements impressions. Whether all three of those factors reflect a pragmatic and ultimately, positive working environment is reliant on our own interpretation of leadership.”

The above hasn’t changed. It has, however, taken on a more challenging environment in a COVID world which has thrust leaders into difficult positions, many of which have and will define the longevity of their organizations. Returning to some semblance of normalcy in Trinidad & Tobago does not mean adopting the same status quo. There is no place for complacency in such a fragile economy. Customers are practicing a new level of caution; SMEs are weathering financial burdens as they work to adapt; abrupt business closures and the subsequent rise in unemployment add new layers of complexity to our socioeconomic structure; not to mention, the psychological impact of the virus cannot be understated or forgotten.

And those are just some of the considerations leaders have on their mind. The effects of the pandemic are so dynamic that it demands a less-bureaucratic mindset to ensure a sustainable and scalable future. I previously wrote that, “The pandemic has not only shown the weaknesses within the system but the capabilities that are present to correct them. Recognizable macro-economic threats are now joined by unprecedented ones and the resiliency of banking or any organization relies on analyzing, understanding, and planning ahead for the latter.” With that in mind, agile decision-making in the face of mounting, virus-related intricacies will redefine certain aspects of leadership.

Honest, two-way communication is an obvious, and effective, starting point. Transparency in the face of hardships is a mature ethos in any situation, and especially integral during this pandemic. Leaders must understand that they are building future business, and by extension, economic viability that can withstand similar crises. Navigating these uncharted waters cannot be done without the input of staff, customers and third-party experts (for e.g. public health officials). The ability to listen, empathize and incorporate the facts can mean the difference between life and death for organizations working to reinvent themselves. There must be a balance between business and people; it goes without saying that one cannot exist without the other.

Additionally, leaders need to envision business models and strategies that go beyond traditional policies and procedures. We’ve seen a rapid shift to digital ecosystems and my previous blog, Banking in the time of Covid-19, spoke on it in detail. Currently, businesses’ position in the market depends on its flexibility. Their future will be determined by their ability to evaluate and transform outdated systems, while employing creative and critical thinking towards long-term improvements and innovations. Whether that be through accelerated digitalization, allocating resources to technological research and development, mapping the cost-benefit of, for example, hybrid teams or introducing new channels; leaders have a wealth of avenues to explore and assess.

The unpredictability of 2020 has given leaders across industries and disciplines a unique challenge – turning a crisis into an opportunity. What I’ve touched on in this blog is a general discussion on what leaders are facing this year. The Center for Creative Leadership’s whitepaper goes in-depth into effective leadership culture, specific steps and templates for overcoming uncertainty, and bringing people together in an empathetic way during the pandemic. One thing is for certain - there’s room for leaders to learn and grow, even more so that we have and will continue to live through such volatility for the foreseeable future.