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Straight Thoughts, Straight Talk Official Newsletter of the Andersen Alumni Association Straight Thoughts, Straight Talk "Serving Andersen Alumni Worldwide" Apr. 2020 Vol.13 No.2 Editorial So here we are, four weeks in the Great Corona shutdown. As business leaders we are faced with yet another “once in a lifetime” economic crisis. These crises seem to be coming with alarming regularity. The silver lining of working through these events is you gain experience and can develop a playbook on how to execute. This is my third crisis that seemed unprecedented at the time; 9-11, The Great Recession and now the Corona virus pandemic. I learned a lot from the prior events. I learned the importance of cash and liquidity. I learned how to shed costs at an alarming rate. I even learned how to look for opportunity in the midst of chaos. However, there is one action that I almost took for granted but has proven to be one of the most important, if not critical, actions to prepare the company for the post crisis environment. That one item is culture management. I would argue that an extreme crisis is the ultimate test of company’s culture. It is easy to justify all kinds of actions in a desperate attempt to save the company. While many of those actions are necessary, you can do it within the context of your company’s culture. Let me be clear, I am coming from a place of companies with strong, employee centric cultures. You may very well have a different culture. In any event, while you may not be looking for one more thing to do, now is the perfect time to change your culture or reinforce the one you have already developed. There is one play in the crisis playbook, that I think is critical. That is play is communication. You are not alone in feeling the stress brought about by the crisis. Your employees, partners or teammates feel the very same stress. I have always tried to create an open and transparent culture. This is easy when things are going well. However, it is © Copyright 2020, Andersen Alumni Association All Rights Reserved in time like these I have to remind myself to double down on openness and transparency. While that does not mean you are able to telegraph specific actions, you can present the scenarios by which certain actions will be necessary. Employees are smart. They can anticipate certain actions. Giving them a framework by which those actions may occur will provide a sense of order and in turn build trust. I tend to work in professional service companies. This means payroll costs are the primary expense of the company. Everyone knows that. At the end of the day, the only way to reduce expenses is to reduce payroll costs, not necessarily payroll. To keep it simple I will communicate a green, yellow, red scenario. If we operate in these parameters, we will take the following actions. If things get worse, yellow, we will take the following actions. If things continue to get worse, red light, we will do what it takes to save the company and will take the following actions. Lay these parameters out there. Keep the employees aware of which status you are in and equally important which way you are trending. The key is no surprises. They probably already know the situation and if not, given the absence of communication, they will fear the worst, Now is the time to double down on the culture you want for your company. This crisis can accelerate you towards the culture you want or can reinforce the one you have. In any event, it is one of the key elements, just like cash flow and the safety of your employees, that you will have to navigate during this once in a lifetime crisis. As always, we need your help to further strengthen and maintain our Andersen Alumni network. Please leverage our Social Media Presence and LIKE our Facebook page and JOIN our LinkedIn network, and lastly you can FOLLOW us on LinkedIn as well. Sincerely, Kirk Hancock Editor Top 50 Tech Services CEOs of 2020 Congratulations to the following Andersen Alumni for making The Software Report’s Top 50 Tech Services CEOs of 2020 #5. Laila Worrell at Altran #8. Monty Hamilton at Rural Sourcing #14. Justin Bell at Credera #15. Sara Stanley Hale at Coastal Cloud #17. Chris Michalak at Alight Solutions #28. Sunil Bhatia at Infogain #44. Kelly Manthey at Kin + Carta #46. David Joubran at Acumen Solutions © Copyright 2020, Andersen Alumni Association All Rights Reserved Andersen Alumni on the Move + Follow us on our LinkedIn Company Page for the latest information on fellow alumni on the move. Below is a list of Alumni that made recent career moves. If you have recently changed jobs and would like to share your good news with other Alumni, please email details to [email protected] Please wish these Alumni best in their new ventures. Bill Comeau Wes Winnekins Brad Schomber Ken Trammell Pam Murphy Dave Swinehart Ellen Sample Kathy Willard Liz Huebner Will Porter Rick Arpin Becky Sheehan Gary Watkins Chad Kolean Tony Alveraz Lance Berry Monique Ruiz William Kelley Kelly Janzen Pete Carlson Chris Castaldo Bob Frenzel Steven Gargano Jim Lightsey David Walker Jonathan Zoelleron Recession Proof Your Career By Maggie Mistal, Arthur Andersen Business Consulting 1995-2002 Reading and watching news stories about coronavirus, one could get anxious. Companies are limiting travel, conferences are being cancelled, factories are operating at low capacity, the stock market is "correcting, and the Federal reserve is cutting rates to stave off recession. Analysts are warning that the virus could "slow economic growth for some time."(Source: LinkedIn.) Besides health concerns, you may be wondering what all of this could mean to you, your job and your stability. If you're concerned a recession could impact your career but aren't sure what to do about it, the good news is that you don't just have to wait and see. Rather than brace yourself, consider other important actions you could be taking. To that end, I'm sharing part one of my 3-part series so you can be strategic, prepared and proactive in recession proofing your career. © Copyright 2020, Andersen Alumni Association All Rights Reserved Step 1: Get in The Know – Understand how your employer, industry, department and job might be impacted. Read company website and email updates not just about coronavirus but about current and potential impacts to company performance, policy changes and increases or decreases to customer pipelines. You can also proactively set up Google alerts for your employer and top competitors. And sign up for industry newsletters for the latest information from associations in your field. Ask your manager or mentor for information and his/her thoughts on the impacts and find our areas of concern. If your employer is a publicly traded company, listen to the latest analysts calls where the CEO and other executives give updates about company performance, concerns about threats and what's being done to address and minimize risk. As Marie Curie said, “Nothing in life is to be feared, it is only to be understood. Now is the time to understand more, so that we may fear less." Don't just sit in fear and wait to see what happens. Be proactive in understanding the potential impacts to your career both negative and positive, and you'll be able to prepare yourself to address them. Step 2: Don't panic - The key is to have the proper mindset. It's hard to think clearly or creatively when you're fearful. So, take a deep breath, calm down and regain perspective. Necessity is the mother of invention. Rather than be afraid of a virus spread, a stock market drop and/or possible recession, imagine all this is happening to help you and your career. What if the challenges were actually a blessing in disguise? What positive outcome could you ideally see happening as a result of this situation? Here are a few to consider: Promotion. - If your employer is in healthcare, then the current situation could be a boon to profits. This may give you the chance to take on added responsibility or lead and develop a new team. But if your employer is in travel, this could mean a slowdown. Either way, there's always a chance for you to shine. Case in point, recently United airlines suspended change fees for the month of March. This policy change freed up travelers to book tickets and not lose out if their event or function is cancelled. Whomever came up with the idea now has a great win for their next performance review/promotion. How might you pick up the slack or apply innovative thinking to the opportunities and challenges your company is facing? Don't worry if it's not your job to come up with these ideas. Let your mind focus on inspiration rather than fear. It may help the company and position you to move up the ladder. More work/life flexibility and/or time off. - Many employers are allowing employees especially in Asia, to work from home. If you've not been given flexibility in the past, this is your chance to demonstrate how productive you are © Copyright 2020, Andersen Alumni Association All Rights Reserved working remotely. It also gives you the opportunity to pilot a virtual approach and see how it works or doesn't work for you. Will you feel isolated or will you love the lack of office distractions? Now you can find out.
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