The R Word - What Will It Mean to You? In the spirit of sticking with current events as the basis of my newsletter, there is just nothing more topical than the continuing economic gale we must all somehow find a way to weather. Here then is my second installment on that subject, including the three most important questions you and your company can answer now. More on those later. Early last month, I came across an intriguing article in The New York Times entitled, No question we’re in a financial pickle. What do we call it? At first, worrying about what to call this financial mess seemed trivial. It’s not. They may be the tip of the iceberg, but names are how we remember things. They matter. So, if we’re going to assign a term to the "pickle" we’re in, then, let’s name it something we’ll never forget. Three criteria come to mind: 1) the name makes everyone accountable for actually fixing the problem, not just getting through it, 2) the name highlights the gravity of the situation, and 3) the name captures the unique character of the moment. These basic criteria immediately eliminate recession as the right term. "Recession" makes no one accountable for anything, hardly conveys the seriousness of the situation, and is generic, at best. Other ‘R words’ do occur to me. One is retrenchment. We’re definitely in the midst of a major economic re-grouping, so that’s a candidate. Another idea is to see the current debacle as a kind of revolution, where we are all "revolting" against the greedy Wall Streeters and Main Streeters who got us into this mess in the first place. But revolution has definitely been used before. It has baggage. Neither retrenchment nor revolution, then, meets all of my criteria head on. So, why the Great Reckoning? Simple: It meets my criteria handily: We’re nobody’s victim; we have a choice and we’re all accountable for change. A moment of reckoning is always serious. It took a lot to get here and it will take a lot to move on. Our current problem isn’t just a matter of economics; it is equally about the need for reflection and systemic change. The "Great Reckoning" captures that fact nicely. Getting Beyond Darwin If a classic recession calls for the survival of the fittest, then the Great Reckoning will call for the survival of the finest. Being strong and able to adapt to change is important, but not enough. Navigating the current storm so you come out stronger will require putting value creation ahead of wealth creation, purpose before profit, contribution ahead of reward. The "finest" companies and individuals will do this and, in so doing, will change the rules of economic success. Here in brief is how I envision the Great Reckoning playing out: The "finest" institutions will emerge as our new economic leaders - organizations that, starting now, not only stay financially solvent, but who cultivate strong value creating cores. - They know who they are and, equally, who they are not
- They invest conscientiously in their distinctive value-creating traits
- Starting with employees, they communicate those traits to stakeholders, in ways that are meaningful to them
The "finest" individuals will become our new role models, in business and in life - people who maintain a clear sense of their unique, value creating capacities and who use those capacities to help others grow and thrive.
- They know who they are and, equally, who they are not
- They see themselves as rock-solid "value platforms," which transcend the particular job they’re in at the moment
- They apply those special strengths in their activities with co-workers, bosses and teams, even friends and family, in ways that deepen these vital relationships
Three Questions Everyone Must Answer Now
As you weigh how best to deal with the Great Reckoning, here are three questions every company must answer to make the most of the moment:
- What exactly is the core value proposition our company represents that cannot be undone by the current economic crisis?
- What can our company do to make employees stay committed and feel safe during these trying times?
- How can our company use this period of distress as an opportunity to reinforce the particular contribution we make to the world we influence?
... And the three questions every person must answer as well: - What exactly is the value proposition I represent that is not dependent on my current employment or even my career?
- What can I do to remain resilient during these trying times?
- How can I use this period of distress as an opportunity to reinforce the particular contribution I am capable of making to the world I am part of?
Over to You I invite you to go to my blog (www.theidentitycircle.com/blog) and tackle some or all these questions. What do you think, believe, feel, or hope? What will the Great Reckoning mean to your company and to you? |
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… Turn employee engagement into value creation during these trying times - and beyond The pressures of the day are taking a toll on everyone. Keeping employees engaged, productive and fulfilled is essential for companies to not only survive the economic turmoil, but to come out stronger in the end. Here is an article pdf that describes a new way to make employee engagement the foundation for long-term value creation (The Identity Imperative). "Your identity is your gift to the world." |
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Larry Ackerman Founder and President The Identity Circle "If a classic recession calls for the survival of the fittest, then the Great Reckoning will call for the survival of the finest..."
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is a reseach, education and consulting firm that helps organizations and individuals clarify and apply their uniqueness and potential in ways that improve corporate and personal performance. |
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