Everyone is running to "rescue" the tumbling financial markets, the struggling banks and the suffering automobile industry. Foreclosures are increasing and jobs are dwindling. We don't need bailout plans that swoop in and "rescue" businesses; instead, we need bailout plans that encompass leadership, where new ways of operating are taught and implemented for long-term business impact.

The most successful leadership bailout plans motivate others to achieve results during new and difficult times.

Today, it's more important than ever for effective leaders to offer solutions, aid and guidance, not as someone who is simply "bailing people out," but as a change agent that provides the tools for coping with, adapting to and improving our new reality.

In times like this, leaders need to reassure their team that things will get better and solidify their trust. This is not the time to bury your nose in the work and disregard the hallway chats that may seem like unproductive complaining. Leaders need to treat this situation as if their company has just been taken over, rallying the troops and moving forward with confidence. The impact of this global economic situation can not be undermined. Leaders must become more like coaches and teachers, and certainly can't continue on like drill sergeants or move forward with business-as-usual.

For most over-achieving leaders that are Type A's, this can be a difficult task. You need to throw out the old adage of "when the going gets tough, the tough get going" because this assumes that everyone left standing is grounded enough to persevere forward. During today's difficult times, this may not be the case. Often, the ones left standing are shell-shocked and shaken to the core and have the greatest need for reassurance. This is of critical importance if you have just recently gone through—or are planning to go through—a downsizing effort.

Now if you hear yourself saying things like "they'll get over it," "come on, suck it up" or "there's no time to lose," you will need to find some patience and compassion to get you through these challenging times. The time you spend on building rapport and reassurance will reap long-term benefits. As John C. Maxwell says, "leaders walk slowly through the crowd." They may get to their goal a bit slower, but they will have their whole team with them when they get there. These are times where you can't afford to get to your goal alone; you need to bring every single person on your team along with you.

During times of economic upheaval, it takes time to rebuild trust within your organization. Trust will improve the speed in which results can be achieved over the long haul. If you are committed to making positive changes, earning trust is essential.

Your leadership bailout plan should include the following "transparency rules:"

Transparency Rule No. 1: Repeat your strategy for growth (and repeat it often). Show how, even with the changing tides, your strategy is still relevant and will get the results you and your team need. People want to succeed and bailout plans require leaders to instill confidence and trust in the plan. This is particularly important if the operating landscape has changed. If you have a new organizational structure in place, people will undoubtedly question the strategy for the business.

Transparency Rule No. 2:
Hear your team’s concerns. What are the barriers and concerns holding them back? Are they right? Are there areas where the current strategy and approach are not realistic? Hold back judgments about their concerns. Listen and consider their input before reacting or changing anything. As a leader, you can't afford people questioning your direction. If not addressed upfront, this will ultimately derail your efforts.

Transparency Rule No. 3: Go deeper, if needed. Isolate individual needs and concerns that may be impacting the overall team. Be curious about the troubles impacting people. You don't know what may be taking up energy in their lives…perhaps a spouse has lost a job, or an elderly parent is putting additional financial pressure on their family. Listening and caring, without solving, is usually all that is needed to get someone back on track more energized than before.

Transparency Rule No. 4: Separate facts from fiction or hearsay. When times get tough, there is a lot of speculation. People create and retell stories based on interpretation and their own perspective. Now is the time to nip this in the bud and get the real facts out before rumors get out of hand.

Transparency Rule No. 5: Own up to the bad news. Treating people as adults with frankness and respect is critical during tough times. If there is another shoe to drop, be frank and let people know what is forthcoming. Provide as much information as possible and communicate with your team on a regular basis. Transparency of communication will help ensure trust and minimize further speculation.

These tough economic times are frightening for us all, and even the most effective leaders are feeling uncertain about the future. The key to getting through this challenging period is to demonstrate compassion, vulnerability and transparency and by reassuring your team that things will get better.

Editor's Note: Read all of the strategies and best practices from Incentive's Survival Guide at www.incentivemag.com/survivalguide. New articles daily!


Laura Lopez is the author of The Connected and Committed Leader. Visit www.laura-lopez.com. This page is protected by Copyright laws. Do Not Copy