The initial news this morning coming out of Asian, European and now the US markets is positive – the commitments made over the weekend by 15 countries to put money into the banking system seems to be calming investors. The weekend also gave some time for people to separate from the pressure of having to make decisions – time to calm down and reflect. But that’s not the story for today. We are in a recession, and your staff may well be under pressure at home as job losses continue and the next few months are not going to be fun.
I’ve been advising readers and clients to sit tight for now – don’t panic, take prudent steps, but continue to move forward. The impact of the recession varies from market to market. Keep an “ear to the ground” for staff whose spouse (or ex) has lost a job and is now the breadwinner. Now is the time where staff needs to see – and hear – your confidence and plans going forward. You are in a position to be a calming influence and a reassurance – to the extent that you can – that together the group will continue to work through these difficult times.
You may want to have a short, all hands meeting to reassure and invigorate the troops. You can be honest – expenses will be held back, you will see about raises as things play out this fall, and that you are able to pay the staff and the bills. You want your staff to come away with the message that your plan to work through the recession is to focus on what you do – focusing on caring for patients, a focus that will pay off in better patient care, a firmer patient and service base, and financial position for the practice.
Attitude and emotion play a large part in business. As the leader, you have the responsibility – and the opportunity – to be a positive force in moving your business forward.