The Economic Crisis: Danger or Opportunity?
Is the economic crisis a threat or hidden opportunity? It depends. For those who see it as a threat, they will maintain the status quo, keep their heads down and hope for the best. For those who see this crisis as an opportunity, an entirely different set of behaviors come out – a renewed sense of energy and willingness to demonstrate their value to the organization.
Which set of behaviors increase the likelihood of landing in a good or better place? It reminds me of the story where a man is praying to God in hopes of winning the lottery. After months of not having his prayers answered, God finally reaches down and says to the man “I have heard your prayers but if you could do me a favor…buy a ticket.” To get something better in life, you’ve got to get in the game.
What are some strategies that can help shift ones point of view to recognizing opportunities in a crisis or difficult situation? Here are five:
- Attitude Adjustment – Of all the strategies that can help shift one’s focus, attitude is the most important. Attitude drives behavior. As Dr. Alan Zimmerman talks about in his book Pivot: How One Turn in Attitude Can Lead to Success, “No one gave you a good attitude and no one can give you a bad attitude. It’s a choice.” This is a powerful statement and for many a useful wake-up call. Recently Dr. Zimmerman was interviewed on CBS’s Early Show and he was asked how we can maintain a positive attitude in the face of many challenges people face today. His response was “Failure is not the falling down but the staying down”. When people have setbacks, he suggests that they avoid the “Why” question. Why did this happen to me? Instead, focus on how you can learn from the failure. Simple, yet useful advice.
- Network – Whether one is gainfully employed or looking for work, networking is a key strategy to stay connected with new opportunities. Many of us find the prospect of networking to be outside of our comfort zone, but networking can bring huge dividends in learning about how one’s organization is changing or about job opportunities that may be perfect for one’s skills. Most jobs are filled through someone knowing a person who is right for the role. With all of the hiring freezes, vacancies or even layoffs, now is the time to stand out and show your interest in making a greater contribution. Management is looking for the best people right now, and they have much to choose from. Improve your position by building relationships through networking.
- Take Risks – Networking is a form of risk-taking, i.e. getting out of your comfort zone. Practicing stepping outside of one’s comfort zone is an important skill to develop, especially in times of perceived crisis. While others may be retreating to cautious behavior, those who take calculated risks can reap huge rewards. Opportunities are waiting.
- Professional Development – This may be the best time to develop new skills. If one’s organization offers professional or technical classes, jump in. There are multiple benefits to this. Firstly, new skills put one in a position to take on new responsibilities; secondly, it’s a networking opportunity. Most importantly, focusing on developing new skills increases one’s confidence and focuses one’s energy on positive action, versus the default reaction to how bad things are.
- Update One’s Resume or CV – Updating a resume can be a great way to increase one’s personal confidence. Most of us wait until we need a resume for a job application versus using the process of updating a resume to survey one’s skills. When we see our accomplishments on paper, it builds confidence to pursue other challenges or take on greater responsibility. Even if you’re content with your current role, having a resume handy can be very useful if a new opportunity arises. This is a competitive job market and many others are prepared to jump on an opportunity that may be perfect for you.
In times of crisis, we can dig our heels in, close our eyes and wait for the anticipated changes around us to happen. This is one option. We can also choose to get in the game by facing the challenge and asking “How can I help myself be in the best position when the dust settles?” Reminding each other we have this choice is the best way to help ourselves and others through this economic crisis.
There are hidden opportunities in a crisis. The question is: Will we allow ourselves to get involved, take a chance and trust that we will benefit from our decision to be proactive?
Many thanks to Denis Walsh for his observations and feedback.
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The Key To Getting Through This Economic Crisis
The economic crisis has jump-started a long-standing conversation among senior leaders in Higher Education. How can we best deliver services to our core stakeholders while finding ways to positively impact our financial condition? Since the economy tumbled in September 2008, actions taken by universities run the spectrum of “wait and see” to rethinking how to deliver services and programs, all while keeping the academic and administrative trains running. Like its corporate partners, colleges and universities are now publicly embracing the “bottom-line” as the core enabler of its mission.
For institutions that have embarked on broad organizational change, one thing’s for sure. Staff and faculty are anxious. While the most prevalent anxiety spoken is “Will I still have a job on the other side of this crisis?”, it’s not always about losing one’s job. The underlying fear is uncertainty.
It’s not so much that we’re afraid of change or so in love with the old ways, but it’s that place in between… It’s like being between trapezes. It’s Linus when his blanket is in the dryer. There’s nothing to hold on to.
Marilyn Feguson
Author and Public Speaker
In this period of change, institution leaders have two primary concerns: What if our planned restructuring to address the financial crisis evoke a sufficient negative reaction that cause it to fail? Even worse, what if the changes put in place are not enough?
On the other hand, if you ask staff doing the work what they fear, it’s the uncertainty of how they’re jobs may change or worse, go away. The power of uncertainty can have great control over our lives.
The Power Of Uncertainty
Take this example from a study conducted at Emory University:
A team at Emory University examined what happened when people waited for an impending electric shock. Some people dreaded the shock so deeply that they chose to receive a more powerful shock earlier rather than waiting for a lesser shock to arrive at a later, random time.
David Eagleman
NY times Op-Ed, December 3, 2009
Why would someone choose this counter-intuitive behavior? Simple. It’s more stressful to wait for something negative to happen than get it over with now. Knowing what’s coming has tremendous influence over our ability to focus. When changes like possible layoffs or organizational restructuring are anticipated, people’s anxiety levels are raised and strong emotions are evoked – from anger and fear for some to enthusiasm and excitement for the lucky few. The majority react to anticipated change assuming it will be bad for them. This, in itself is an irrational reaction.
Shifting One’s Focus
If we’re serious about transforming Higher Education, we need leaders to make tough decisions that position our institutions in a fiscally sound direction. These changes will not come all at once and require thoughtful analysis before implementing. There is no getting around that in this period of analysis, anxiety will be heightened because not all the answers will be clear. Institutional leaders need to help their most important assets, people, get through this period of accelerating change.
But it’s ultimately up to the individual to decide whether the coming changes are something to avoid or an opportunity to take advantage of.
Those who maintain a positive attitude through these challenging times are not free of fear or anxiety; they just choose to put their energy elsewhere. How can I improve my value or get more involved? What opportunities may come out of these changes that I can take advantage of? Are there things I can be learning that will help me get through this better? These questions are at the heart of shifting one’s point of view from “Why is this happening to me?” to “How can I best get through this?”
The key to getting through this economic crisis is to build a business culture that helps people learn to make positive choices in the face of uncertainty. It’s a partnership between management needing to focus on the big picture and the individual choosing to be part of the solution. This is true change management, transforming fear that breeds inaction to optimism that promotes opportunity and personal growth.
