How successful companies can use the current crisis to think and learn afresh, inspire key staff and take them to the next level.
Conventional wisdom suggests that now is the time to hunker down and cut costs, including scaling back discretionary spending such as investing in people. Some of this more traditional thinking which has it roots in conventional business education and which has not been questioned for far too long is what got us into the current situation and should be closely reexamined or discarded.
The value of people
It is vital to send a very positive message internally to your teams that although the firm may be going through difficult times, it is focused on the future, it is not fearful of the challenges ahead and is therefore also determined to invest in and retain its best people.
Aligning with the new landscape
The best way to invest in people is by providing them with a unique and highly personal experience which will develop their skills in alignment with what will most certainly be a changed business landscape. Those who believe that the next 2-5 years will be like the previous years are failing their organisations. The YLP is such a program – an inspirational and cutting edge leadership development program which is one of a kind in Asia.
Take advantage of down time
Business units that aim to maximize efficiency and productivity will recognize that while new business opportunities are slower in coming, this is the best time to put new learning in place and establish new ways of thinking.
Enhance the credibility of management
The types of projects that participants in the YLP get involved in can be internal levers to send positive messages throughout the organization, enhancing the credibility of management who would typically be at risk in these difficult times as appearing uncaring or ruthless.
Imperative to see the world differently
It is inevitable that the business landscape will change over the next 2-5 years which means there is a real need to start looking at the world differently. The YLP brings a multidisciplinary focus and project-driven outcome which can be a way for forward thinking companies to get such new vision started.
Promote intellectual honesty – Uncover new ways forward
MBA programs and traditional leadership programs do not integrate challenging and intellectually honest new approaches into the core of the material, nor do they dive into real-world projects too often ignored by conventional investment criteria. These are key areas of value-add for participants in the YLP.
Reward the key contributors
This is the best time to recognize and reward key personnel who have contributed a great deal toward the company’s success in the recent past, but who will also be suffering during the difficult times.