THE WORKING WEEK

Welcome to the weekly podcast provided by Management Issues.

The Working Week, hosted by Wayne Turmel, provides a snapshot of some of the most topical news, blogs and opinion from the pages of www.management-issues.com. This is followed by a spirited discussion between Wayne and his guest of the week on the issues that have caught their attention and why.

The Working Week 51

We all know that things are tough out there, but while the economy may be slowing, that doesn't mean the world is about to come to an end. In fact, as Management Issues columnist Dan Bobinski tells Wayne in the latest Working Week podcast, a downturn can actually be a great time to take a risk.

None of which is meant to downplay the very real sense of worry and foreboding that many of us are feeling – an atmosphere which poses very real challenges to leaders and managers.

So what can mangers do in the current climate to keep their people positive and inspired? According to Dan, the key is to communicate a vision, mission and strategy and – critically – to listen. If there are problems, ask people how they think the organisation should get past them and move ahead. In other words, involve everybody in what the business is supposed to be doing rather than dwelling on what 'might be'.

Remember too, as Dan explained in a recent column, that the unsteady times we're experiencing now are no worse than any of our previous unsteady times - and companies that take risks during unstable times often come out ahead later on.

The same goes for individuals. Sitting in a corner during a slow or erratic economy and waiting for things to get better is probably not the best thing to. Sure you might not hear from as many critics, but your chances for future success are greatly diminished, too.

The bottom line, Dan stresses, is that we still have choices. An unstable economy may seem like a good time to hunker down and ride out the storm, but is that really the best choice for the long term? Ask yourself, would taking a few calculated risks now pay huge dividends down the road?

The intro music to the Working Week is "The Warrior" by The EMP Project, used with permission of Blue Canoe Records.