"The sudden change in economic fortunes has given organizations an unexpected opportunity to show their true colours. And their people are watching. It is a challenge that will test the boilerplate on corporate values in countless annual reports and set every organization's tone for years to come. Will the stories to be told of the Crash of '08 and the ensuing recession reaffirm your organization's values or will they tell of cold actions that contradicted the warm words crafted in happier times?"
He indicates that there is need to balance managing costs with managing the toll on people. Leaders must engage at human level:
"Don't underestimate the power of face-to-face communication: Trust is at a premium and nothing reaffirms and creates it like sitting down with people, especially over a meal. Get in front of your clients, suppliers and resource providers. Talk to your people in town halls and other venues."
He also states that it is a time to be flexible and open to change:
"Address the key issues with cross-functional, cross-organizational teams comprising people from all over the organization and who are capable of handling a variety of challenges. De-emphasize the formal organization. Line managers are often best left off the teams to run their operations. Include “young Turks” and perennial malcontents from the fringes of the organization to send a powerful message of change."
This advice – to open up the lines of communication and create open space for new growth – runs counter to the path that many organizations opt for in a crisis. David's perspective – expressed in books such as Crisis & Renewal – is that a crisis is an opportunity for organizations to get back to their innovative roots and reconnect with the processes of creativity, learning, and experimentation that brought them to life.
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