Coronavirus Q&A series: Interview with Mike Goldman, Founder, Performance Breakthrough

“Companies Should Have A Resilient Leadership Team”

The COVID-19 crisis has impacted various aspects of our lives - especially work. With remote working becoming the norm, employees and employers alike, especially the first-timers, are experiencing the ups and downs related to the situation.

On one hand, employees are worried about job security and the challenges of working as a team, on the other, employers are facing issues such as engagement and productivity drop, among others. It now falls upon the leadership to keep the team up and running.

How are the leaders handling the situation? HR.com interviewed senior-level executives from various organizations and asked them to share their lessons and insights.
 

Mike Goldman is a nationally recognized speaker, author and leadership team coach and Founder of Performance Breakthrough. He has over 30 years of experience consulting and coaching companies that include local entrepreneurs and Fortune 500s. Throughout his career at Accenture and Deloitte Consulting, he helped brands like Verizon, Disney, Polo Ralph Lauren, Chanel, Dillard’s, Liz Claiborne and Levi Strauss.

Q: How has the COVID-19 crisis affected your business?

Mike: Here are some of the struggles my clients are having:
 

• Managing their cashflow during the downturn in an effort to save jobs and keep the business running.
• Leaders are challenged to manage their focus and emotions. It’s hard to lead others when you can’t lead yourself.
• They’re so focused on survival through the crisis that they’ve forgotten about their longer-term vision and values.
• Clients want to know when things will go back to normal and how they will relaunch their business.

Q: What employee engagement challenges do you come across, especially in the current scenario, where everyone is working from home? What are you doing about it?

Mike: Smart companies are having shorter, more frequent communications with team members and clients. It may be focused on brainstorming and idea, checking on the status of a project or just checking in to see how someone is doing. We're learning that what we’re doing out of necessity actually works better.
 

Smart companies have realized that teams can be very productive working remotely. Effective use of key technologies like Zoom, Mural and the right hardware for home offices allow teams to collaborate as if they were in the same room. While I don’t think remote work will replace in-person work, smart companies are learning to use these remote tools and skills to collaborate with more people, more often, from wherever they are.

Q: What leadership lessons have this health crisis taught you?

Mike: We can’t predict when and what the next disaster (or opportunity!) will be. The best way to make sure we are prepared is to have a resilient leadership team. Now is the time to assess the talent of your leadership team. Who rose to the occasion? Who did not? 

A resilient leadership team is a team that:
 

• Is filled with only A-players
• Has a collaborative, trusting culture
• Has a purpose and a clear vision that inspires them and inspires the rest of the company
• Executes with discipline and hold one another accountable
• Is always learning and growing

A resilient team also has a regular, frequent planning and communication rhythm so they can make quick decisions and pivot to take advantage of both good and bad luck.

We also need to be better stewards of cash even during the good times. Having a longer “cash runway” allows us to make smart decisions for the medium and long-term, even during a crisis. 

Q: What positive change has transpired that you would want to maintain?

Mike: Many of my clients have risen to the occasion and improved in a number of areas:
 

• They’ve doubled down on culture - Many companies are showing that their core values and core purpose are more than just words. Those nicely worded plaques on the wall are put to the test during times like these. It’s all too easy to dump your purpose and values during a crisis. Great companies have really shown they mean what they say, and their culture is even stronger because of it. 
• They are strengthening their vendor and client relationships - Smart companies are more focused on helping rather than selling during this crisis. Relationships are being strengthened by teams that are showing their belief that we are all in this together and need to help one another. They are adjusting their marketing, selling and communications to be of service.
• They are Improving cash management - Due to the impact of the crisis, many companies have had to understand and manage their cash flow at a level never before required. Understanding the length of their “cash runway” and levers they can use to maximize cash have become a necessary skill. I believe smart companies will continue to leverage this skill after the crisis and become much better stewards of their cash.
• They have increased learning and development - In the past, it was easy to say, “I’d love to learn how to improve x, but I do not have the time”. For many of us, time is no longer an excuse. Smart companies are using this time to improve their skills through the thousands of great books and courses available. They are becoming better leaders, speakers or writers. They’re leveraging the amazing tools available to get better so they’re stronger on the other side of this.

 

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