A (COVID) View from the C-Suite – 5 Things CEOs Should Be Doing Right Now

Crises are often temporary and how we handle them determines the impact of the fallout. Companies build crisis communications plans to deal with any type of eventuality – however, those numbers aren’t that high. According to a survey by PRNews and CS&A International, only 62 percent of companies have crisis plans. While the numbers should worry any CEO, the fact remains that no one could’ve properly planned for the current crisis we’re all in – a global pandemic.

 

The COVID pandemic has been a test of unprecedented proportions that has spared no one. Fortune 500 companies had their c-suite, or executive, team come together to implement measures to protect employees and customers. One of those companies was the iconic Walgreens. Their CMO, Patrick McLean, and I talked about the measures they had put in place to keep everyone safe during a recent interview.

 

Smaller businesses continue to bear the brunt of the pandemic. Many have been forced to reduce staff, service, and payroll.

 

However, as CEOs our job is to ensure that we work as hard as possible to maintain a semblance of normalcy when nothing seems to be normal. For us, we made the decision early on to “Drive and Thrive.” We decided to move as fast as humanly possible to become business first responders. We employed measures that kept teams engaged, and became a place where our members could feel supported, empowered, and engaged when everyone else was retreating. I have never worked harder in my life than in the past few months.

 

I wouldn’t change ONE thing about that. Did we receive criticism for it? Sure. But being a c-level executive involves making the best possible decisions with the information we have at hand. With COVID, decision-making has become more precise, but more rushed.

 

What can CEOs do to ensure that businesses thrive during and post COVID? Here are 5 things to consider:

 

 

Mitigate risks

 

Risk isn’t anything new. Crises are non-linear, they never follow a script. Yet COVID has compounded the risks and their repercussions especially with the increase of remote workforces. Recently, I spoke with the CIO of Citrix and she told me about the measures they had put in place in order to mitigate the cybersecurity risk.

Small businesses may not have the same level of resources, but they, too, can take measures to future proof their organizations without spending a lot of money. They can:

1. Educate employees through e-learning, during the onboarding process or through regular webinars
2. Use multifactor identification – Even if someone’s password is compromised the multi-factor authentication helps make anyone a more difficult target
3. Implement strong passwords
4. Back up data on a regular basis

 

How are you securing your data with a remote workforce? What guidelines can you put in place that will carry on into the future?

 

 

 

Cash is king

 

Cash has always been essential when running a business, but since the pandemic, cash has become crucial to keep our operations thriving. In fact, a PwC survey of CFOs reveals that 75 percent say that financial impact is their top concern during the pandemic when returning to the workplace. A potential global recession, 70 percent, marks a close second.

 

Every organization should have a sound strategy in place that leads to preserving cash, with liquidity being your main focus. Next up, review all of your partners to determine which one’s are essential to your daily operations. What does your financial strategy look like?

 

 

Change the narrative

 

As if a global pandemic wasn’t enough, let’s add of the social unrest happening in cities across the country. There’s no question that we’re currently going through a pivotal point in our history and emotions are running high. What can we as leaders do to alleviate some of those fears within our own teams?

 

Listen to everyone’s fears and concerns. COVID has increased the frequency and intensity of our communication and that transforms a company’s leadership agenda which now includes social issues.

 

Before COVID, very few CEOs were known for being vocal, publicly, about their vision, mission, and values. Now, more c-level executives are changing the public narrative and are chiming in on social issues. For example, soon after the George Floyd protests, we issued a diversity, inclusion, and belonging statement, that clearly stated our position regarding the Black Lives Matter movement. Despite some pushback, it’s critical for companies to speak up and become more representative about the communities they serve.

 

Silence is no longer an option, not in corporate America, not anywhere else either.

 

Create and promote a culture of trust

 

The impact of culture is molded according to the values, mission and vision of the organization. A strong culture is what all the great companies have in common and their main focus is not necessarily the people, but the entire organization and its goals.

 

Culture can be defined as “a blend of the values, beliefs, taboos, symbols, rituals and myths all companies develop over time.” In simpler terms, it’s the organization’s personality. Not only that, it has a direct correlation to employee productivity and happiness – and right now, we need all the happiness we can get.

 

Studies show that happy workers are 12 percent more productive than the average worker; whereas unhappy workers are 10 percent less productive. This is costing business over $300 billion each year.

 

The numbers don’t lie. Here’s something I heard one of our Hero Club members mention recently, ‘if you didn’t have a culture of trust before COVID, you’ll have a hard time catching up now.’ Ain’t that the truth?

 

As leaders, we need to be radically transparent with your team – and not just in good times either. Transparency is what builds trust, because if your employees can’t trust you, why should they follow you? Build that trust, be honest, be authentic and the rest will fall into place.

 

 

Take care of yourself and your people

 

Let’s face it, without people, we don’t have much of a business. In fact, I’ve gone as far as saying that our people (and customers) are our most valuable asset. What are you, as a leader, doing to protect them? Health and hygiene should be the first thing on your list.

 

We launched our C-Suite Supplies venture during the pandemic and provided all our employees with protective gear. We took measures to keep everyone as safe as possible and as engaged as possible. This mentality gave birth to our ‘5 Keeps,’ and one of those is keeping people engaged.

 

Our team increased the frequency of meetings, have full team meetings twice a week to come together and give everyone a sense of normalcy.  I have made it a point to be transparent about the struggles we’ve faced and will continue to do so.

We’re all feeling exorbitant amounts of stress right now, and as CEOs, it can get lonely at the top. However, we can’t let our emotions run amuck. While our teams look up to us for leadership in these turbulent times, we have to be honest enough to know that we don’t have all the answers all the time. No one’s looking for perfection, but we need to provide steady leadership to not let the ship go adrift. Stay the course, pivot when needed, but only to make decisive moves, not have knee-jerk reactions.