For companies that have managed to keep operating, it’s not business as usual. It’s time to pivot with a whole new set of rules and resources.
(upbeat music) - Not too long ago, we were in the middle of a global expansion. But after nearly a decade of growth, a pandemic swept the world and everything changed. And it's affected all of us. Now for business owners, it's not business as usual as everyone knows. And we've had to pivot, and we've had to rewrite the rules and figure out how do we move forward with these limited resources that we've never seen before? Hi, I'm Kelly Ruda with LinkedIn Learning. And today, I have veteran CEO, Bonnie Hagemann. She is an expert in figuring out, looking at the longterm, and then assessing what are we doing today in order to have the best tomorrow? She's a C-suite advisor. She has 30 years of experience developing leaders. And she's here to talk to us about how do we move forward with these fewer resources to ultimately find success. So Bonnie, welcome. - Thank you, Kelly. It's a pleasure to be here. - Yes, it's great to have you. So when we talk about these limited resources, what are some of the things that we're talking about? - Well, most of the businesses are experiencing at a minimum, a lack of cash. Some are experiencing a lack of supply, demand. We don't have the clients, so we don't have the demand, and with that, sort of catapults and gives us the domino effect. And then of course, we also have lack of people because they can't come to work and it's not safe. So there are a lot of limited resources right now. - Right. And do you have any examples from your business or from another business where you feel like they're handling this pretty well, and they're doing a pretty good job with these limited resources? - Well, I can speak to my business. We took the opportunity to take a look at what we were doing and we started with, what can we cut? What can we stop doing? And so that was just sort of going through expenses and trying to catch the low-hanging fruit of things that we could cut. But we also decided to take this time to be very strategic and to step back and try to find new ways to make money. So we stopped doing some things and then we took time to be more visionary. - Yeah, and what are some of those things that you think are going to stick that you've done, that you go, "Oh, that helps us make money, "or that helps us save money that we can keep on doing"? - Right, well, one thing that we would like to keep is less travel. So we cut the business travel entirely, of course, like everyone else, but we were able to do our business through Microsoft Teams and through Zoom and you know, the other methods that we have available today. But it was really helpful to be able to take what we normally do in person, that custom executive development work, the C-suite coaching, you know, we really had in our mind that we couldn't do that virtually, but we've been able to. And so we would like to keep that not all the time, we still love to be with our clients, but we would like to keep that travel to a minimum or at least less than what we had before. - Those are all really, really good ideas. Now, one of the things that a lot of companies I know did was they went through furloughs, they went through layoffs. Was that something that you've experienced or you've heard of any companies that have experienced it and again, handled it pretty okay during this time? - Yes, I have experienced it and I've seen other companies experience it. We had to go through that in 2008, like most of the people in our industry. So one example that I have that is really good is St. Luke's University and Healthcare Network in Pennsylvania and New Jersey. They needed to have furloughs because of the cut of elective surgeries. And so they have a wonderful culture. And what they did was they pulled the senior leadership team together and took the time to really think about how to do this in a way that didn't crash the culture. And they did do some layoffs, but they were part-time instead of full-time. And almost everyone took a cut, especially the senior leaders. In fact, the deeper, the higher you went up the chain, the deeper, the cut. And so when they had figured it all out and rolled it out the plan, it was really interesting what happened because they had 30-year veterans in that organization, grown men with tears in their eyes. They were so moved by having handled it and were able to keep their culture. And they probably have employees who are more loyal now than ever. - Wow, that's amazing. So it sounds like really keeping the people first and foremost, thinking about the human side of it is how we can keep that culture and that positivity moving forward? - Absolutely, you know, the human side of leadership is crucial. In fact, you know, as a person looking for a leader, we have this sort of innate need to find someone to help lead through chaos. And so we look around if we don't have it, it causes us to flounder. So one of the most important things that a leader can do right now is to come across as very authentic and they can also take control and say, "Let's go this way," because we need someone to help lead through this chaos. - Now you mentioned that we don't need to be perfect, or we don't have to have this flawless facade. Let's say I'm a leader and I've messed up. And at the beginning I cut all my employees. And now there's like this kind of hard culture that's happening. What do you recommend to fix something like that? - Well, let me just say, first of all, welcome to leadership. You know, we all make mistakes and there isn't a leader out there who doesn't make them. It's just that when you are a leader, you're the one that everyone's looking at. So everyone gets to see your mistakes. What I would encourage you to do is just take a minute, step back and say, "What has not gone well? "What did I not do well?" This is leadership reflections. It's something that I use in coaching all the time, is to say, "Let's stop, take a minute "and say, in the last month, what did I do right? "What should I have done better? "Or could I have done better? "And how can I fix it?" And so it's a great time for leadership reflection, for the leaders to just step back and say, "What have I done?", and then to pull their team together and say, "Here's where I believe I've gone wrong. "What do you think we can do to make it better?" And then make a plan and get out there and be authentic, apologize and try to start repairing the culture. - Yeah, I think that's excellent advice, Bonnie. We really appreciate you being here today and being vulnerable and sharing your stories and your experience with us. Thank you for that. - Thank you, Kelly. - Now, if you want to keep up with Bonnie, you can reach out to her on LinkedIn. She does a CEO coaching. She does leadership development, HR tech, and succession planning. And you can also check out her book, it's called "Leading With Vision", and that can really help you kind of figure out where do we go from here, and how do I set that vision for my company? And you can also check out our courses right here on LinkedIn Learning. Thank you so much for joining us here as we kind of talked about and tried to figure out how do we move forward with these limited resources together?
- Pivoting with limited resources
- Building your new vision
- Stepping into the leadership gap
- Supporting your employees through training
- Onboarding your employees virtually
- Onboarding virtually as an employee
- Managing flexibly with remote/hybrid teams
- Managing performance when workers are remote
- Fostering inclusion and belonging in the new normal
- Talking about race at work