For corporate governance, the COVID-19 crisis has been an accelerating shift towards an ultra-networked and integrated approach. The pandemic has been the primary driving force, and to some extent, this change has been pushed-on authoritatively. The corporate sector was not really left with any other choice but to accept the virtual working and social distancing principles. The pandemic did not favor any industry or sector. It has put every person’s learning at the center of public policy. Let us compare this change with the previous reforms, including the 9/11 incident and the Great Iranian Revolution. In this case, we see that the pandemic has forced the corporate leaders to engage more systematically and proactively with internal and external stakeholders.
What Must Corporate Leaders Do?
Let us look at the changes that leaders must implement to ensure better business operations. As Nassirian quoted, the corporate world is a tough environment to survive in. It only praises the ones who bring profits to the business. He notes that accepting this and reforming your expectations accordingly is only step one. However, if corporate America wants to ensure that it remains at the world’s forefront, it will need to redesign its leadership approaches. Several immediate changes are put in effect; however, a lot is yet to happen. Corporate leaders must embrace the change and alter their practices accordingly. Let us see what corporate leaders must do to redefine the business’s good days:
1. Remember the Laissez-Faire attitude we learned a lot back in the school days? Corporate America Does Not Care About That.
There are some things that corporate America does not comply with, and the leading one is the Laissez-Faire attitude. Corporate America expects you to have a tunnel vision and know what is happening around you while bottling you up to your neck with job tasks. Thus, it is up to you that how you get to know what is happening around you. Corporate is only there for profit; therefore, you must step out of the well to realize what is optimal for you. You have to wake up every day to become better and learn more.
2. Always remember that every crisis comes with its unique gifts. The lessons will present themselves in one way or another.
Corporate leaders must get themselves ready to empathize with people. The COVID-19 crisis has made people more courageous and empathetic such that they love to learn about what the other person is going through, thus, addressing the oppression. The leaders will need to change their leadership dynamics according to the gifts of crisis, including kindness, messages of love, understanding, empathizing, and many more. Remember how we said that corporate America worships profits? That is still true. If corporate leaders care for their employees, the employees will feel secure and will work harder for the organizations. Isn’t that a complete win-win situation?
3. Corporate leaders must know that when the controversy is high, they should be able to regulate their responses. They must use logic over their desires.
Corporate leaders must use logic and common-sense to shape their opinions. The pandemic has led us to think about this more than any other time. An environment of transparency must be created in every organization. It is optimal if leaders start thinking like an immigrant because that is the easiest way to find neutrality.
4. Corporate leaders should work on the newbies. They must train them properly, give them a sense of accountability and freedom to ask questions.
Being the leader, it is your responsibility to ensure that your followers become better. It would be best if you got over the fear that they will become better than you and will replace you. These people are not going to deter you. It would help you if you allowed them to observe and ask questions. If you give them the freedom to challenge the norm, they might become the people who drive the next reform. Do not discourage them; let them make mistakes but tell them to own their mistakes. You must tell them that if they are making a mistake, it means they are learning something.
5. Balance is the key. Being the leader, you must create balance. Do not assume that your followers will find balance.
There are some downsides you will have to accept with corporate leadership no matter what. Remember the work-life balance, which is debated highly in theory? It is one of the least-practiced principles in the corporate world. Being busy was the favored norm before the pandemic. Leaders must allow their followers to live their dreams by exclusively determining their work boundaries.
Final Verdict
According to Nassirian, the pandemic has highlighted businesses as stakeholders, making them responsible for the vitality and resilience of social, economic, and ecological operating systems. The center point of Nassirian’s debate throughout his book, “I’m Tired – How to survive and succeed in corporate America,” is that corporate leaders need to think about what’s next.
They need to think like an immigrant instead of reminiscing on what has already happened and how they must react to the past. They need to stay away from one-sided opinions and notice everything to keep their businesses moving. The goal of this era is not to ensure high profits. It is to ensure high profits while ensuring work-life balance and work boundaries, thus, redefining the corporate mantras. Remember that corporate America does not have to be so exhausting.
