The theme for the eighth annual Fuqua/Coach K Leadership Conference, “Leading in Times of Uncertainty,” was set a year ago, and it turned out to be unusually prescient.
So, to try to capture some of that cosmic energy and channel it for the good of the economy, Duke University’s basketball coach, Mike Krzyzewski, said half-jokingly Monday evening that next year’s conference will be titled, “Dealing with Prosperity.”
In kicking off the conference, Krzyzewski addressed the anxieties of the executives in attendance.
“When there is a lot of uncertainty … it’s actually a great opportunity,” Krzyzewski said. “More people listen when they’re not sure. It’s a good time for a good team to get better.”
The conference, which will continue today and Wednesday at Duke’s Fuqua School of Business, will cover topics ranging from leadership through the financial crisis and leading creative enterprises, to leveraging social networks and global trends. Many of the speakers will be from local companies, such as Jim Whitehurst, president and CEO of Red Hat, and Michael Capps, president of Epic Games.
Chris Young, manager of advanced systems at Cisco and a first-time attendee of the conference, said that he came hoping to learn about working with employees and customers from different countries and cultures.
One of the challenges facing his team is the global dispersement of its workforce that has resulted from the outsourcing of some of the jobs.
“The team is working in different theaters,” he said. “We’re no longer viewing the economy as in just the U.S., but globally.”
Bob Seelert, chairman of British advertising agency Saatchi & Saatchi, gave the keynote speech Monday evening with some lessons from his book, “Start with the Answer,” featuring advice for aspiring leaders drawn from his four-decade-long career in marketing and advertising.
The basic requirements of leaders in times good and bad, he said, are to set direction, establish standards and release the energy of the organization.
In tough times, Seelert emphasized communication and an effective strategy with an eye on long-term goals for the company to keep it growing and differentiated from the competition.
Communicating and finding out the truth about the company could be especially difficult in hard times, because employees are worried about the leadership and about keeping their jobs.
“In times like these, people are nervous. Sometimes, they’re downright scared,” he said.
Seelert advised communication and making people feel like part of a team, but also being honest about the possibility of staffing cuts.
To stabilize a company, Seelert advised devoting time and attention to the few things that will make a difference. When he took over Saatchi in 1995, for instance, employees and clients alike were worried about the stability of the company because the founders of the agency had been ousted.
During that time, he focused on stabilizing the clients and the staff, and refinancing the company.
As for “Dealing with Prosperity” though, Seelert was skeptical: “I’m not sure we’re there just yet.”
Bob Seelert’s 10 Things To Do When Leading in Tough Times:
- Get the truth out on the table; don’t pretend things will get better.
- Establish performance standards/expectations for the new economic reality.
- Think long term while acting short term.
- Communicate, communicate, communicate with your people.
- Get “all hands on deck.”
- Get out with your customers; listen and learn.
- Stay true to what made you great in the first place.
- Reframe the value of your products for the new environment.
- When you think “add,” also think “reduce.” When you think “create,” also think “eliminate.”
- Set tight priorities.
