Tuesday, 27 September 2016
"...lower for longer..."
Most pundits point to December 2007 as the start of the Great Recession. Four years later, Christine Lagarde of the International Monetary Fund, suggested that we were likely in the midst of a lost decade of economic growth.
Another five years on from that comment, we stand here only a year away from the end of that lost decade. What are the chances that things will return to ‘normal’ in that time?
Oil prices have collapsed; zero or even negative interest rates are not propelling economies; China’s growth has slowed; Brexit and other like sentiments are gaining ground. Seems to me that the ‘lower for longer’ mantra is spot on. As Dorothy realized in the Wizard of Oz, ‘…we’re not in Kansas anymore Toto…’ A new normal is evolving but that process is nowhere near complete.
As the leader, what is your priority? How can you make the biggest impact in motivating your staff to excel?
From my perspective it boils down to one thing. You must have passion for what you do. I am not talking about a Pollyanna view of the world; for certain you must be realistic. But within almost every business there lies opportunity for success. The opportunity may be modest but it exists. Passion for that opportunity is needed to propel you and your team to success.
A great plan is helpful but without commitment to the goal, it is like an un-rung bell. As the leader, others are looking to you for the inspiration that they lack.
Do you enter each day with the singular purpose of being the point of inspiration for others? Do you lead with a purposeful passion for excellence? Will you be the example and the standard by which others will judge themselves?
It is not a task for the weak of heart. But that is why you are the leader, not the follower. Whether you like it or not; whether you feel like it or not; whether you want to or not…none of this matters. It is YOUR responsibility and others depend on you to come through.
Step forward with passion and lead. And be prepared to be that focal point for some time. I expect that we will remain in this ‘lower for longer’ framework for some time!