Decision-Making in the Dark

‘Coronavirus: How Scared Should We Be?’

‘Could a Second Wave of Coronavirus Trigger New Stay-at-Home Orders? States Can’t Agree’

‘Why Scientists Are Changing Their Minds and Disagreeing About Coronavirus’

‘Forget Swooshes and V’s. The Economy’s Future Is a Question Mark’

This is a sampling of headlines from the past week regarding the pandemic that demonstrate the state of confusion we’re living in right now. Authority figures and peers are sending conflicting messages about how easily the coronavirus spreads, what the protocol should be for mask-wearing, what activities are acceptable to engage in outside of home, and whether planning a large event for this fall should be seen as cautiously optimistic or laughably insane. The lack of a clear, consistent, trusted message about how the virus will be curtailed and when we can return to some semblance of “normal” has led people to unsuccessfully search for answers in the news, or opt out of this collective state of limbo altogether (if only in their own minds) by drawing their own conclusions about how severe the situation is and going on with their lives accordingly.

It’s a planner’s nightmare. I know because I’ve always mapped out my life using to a series of lists and calendar items, often made months or even years in advance. Having to stop living that way has been uncomfortable, and I’ve had to keep reminding myself that just because I can’t make plans for two months, six months or two weeks from now doesn’t mean my life will look the same then as it has for the past three months (which has basically been an ongoing loop of sleep, work, neighborhood walks, home workouts, TV, reading, video chats, cross stitching and online shopping).

With the sense of control we had over our lives and careers gone, how do we set goals, create visions for our futures, and take steps that will bring us closer to where we want to be? In the business world, we’re used to making five-year career roadmaps, setting quarterly sales goals and developing annual strategic plans. Now, the top-of-mind question for many business leaders is, what can we do to reinvent ourselves so that we can survive now – and hopefully have the luxury of going back to setting goals and making plans later?

These past few months, credit union leaders have had their abilities to make quick, tough, never-before-seen decisions tested. They’ve dealt with dilemmas such as: To what degree should we shut down in-branch services, and when should we shut them down? How do we serve members who have no experience with online banking? What do we say to members who lost their job and can’t afford to buy food for their family? Do we furlough employees? Should we scale back our marketing? How long can we feasibly continue giving members financial relief? When should we reopen branches, and how can we do so safely? How do we keep employees engaged in their work while protecting their physical and mental health?

An April 7 Gallup report, “How Leaders Are Responding to COVID-19 Workplace Disruption,” shed light on how severely the pandemic has upended the lives of employees at workplaces across the U.S. In comparing a Gallup Panel survey conducted from March 13-16, 2020 to one conducted two weeks later, the firm found the percentage of full-time employees who said COVID-19 has disrupted their life “a great deal” or “a fair amount” jumped from 58% to 81%. Compared to 2019, daily worry increased from 37% to 60% and daily stress rose from 48% to 65% among full-time workers.

Gallup also measured the success of organization leaders’ responses to the pandemic based on five elements: Developing a clear plan of action, helping employees feel prepared to do their job, keeping employees informed, showing they care about employees’ well-being and allowing employees to maintain social distancing. As part of the second element, Gallup noted “it is urgent that leaders help people see how their work connects to the bigger-picture mission or purpose of the organization.”

That’s an area where many credit union leaders have continued to succeed. For weeks now, credit union employees have been supporting small businesses and health care workers by delivering meals from local restaurants to medical center staff. One credit union CEO, Tropical Financial’s Richard Helber in Florida, gave employees $85,000 to spend locally. During Callahan & Associates’ quarterly Trendwatch webinar last month, Suncoast Credit Union EVP/CFO Julie Renderos, also in Florida, discussed how the team came together as “financial first responders” to deploy remote services and assist members. “Our focus, more than ever, is helping the credit union and members through this event while staying as safe and healthy as possible,” she said.

Some leaders have grappled with questions of morality in their decision-making. In a virtual event hosted last month by Your Marketing Co. CEO/Founder Bo McDonald, guest speaker Kristen Hadeed, founder of cleaning company Student Maid, explained her thinking behind a decision to temporarily close her business in March despite being an essential business. She said on one hand, the pandemic was an opportunity for the business to shine, being that its services involve killing germs that lurk on properties. But on the other hand, she knew staying open would put customers and employees at risk. So she asked herself what she would do if money wasn’t part of the equation. The easy answer to that question was to close, so that’s what she did, while committing to continue paying employees even if it meant taking out a loan.

Without much left to count on anymore, we’re making decisions based on limited information and “going with our gut” more than we anticipated. The best way to move forward now might be to stop searching for answers about what the future holds, learn to become comfortable with the uncertainty, and accept that making and learning from mistakes is going to be part of the deal.

Because one thing that’s certain is this is everyone’s first pandemic.

Natasha Chilingerian is executive editor for CU Times. She can be reached at nchilingerian@cutimes.com.