Great Leaders Engender Trust During Tough Times

A leader’s values send powerful messages through words and actions about what is important. Today, of all the commendable values, trust is paramount. As COVID-19 radically changes ways in which companies do business, people are uncertain. Fear abounds. In times like these, great leaders engender trust within the credit union and from their members. They trust people with the truth. A leader’s courage, authenticity and indeed, humility and compassion, generate the trust that’s so critical now.

Tough times can bring out the best in leaders. Throughout this crisis, I have seen outstanding leaders connect at a personal level with their people. They communicate and share themselves as human beings and encourage their team members to do the same. They have shown compassion, understanding and even vulnerability as we all experience this crisis together. They understand that massive unemployment has replaced a tight labor market in just months, and people are fearful. They check in on their employees’ needs, appreciating that for many, suddenly working from home has created difficulty and uncertainty. They see that for many, climbing the company ladder is replaced by an emphasis on just staying employed, and on basic needs related to the safety of, and providing for, family and self. These leaders place their values of compassion and humility front and center, in addition to the vision, authenticity, courage and confidence that they display in normal times.

Great leaders are confident enough to be humble. Humility means being alert, nimble and aware, and knowing that most answers collectively reside in others. It means that they lead an enterprise-wide exercise to provide and collect information and synthesize a path forward, because the “corner office” does not have all the answers. Through word and deed, they demonstrate that moving through this crisis takes shared values of caring, collaboration and creativity. Everyone in the credit union is attentive to change, because in the next year we can expect more rapid change than most people have seen over their careers. People need to trust that their concerns, ideas and input will be addressed honestly and considered fully.

Great leaders trust people with the truth and appreciate the collaborative result. Everyone likes good news and optimistic forecasts, but only if it’s grounded in facts and data. Given the level of disruption COVID-19 is creating, the news and data might not be rosy, but if it’s accurate, it’s shared. A great leader is self-aware, humble and wise enough to turn to others for answers while remaining responsible for the results. They creatively handle ideas for change that “bubble up” from within the organization, not just rely on what flows down from above. This inspires the trust that collaboration and co-creation require. It supports a rededication to the credit union’s mission. The collaborative, win-win culture motivates employees to carry on and do even more. When people see the change is organic, they trust the decisions. Moreover, bad decisions are often avoided because someone has spoken up after making a strategic observation based on accurate data that was communicated to them.

The COVID-19 crisis is deeply disquieting, yet, in every crisis are seeds of opportunity. Your credit union’s agility, adaptability and resilience are founded on the culture you have built. These immensely challenging times require enhancing your culture, building on its strengths and adjusting to respond to new ways of working. This disruption is turning every business into a quasi-start-up in order to act on the new normal that is emerging and evolving. Revenue models that worked just months ago must be re-examined to uncover opportunities for increased efficiency and growth. For some organizations, a startup-like pivot may be needed. Leading with collaboration and trust is critical to a strategic response.

Many financial institutions are already pivoting, and their people are stepping up to new challenges. Employees are taking advantage of learning opportunities to meet the demand for new skills and innovation. For example, some are looking to strengthen skills around increasing productivity in a virtual workplace.

These tough times require everyone to try new things that either fail or succeed and be transparent about the results. This takes leadership based upon trust that harnesses the creativity within your organization. There is an opportunity to emerge from the crisis stronger, with employees rededicated to your credit union’s mission and a stronger membership base as a result of nourishing these critical relationships during this critical time.

Stuart R. Levine is Chairman and CEO for Stuart Levine & Associates and EduLeader LLC in Miami Beach, Fla.