Writing for Forbes.com, strategy and leadership academics Cyril Bouquet and Ben Bryant say the financial crisis is here to stay. But they insist that successful management during the economic downturn hinges on avoiding two common extremes in reacting to events.
Bouquet and Bryant observe that decision makers are frequently prone to "poor attention management, being obsessed with the wrong types of signals and ignoring possibilities that could significantly improve the fates of their undertakings".
Their research pinpoints two kinds of attention disorder which exacerbate the problems faced by companies during a recession and which hamper efforts towards recovery: fixation and relaxation.
On the problem of fixation, the authors say: "It is always likely in any crisis situation that managers will become so preoccupied with a few central signals that they largely ignore things at the periphery."
Relaxation, however, is "almost the opposite problem, and it tends to follow sustained periods of high concentration. Managers who have achieved a certain level of success often become less vigilant toward subtle changes in the situations they face."
So how can managers circumvent both fixation and relaxation at either end of the spectrum? The key, say Bouquet and Bryant, is mindfulness and making sense of the notions that cross one's mind at any given moment.
"Mindfulness," they explain, "means being able to notice the content of your thoughts, emotions and motivations as they appear."
The authors add: "Talented executives need to meditate in their own way, to find ways to step back and reflect on their thoughts, actions and motivations, and which ones are really supportive of their strategic agendas."
The Crisis Is Here To Stay. Do You Have The Key To Coping?
Cyril Bouquet and Ben Bryant, Forbes.com, 21/04/09
