Fraught with tensions, it was a nerve-wracking time to be in the company. The boss had no choice but to reduce headcount in the back of an unprecedented recession. Joanne and you are both struggling to hold back increasing losses to your investment portfolios. As the leading investment bankers in your respective teams, the teams would come under fire in the event of heavy losses incurred for the bank.
Misery thrives in this trying period of time, yet Joanne and you are still going ahead with the marriage ceremony next month. Nobody in the company had expected this union.
Two weeks before the end of the financial year and your marriage, Boss announced that five staff from an underperforming team would be cut from the payroll. Staff morale was at an all time low. It was then, you got wind from an insider source that a major food conglomerate, K, is acquiring a rival company C. Stock prices were bound to go up. Your team of analysts was anxious to purchase these stocks, eager to get an edge over Joanne’s team. Knowing your relationship, your team’s analysts got suspicious over the possibility of a leak of information.
Joanne’s team was still bleeding funds. Obviously, you were concerned that she would lose her job. Despite that, you remained tight-lipped.
You then purchased a 0.3% stake in K which subsequently rose in value. The team was satisfied, but your analysts still seemed distrustful.
At the end of the month, Boss revealed that Joanne’s team outperformed yours with a 3% stake purchased in K. You were flabbergasted, and your team pointed their fingers at you.
Rumours abound that 5 analysts (your name was not mentioned) from your team were to be retrenched soon.
As the leader of the team, what would you do?
Hi Justin,
ReplyDeleteI believe that I would not want to be in such a situation. :)
To have a clearer view of the problem, I would list down the things that I would have to be concerned with regarding the incident.
1) Conflict between the team.
The team members may have lost their trust and are angry with me since they misunderstood that I may have something to do with our lost. (Given my relationship with Joanne)
A clear explanation is necessary to convince my team that I do not do anything to betray them. As the leader of the team, I would admit that I should shoulder the responsibility of the team's loss.
2) Discussion with Boss on any alternatives to the situation.
I should also meet up with my Boss to explain our reasons for the lost but to also come up with other solutions (E.g. Pay cuts instead of retrenchment). Reaffirm to your boss that your team is still a valuable asset to the company that should not be dismissed.
There may be many complications to the situation itself. Thus, it is important to adhere to your principles and to find the best way possible to save your team and everyone from the effects of the recession.
Regards,
Kevin Lin
My highest priority would be to salvage the situation. I am bound by human nature to quickly defend myself to my team. That certainly helps to clear a huge misunderstanding and not worsen the relationship with my team. However, what good is the relationship if the team is going to disband. Dissolving the conflict should only be done if the retrenchment has taken effect. As a leader, it is my duty to fight for the cause for my team. All the pressure and finger-pointing from my team must be tolerated and doing so requires the capability of a good leader.
ReplyDeleteI will explain to superiors that the company’s retrenchment reason does not exist anymore since all teams have been profitable. Also, the superiors should know that the very reason why our team lost out in the competition was because of a possible leak; but that leak was beneficial in all ways to the company still.
If the outcome is positive, the secondary objective is naturally accomplished. If it is negative, then I will consider resolving the conflict with my resignation; a leader does not exist without his team.
Hi Justin,
ReplyDeleteThis is a really difficult situation. I think you will never want to be stuck in it. If I have to choose between love and career, I would find out about how many people will be affected and what is the consequences of my choice. In this situation, I will not act like that. My girlfriend and I will marry next month, I will be responsible for her for the rest of my life. If you sacrifice 5 teammates to save my girlfriend's job, who will responsible for them? If it is me, what can I do?
However, if everything had been done and I had made a wrong choice, the only way is find the solution for it. Firstly, I have to apologize my teammates and tell them the reason why I do this. Then I will talk to the boss to find another way instead of retrenching my team. Although it cannot change anything but it is good to give it a try especially this is the only thing I can do for my teammates.
Hi Justin,
ReplyDeleteYour situation is a special one. The conflict originates from the lack of trust. Therefore, if I am the leader of the team, I would try to prove my innocence to the team by proving that the purchases of the same stock by the two teams are purely coincidental.
Also, I would approach the boss to confirm the rumours of the retrenchment of the people. I would explain to him that both the groups bought the same stocks will happened to rise. My team is more careful in the investment, and hence lose out to the other group. Being more careful with the investment is a skill that we should have when we are dealing with big amounts of money. And if the stock prices happen to drop, the losses incurred would be less. Therefore, he should not retrench such good workers.
Having done whatever I could to savage the situation, and if the collegues still have to be retrenched, then there is nothing I could do. I could not resign and leave the company together with the retrenched collegues as Joanne would need my income to support the family. This would be tough, but I guess I would just bear with the blames from the teammates, and slowly build up the trust between each other over time.
Jing Mei
There is only one workable solution to such a problem, and that is to build up the lost trust through communication. I should explain the whole situation to them slowly and clearly. While starting off, I should also elaborate that I understand what their state of mind is and that it is but natural for them to think that I might be the one to blame. By showing that I can view the situation from their point too, I should be able to gain their confidence and trust.
ReplyDeleteAdding on, I should clarify the fact that , contrary to what they were thinking, I had not betrayed the team and tipped off Joanne. At this point, I should drive home the point that I am sincere at work and that I wouldn't let personal issues affect my work matters at any cost. Lastly, I would promise the retrenched staff that they could expect all sorts of help from me and that I would help them procure a good job at the earliest.
Through the right use of communication skills I should be able to win my team over and solve the problem without any hassles.
-Lakshmi