If you have not got the promotion as expected…That increment didn’t happen. Not able to find the right job opportunity. If your business is under stress. Recently graduated but the recruiters are not sending the joining letter. Not able to find capital, staff, talent, orders to increase business?
If yes, welcome to 2020 Covid-19 season! Covid-19 is a major Black swan event. All of a sudden, life has turned upside down. The effect of the coronavirus danger is real and very, very close. Whether it is our jobs, businesses, personal lives or academic lives, the coronavirus effect is everywhere.
Companies are happy, staff is working from home. The staff is going crazy trying to ensure that the others in the Zoom meeting don’t hear the tadka noises from the kitchen. While everyone else on the call too is thinking the same!!
In a 24×7 crazy work environment when bad news is coming from everywhere: Social media, print, TV about rising Covid cases, contracting GDP and economy in recession. It is easy to become in negative and slip into a negative state of mind.
What if I told you this is in fact a good time? Its actually a great time for growth? For opportunities? Most readers will feel that this is unrealistic. But previous economic downturns have taught me important lessons for survival and growth that I will share with you.
Black Swans and Hope
A Black Swan event is a metaphor that describes an event that comes as a surprise, has a major effect (usually in a negative context) and leaves a lot of learning in its wake.
Covid19 is a Black Swan event. Professionally, jobs and businesses are under stress. The ripple effect on salary reductions, delayed appraisals and promotions, closed businesses and resulting job losses has been enormous.
However, it is important to realize that Black swan events need not be a disaster. Rather, It is an opportunity!
There is light at the end of this tunnel and it is not necessarily related to the vaccine. During crises like Covid, the mental strength of a true professional is tested.
True Professionals are champions. Covid has thrown an almost knockout punch
But we can all fight back like true champions! True champions take the blows and sometimes fall.
But they rise again… to fight another day.
The vaccine might help in improving things. But are you going to wait months, maybe years to get a vaccine? No! True champions don’t wait. I have seen in the previous economic downturn of 2008-10 that while there were many people suffering, there were others who were doing well. Having observed people who are able to find success in adversity and bad situations, here are some learnings from them.
We will discuss qualities of people who are able to find opportunities even in this tough time:
- Take advantage of the talent shortage
- Build on your relationships and social skills
- Upskill your hard and soft skills to emerge better
- Use this time to reinvent themselves
- Get their finances in order
There are some behaviors to keep in mind during this challenging period. These are:
- Do not panic
- Do not hang around with negativity
- Do not neglect your health
- Do not hide things from their family and stakeholders
- Do not stop believing in yourself
Lets explore these Do’s and Don’ts in more detail:
- Take advantage of the talent shortage
Economic challenges lead to reorganization of work. The nature of work by itself changes and new kinds of jobs are created. In such a scenario, those professionals who are ready to take on new kind of work have an edge.
Case study
For e.g., Covid-19 has given rise to a situation where majority of IT/ITES professionals are working from home. Often in their home times, many in remote areas. In the office, the Internet systems have sophisticated firewalls and security barriers to ensure the integrity of the software and data. However, at home, on open Internet networks, over wifi, these security barriers are absent. Individual systems and laptops also being used for personal work, can cause viruses, and other security breaches. In this scenario, companies are working hard to ensure that cyber-security is maintained for all employees working from home. Which means, that there is huge demand for thousands , even lakhs of cyber-security professionals. But not enough trained people in cyber-security. Can you spot the opportunity here?
People who find success during Covid-19 are those who can take advantage of shortage of talented professionals. And try and align their talents and skill sets with what is missing currently in the industry.
- Build on your relationships and social skills
Many People cannot take the pressure of job losses or business closures and leave that space to go on to do something else. Without being judgmental because everyone has their own journey, it is important to understand that when this happens a vacuum is created. The business: whether it is an employing organization or a job or a business-needs quality, talented people. Usually these organizations want less people to do more work
Covid period is the time to step up and tell your manager or leader or employer or customer and say:
- What else can I do for you?
- Please tell me how to help you?
- I am always available in case you need more help.
- Do let me know in what can I provide better service.
- Reach out to me anytime.
While this might add extra workload on your already overburdened plate, your stakeholders will really appreciate your attitude. By giving you a chance, they will be tempted to fill up the vacant slots left by talented people who left. Reach out to your network. During tough times everyone is stressed, but once this Covid period ends and things start to come back to normal, these relationships that you have nurtured will bear fruit.
Being active on social media like LinkedIn can definitely help in letting your stakeholders know that you are ready, willing and able to help them sustain and grow. People need partners, not just employees.
- Upsklling: Updating your hard skills and soft skills
Covid is a great time to learn that new language, master a new software, take that online course, practice your soft skills in online meetings and interactions with stakeholders. In normal times, we don’t get the time to do many things or spend time in learning and development. But Covid has given us this unique opportunity where we can learn from home! Many portals and MOOC platforms are offering free and paid courses at very reasonable prices. Build your personal profile and CV by taking courses. Everyone appreciates a learning mind-set and the fact that you took the time and made the effort and spent the money on self-development, shows that you have a growth mind-set. Especially for entrepreneurs, there are many things to learn besides sales. This is great time to learn about others aspects of the business. This can help you to spot more business opportunities and look for business potential in areas where previously you thought there was no value. E.g. PPE kit suppliers, hand sanitizer manufacturers, garment manufacturers and designers making facemasks, etc.
- Reinvent yourself
Before the lockdown were you ever having second thoughts about your choice of career? Were you toying between job or entrepreneurship? Did you ever want to explore your hidden talents?
This is the time to test out whether your passion can become your profession.
There are so many examples of corporate professionals who have lost their jobs or quit and then went on to become writers, bloggers, consultants, trainers, etc. I see so many home chefs and designers who were previously employed elsewhere.
Covid is an opportunity to explore your interests and find your Ikigai. Whether people will be willing to pay you for your new passion or devices, can only be tested once you are in the field.
5. Get your finances in order
Covid and other such events are times to sort out finances and money issues. Hard decisions might need to be taken to save money, cut expenses, defer purchases, etc. Out of the box thinking is required how to get more mile for your buck as the saying goes.
Case study
Ridhima never invested in the stock market as she didn’t have the knowledge or the time. She has been reading that in this Covid time the stock market is at a low. And experts are saying this is right time to invest. She approached her cousin who is a financial planner who advised her to buy mutual funds. He advised her that in the Covid time, you will get more funds for the same amount of money, and this corpus sometimes gives better interest than money lying in the bank.
This is also a good time, to retire expensive personal loans and give up credit card debit, even if one has to borrow from friends and family.
People who survive crises like Covid emerge debt free. This gives tem peace of mind and the mental space to look for opportunities and indulge in creative thinking.
Things to avoid during this Covid economic challenge:
In this Covid-19 scenario, constant work from home has resulted in 24 x 7 access to one’s time. The boundaries between professional and personal time have blurred and the resultant stress is enormous.
Then there is the threat of job losses, reduced or delayed salaries. For self-employed persons, the fixed costs of running businesses have taken their toll and the result is closed businesses and establishments. The support and supply chain down the line servicing these businesses have also suffered. What to do? Who to talk to?
Many of these questions can be answered if we just avoid some traps that can lead us away from success.
Listed below are some of the things that successful people avoid and stay away from:
- Do not Panic
It is important to stay calm and have your wits around you. True champions do not panic. In fact when there is a storm, the most stable ships are the ones whose captain is also calm. Force yourself to think differently.
For example, instead of asking Why questions, ask What questions.
For example avoid asking:
- Why is this happening to me?
- Why is my salary less?
- Why did I not get an increment or good appraisal when my colleague did?
- Why is my promotion on hold?
- Why did the government put restrictions on business?
- Why is there unnecessary lockdown?
These kind of questions only lead to panic as there are no easy answers. Instead, focus on asking ‘ What’ questions
- What can I do to make things better?
- What can I do to get more job interviews
- What can I use my idle machines for?
- What can I do and how can I motivate my staff to stay on and not leave?
What questions throw up positive answers. Some may be practical, others not as much. However, at least the mind is diverted away from panic and into a zone where you are occupied in finding solutions to beat panic.
Panic is fear. And just like a deer in the headlights of a car gets blinded, don’t let Covid blind you. Instead fight back!
- Do not hang around with negative influences
When everyone around you and everything around you is negative, it becomes easy to feel negative yourself. Our subconscious picks up the negative stimuli and feeds it to our conscious brain. Usually it begins with hearing negative things about job losses, about business closing, wrong government policies, etc. Then we start justifying the negative behaviour when actually something comes true. Usually self-fulfilling prophecies rarely come true. These are figments of our imagination. Doomsday scenarios rarely come true.
Like for example, supposing a friend has lost her job or a start up of your relative got shuttered because of investors backed out. Now, hearing their stories one starts feeling that every one is having similar experiences.
But that’s not the case. Even in the most deadly economic downturns like 2008 and now Covid, companies are hiring. People are still carrying on their businesses. Start-ups are still getting funded.
The difference is that the people who are getting these successes are focussing on their work. They are not concerned with rising Covid cases or vaccine or government policies or recession talks. They are focussed on doing their work to the best of their abilities and ensuring that they don’t make any mistakes or indulge in any financial misadventures.
Positive thinkers get ahead. Negative thinkers spin wheels in the same place. Stay away from toxic or negative people: both online and offline.
- Don’t neglect your health
Mental and physical well being has taken centre stage in recent times. The reason is increasing stress levels, isolated living, work from home pressures, economic factors, decreasing tolerance for stress, and other factors.
In such a scenario it become extremely important, even mission critical to take care of ones health. Physical fitness and mental health have a symbiotic relationship. They are both interconnected and you cannot have one without the other.
Physical well being starts with the working space
- Have a dedicated space for work. Table and chair is ideal.
- The bed is not a working space.
- Floor seating can be explored as there are lots of benefits of sitting cross-legged.
- Repetitive stress injuries can be avoided, by not ignoring any pain in the joints or other areas.
- Ensuring proper lighting and ventilation.
- Not getting stressed with external factors like noise or ambient sounds. Its always better to sensitize your stakeholders about the conditions in which you are calling from and operating in so that they can give you that leeway and space.
Physical fitness is a must and I would consider it non-negotiable. With lockdown having ended in most areas there is no excuse for not leaving your environment and going outdoors. Even a few rounds of climbing stairs of your building or spot jogging on your terrace can do wonders to keep body circulation going, improve digestion and give exercise to the stressed areas of the body. There are free online resources that one can use.
Exercising with the family is a great stress buster
Mental health of self and those around you is very important. Look out for signs of depression or mood swings and if you can feel it happening, take immediate steps. Counselling, sharing, talking and communicating are ways in which mental health can be improved.
Ask yourself, why am I worried or depressed? What is the nature of my work? What can I do to improve it? There is no shame or embarrassment in admitting that you are feeling mentally low. There are always friends and family you can reach out to.
Never feel you are alone. Successful people rely on and lean into their ecosystem.
- Don’t hide things from their family and stakeholders-communication
Open communication is a must with the family, friends and professional stakeholders because they are the ones who are directly affected by your behaviour and attitude. If we feel that we can fight this Covid work crises alone, that’s a fallacy. The truth is that we need the help and support of our near and dear ones. Even those who cant help us in our job or business or getting revenue for us can help us by listening, counselling and acting as a sounding board
Communicating with your family results in lifting or a mental burden.
Different perspectives
The more you talk, the more ideas come to the surface. You might be seeing things for one point of view, but communicating your ideas and thoughts and sharing with others, you might find that there are alternate ways. They are many ways to solve a upon your circumstances, but enough to say that communication can solve even the most complex issues.
- Don’t stop Believing in yourself
Backing yourself is the most important thing in the world. If you don’t have faith in yourself, then who will? Its important to realize that your self-worth determines your net worth. You can get what you want by affirming it, by believing it. By chanting that nothing is so bad. Nothing in the world can stop you.
Remember if you have done it once you can do it again. The people who experienced previous downturns and survived have used those skills to survive Covid as well. Instead of ignoring those people, lets us learn from them. And have the confidence that yes we can do it too. Because therein lies the key to gaining the courage to get up every day and telling yourself: I am going to fight this! I am going to do well! I am going to get that order! I am going to get that job!
When we approach life with that winner’s attitude, our body language improves. The positive vibrations spread to out stakeholders influencing them. In meetings, in sales pitches, in negotiations we become more confident. Remember, you can have all the help in this world but if you don’t have belief in yourself, your ecosystem too will not be willing to help.
So tell yourself. Covid is temporary but my knowledge, skills and attitude are permanent. No one can take that away from me. I am good at what I know. I am great at what I do. I will keep the faith
Conclusion
Finally, it is important to realize that this is a period that will pass, like all other events in our lives. However, instead of waiting for things to become normal which might not happen for the next 18-24 months, this is the time to be proactive and take control of our lives and careers.
How to kickstart our business, our work , our job and our life in new normal is entirely upto us.
It is important to remember that COVID is not just a disaster. It is also an opportunity. Real leaders and winners are able to find opportunity in adversity. There are vacuums that have been created in terms of product, skill and talent shortage. This the time to take advantage of this, upskill ourselves and explore how can we generate a new opportunity in Covid? The answers are simple:
By not taking undue risks and sticking to our strengths, practising frugality and most of all backing yourself!
