Redefining the Race to the Bottom
‘Race to the Bottom’. Just a few months ago it referred to the competition to offer western brands and B2B buyers the lowest possible price on manufactured goods. Now when people say ‘race to the bottom’ they’re probably talking about reaching the bottom of this economic spiral. NY and Washington keep supplying us with a steady stream of bad news — the stock market is finding new lows while unemployment is climbing to highs unseen in 25 years.
But it’s not about numbers or statistics anymore — now it’s about sentiment and attitude. As leaders and managers, you have to control your emotions and maintain a hopeful, optimistic demeanor. If your Chinese team sees you lose faith in your own company, they are going to stop trying. (That’s assuming that they really ARE trying now — but that’s for another day.)
For more on looking brave…
Stiff Upper Lip - But No BS
When you can’t alter reality, you should try your best to manage perception. Don’t lie — but don’t unburden yourself to your team. You will still need some of these people to show up for work a year from now - when things may be much worse.
It’s all about how you spin things. If you go around saying, “no problem” - then you’re going to look nuts. But if you are running around like Chicken Little talking about the sky falling, then your team is going to listen to you and go catatonic right along with you.
The key thing for young managers to realize is that this could last for quite a while. Whatever your strategy for survival, good morale and confident workers are going to help. If you start staring off into space and muttering ‘there’s no hope. we’re all doomed’, then your people are going to believe you.
You want to be setting a course that you can live by for the next 18 months if you have to.
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