Mr Pang is just one of the many business leaders rolling with the punches in these unprecedented times. In the midst of all the fire-fighting that leaders need to do, analysts say a critical component in managing the crisis is communication.
"I certainly don't subscribe to the school of thought that says people in the 'West' can take a more direct form of communication," he notes."Singapore was built by some very direct leaders, whose willingness to be honest about the situation instilled trust across the nation." Many businesses have had to resort to pay cuts and retrenchments as they struggle to keep their heads above water. The question is: how do leaders deliver bad news in the midst of such tough times?
Otherwise, they may dole out steps in dribs and drabs, with incremental updates overwriting previously communicated directions which leaves a lot of room for second-guessing -"a sure recipe for a crisis in the making", she adds. This will determine whether the affected workers will remain the brand's best advocates, or if they will vent their frustrations to the media and the rest of the industry.
He also e-mailed each team on its business continuity plans, the organisation's priorities, and provided them with visibility on the cost-cutting measures planned, so as to clear any doubts. Secondly, it was about leading by example. Mr Pang took the largest pay cut of 40 per cent. The rest of management took a voluntary pay cut as well, and those in the middle band had a 10 per cent pay cut from their monthly variable wage components. Staff earning below S$2,200 had no cuts to their salaries as the company wanted to protect their most vulnerable staff."It is the staff who have to worry about bread- and-butter issues that affect me the most," he says.
As an entrepreneur of three decades, this is not his first crisis."While Covid-19 is certainly not my first rodeo, it might yet be the most formidable ride," he says. "I had the opportunity to speak to, then take questions from, all my staff," he says."We spoke about the potential impact to our country and finally, to our company. The intention was to download what I had read, heard and observed to my team, in full candour."
For Joshua Koh, chief executive officer of furniture retailer Commune, addressing workers' biggest fears of job security and a salary reduction was a priority. "I also encouraged my staff to take time to be with their family and to keep healthy during this period," he adds. Leaders who are only focusing on workers' productivity without providing the necessary support need to consider their priorities, say analysts.
Korn Ferry's Mr McIlroy notes that leaders should not underestimate the personal pressure that falls on them.