Values-driven leadership: Sustaining a culture of trust in times of crisis

Our most recent PwC CFO Pulse Survey shows that over half of CFOs are expecting a decline of at least 10 percent in company revenue and/or profits this year and a third anticipate layoffs as a result of intensifying pressures on cost. Yet, protecting employees remains top of mind with 77 percent of CFOs planning to change safety measures and half expecting higher demand for enhanced sick leave and other policy protections. 

As we navigate tough decisions to balance business realities while continuing to support our workforce, our purpose and values should remain our guide. Over the next few weeks, I will share learnings from our own experience at PwC, and will dive deeper into leadership topics around:

• Purpose-led and values-driven leadership
• Plans for safety, physical and mental well-being, and inclusion
• Digital fitness to secure the present and the future
• Leadership communication - storytelling and listening
• Fostering a diverse and inclusive workplace

Clarity of purpose and values should serve as a compass for organizational leaders in times when there is no roadmap or easy answers. In the immediacy of a crisis, it’s too late to establish clarity and alignment on this foundation. As a result, crises can often expose the weaknesses of teams and individuals in the absence of a strong values-based foundation and decision making framework. 

When planning return to the workplace strategies, it’s important to explicitly and transparently link tactical decisions to a larger set of guiding principles and decision frameworks that are tied to our values in order to build trust, and instill confidence and credibility amongst our employees. This can be challenging as there continues to be uncertainty and incomplete information. That’s why it’s so important for our playbooks to prioritize workforce safety and health.

Organization’s cultures are being put to the test in a way that feels like no other crisis has in the modern day with an immediate need to support the physical and mental well-being of employees. At PwC, we have adapted some of our existing benefits, including virtual mental health coaching, enhanced crisis childcare support, and virtual doctor visits. We have also built upon our longstanding approach to flexibility as many peoples’ lives and routines have been changed. For example, we have a whole suite of wellness resources including mindfulness sessions, group coaching for parents, access to virtual exercise modules, and tips on blocking time and planning staycations. Our own research has also shown that creating a sense of belonging and inclusion is essential for well-being and performing at our best. See other best practices for building a virtual inclusive culture at the CEO Action for Diversity and Inclusion™ database.  

Reinforcing that we're in this together should be a top priority. As leaders, we need to provide clear, transparent and consistent communication to our people. In times like these, we’re reminded that “personal” and “professional” are not separate spheres of experience; rather they're deeply interdependent in how we show up — and how we show up for each other.

Many of us may be afraid and overwhelmed by the uncertainty of these times, and it’s important that leaders hold space for these fears, listen to the needs of their people, and continue to support them through this. We should create avenues for open dialogue. 

At PwC, for example, we are hosting regular firmwide town halls where we not only share updates and guidance with our people, but we communicate transparently about business performance, leadership priorities, and future state expectations. We open the call with a value share. Value shares are a simple and personal story of how we are experiencing one of our values in action within our firm and with our clients. For example, Tim Ryan, our US chairman, and other members of our leadership team, authentically share how they are feeling, how their families are coping, and how our teams are helping support each other and our clients.

We’ve included internal and external subject matter experts, like medical professionals, who can credibly address complex topics. We end with open dialogue, where our people are encouraged to ask questions in an open and safe environment. The feedback that we are receiving from these town halls has been positive in helping create a sense of community, providing clarity to our people, and demonstrating our values in action and the people-first side of our leaders. 

At the team level, our leaders have toolkits for enhancing virtual teamwork and communication, digital storytelling, and virtual presentation skills, as well as keys for staying connected with colleagues and clients. We’ve also crowdsourced stories and images from our people — asking them to share their daily experience in working from home, with children, family members, pets, all under the banners of “what is your why?” and “what is your how?” Efforts like these help make clear we understand that we are all juggling new situations that require understanding and support. 

The COVID-19 pandemic has tested the ability of teams and organizations to operate virtually and has become a litmus test of their investments in building employees’ digital competencies.  Investments in digital upskilling are an important employee benefit for the 21st century, essential for enabling individuals and companies to secure their futures while promoting virtual teamwork, collaboration and business continuity. New world. New skills., PwC’s $3 billion investment in digital tools and technologies, is helping us continue delivering value to our clients and communities during this time. 

Our commitment to clients and communities extends even beyond this investment, however. In fact, we’ve taken a multi-pronged approach that is rooted in our purpose and values in order to help society more broadly. Last month, we started offering free access for all to our Digital Fitness app and added COVID-19 related information. The PwC Charitable Foundation, Inc. is also investing in providing digital tools and resources to address critical needs. From a relief perspective, our people are helping businesses understand the scope of programs available through the CARES Act, which can be imperative to increase cash flow and retain employees during this difficult time. And when it comes to our own people, as our US Chairman Tim Ryan put it, we believe that we can help protect the economy if we protect our people. 

The future of work may never quite be the same. As local and national governments start to lift stay-at-home orders and we consider what it looks like to return to the workplace, we must focus on how we can build trust and foster a culture of caring despite the challenges and disruptions ahead. While these physical precautions are necessary to ensure the safety of our people, it is equally important that we continue to prioritize mental well-being efforts and open communication in order to create an enduring culture of caring.

Key takeaways:

• Leading with purpose can serve as a compass for prioritizing and making decisions when there are no easy answers — link your tactical decisions to your guiding principles and be explicit in sharing your basis for decisions.
• As executives focus on return-to-work playbooks, we are seeing fundamental changes in the workplace. Health and safety are the number one priority. Mindsets have also shifted as executives rethink their real estate and office strategies — with a view of the ongoing flexible work arrangements that can actually enhance productivity and talent strategies.
• It’s  important to take a holistic approach and support mental, emotional and spiritual well-being.
• One of the most important things we can do right now is come together and care for each other — for our families, our friends, our colleagues — and our communities and society.
• Leadership visibility, vulnerability and authenticity have never been more important —  practice storytelling and listening.
• The transition to a digital economy has been accelerated — now is the time to invest in the tools and digital upskilling that are not only essential during this crisis, but are the key for all individuals and companies for securing the future.