The four people that matter in a crisis

Priorities. The hardest part about working through a crisis environment is figuring out what’s important and what isn’t. Obviously working out mortgages and fixing the plumbing of the company is the first priority in any difficult situation, but what next? What gets priority?
It seems to me the highest priority should go to taking care of the people that really matter to the success of your company. And, like everything else, some people are more important to the equation than others. I think there are four people who are critical to the recovery of a financial institution in a crisis. Others matter too, but these are the most important.

1) The front-line employee – No one in a financial services institution has a tougher lot than the person who faces the customer each day. They’re worried about their own economic situation, they may be worried about keeping their job, they might not have a clear understanding of what’s going on in their company, and their entire reason for being is to deal with people who are anxious, worried, and occasionally very angry. And for this they generally get the lowest salaries in an organization. The front-line employee is the single most important person in an institution, and in a crisis situation, they should be the first priority for coaching, motivation, communication and appreciation.

2) The front-line manager – In addition to being the critical link in making sure that the front-line employees are taken care of, the front-line manager also has the “privilege” of making sure all the reporting is done accurately, that everything balances, that all the company’s programs are being effectively delivered, that the right marketing support is in place, and after all that, they get to deal with the really tough customer issues that their front line people can’t handle. Keeping managers well informed and making sure that they have the coaching skills they need to help their people is an essential element of crisis management.

3) The good customer – No matter what, the place won’t run without customers, and good customers are critical to recovery. By good customers, I’m not necessarily talking about the high net worth/private banking customers, I’m talking about the profitable mainstream customers that have four or five products with the organization, have been there for several years, and are generally seen as “low maintenance.” Their steady revenue and loyalty can carry an organization through some very tough times. Too often they get lost in the shuffle, and often, all they need to stay fiercely loyal and happy is some recognition of their value. A letter, a phone call, anything that tells them you know who they are and that they are important will make a huge difference.

4) The new customer – With all the tumult in the market, a lot of people are rethinking their choices and are deciding to change organizations. Some are showing up in your offices and on your website. They may be showing up because your organization is perceived to be a safer or more stable place to do business, but that will only get them in the door. What happens in the six months after they switch will determine if they will become the good customers described above, or will continue to look for a new place to do business. A well orchestrated on-boarding program can reinforce their purchase decision and lock them into the organization.

There are a lot of things, and a lot of people to worry about in a difficult situation, but focusing on the four people that really matter can clarify priorities and help an organization move past the short-term issues and build a solid customer base for the future.