This is when we show our employees, customers and communities who we really are and what matters most.
Doing the right thing is key
By Ethan Karp for Industry Week
Illustration: Dreamstime
In the aftermath of Hurricane Katrina, Hancock Bank did something incredible. There was no power for ATMs or credit card machines. Banks were destroyed. People were desperate for cash. So, Hancock employees dug dirty bills out of flooded vaults and ATMs and laundered them. Literally. They washed and dried the cash in laundry machines connected to generators. Then they gave it away. Tens of millions of it. Most of it to people with no ID who signed IOUs on scratch paper, promising to pay back the loans. Incredibly, almost all of it was returned. The bank was there when customers needed it most. This created so much loyalty that deposits reportedly increased by $1.5 billion in the year after the storm.
What does this have to do with COVID-19? Everything. Like Hurricane Katrina and Hancock Bank, this is a moment of truth. This is when we show our employees, our customers, and our communities who we really are and what matters most. Hancock Bank lived its values of service and trust. And this paid enormous dividends. Living your values and doing the right thing is not only the right thing to do; it’s good for business.
These challenging times are a stress test for all companies. And a litmus test for your values. It’s not just about whether your company survives. It’s about how you lead people through these dark times. This is a defining opportunity to practice courageous leadership. This is the time to lean into the buffeting winds and stand strong. This is when values truly matter. It’s a time for companies to show that they don’t just sell something or make something – they stand for something. That they care deeply about helping workers, customers, and communities. The companies that match their actions to their values will undoubtedly be the ones that rebuild and rebound faster, like Hancock Bank.
I work with manufacturing CEOs in Ohio and I’ve spoken to dozens of them in the past few weeks. So, I fully realize that what company leaders are juggling is immense – balancing the tragic human side of this pandemic while trying to pull their companies through arguably the worst economic freefall the U.S. has ever experienced. No one is prepared for this. Most companies are in survival mode – constantly triaging, completely overwhelmed. At times like this, values can easily take a backseat to survival. But “I had no choice” decisions that fly in the face of your values will compromise your brand, your employee relationships, and your future. Stay true to your values and it will provide a North Star to guide agonizing decisions and anchor your crisis response.