How every crisis gives us a chance to do better

The COVID-19 pandemic brought about a significant shift in our daily lives in just a short period of time. Around the world, many people, including us here at Siemens Financial Services (SFS), found themselves confronted with new ways of working, such as interacting and collaborating on a near 100% virtual basis. But it’s been said often not to let a crisis go to waste. We shouldn’t expect (or even want) to return to all the old ways of doing things. 

Over the years, I’ve found that not only do we learn more in difficult times, but the learning curve accelerates rapidly when we’re up against adverse circumstances. It’s on all of us now to learn from these experiences and together forge our next “new normal.”

Looking to the past to adapt to the present

While every crisis is different and the scale of the coronavirus pandemic is unlike anything any of us have ever seen, we can still adapt what we’ve learned from previous high-stress situations to help guide us now. One experience I’ve been able to draw on is from the time I spent living and working in Russia.

During the summer of 2010, Russia’s catastrophic wildfires came at the height of numerous extreme weather events around the world. Moscow and the surrounding areas were ignited by the already dry conditions that only further fueled the fires. The resulting toxins in the air posed a serious danger to personal health, requiring people to stay indoors – dramatically impacting the way we lived and worked.

Earlier that year, we had consolidated about ten different facilities into our Siemens office in the heart of Moscow. In order to accommodate everyone in the new location, we became one of the first Siemens sites worldwide to introduce a brand-new office concept that included mobile working options. Ten years ago this was a very novel concept in many parts of the world, so naturally people were a bit skeptical. But just a few months later, when the fires pushed everyone back into their homes, many quickly realized that it meant we could maintain business continuity.  

For several weeks in August, we encouraged employees to leave the city for their own health and safety and that of their families. Back then, it was innovative thinking that added to the security of our employees in Moscow and kept us operational during that crisis.

What it takes to lead well in times of crisis

Times like these put us all to the test, in our personal as well as professional lives. As a CFO, my team’s responsibilities include ensuring financial liquidity and managing risk, all the while staying close to our customers. Like for many finance functions, our role became even more critical in the current COVID-19 environment. The unpredictability of the situation called for the ability to adopt new ways of managing counterparty risk.

Early in the pandemic, within just two weeks, our finance, risk and IT experts teamed up to create a scalable solution that streamlined counterparty risk processes and established a whole new level of data transparency to serve the entire Siemens organization – none of which would be in place right now without COVID-19 acting as impetus. The technical side of this solution was built using Siemens low-code platform Mendix, an application highlighted by my colleague David Vorih in his recent article on driving digital transformation.

But of course, the job of a CFO – or of any leader – goes beyond safeguarding the company’s financial stability. Equally important is taking the time to connect with employees on an emotional level, to understand their thoughts, needs and wishes. We need to take care of each other. I like to think of it like sailing: When you’re steering the vessel, you need to be able to make quick decisions and foster an environment of trustful collaboration – and above all you need to be there for your crew just as much as you need them to be there for you. We are all in this together.

Our next new normal is up to us

COVID-19 has challenged all of us. The way we work and interact will continue to evolve over the coming months. But for all the challenges it’s thrown at us, I’m proud of the way we’ve actually grown closer together at SFS. The transition to more virtual means of collaboration has brought with it a whole new sense of confidence and motivation because we were able to demonstrate to ourselves – and to each other – that we can continue to advance our company in many areas without a loss in productivity. I’ve been impressed with how extremely creative and focused our team has been able to work during such dynamic times.

Our first fully virtual SFS employee town hall back in May

Bottom line: when it comes to managing this or any crisis: adaptability is key. Those businesses which can adapt quickly have a critical advantage to find new opportunities for growth. 

What will tomorrow’s normal look like? No one quite knows for sure, but I’m confident the challenges we are overcoming today will help us emerge stronger and better prepared to shape the future. Already we are becoming more digital, more agile and more connected in ways we couldn’t have imagined just six months ago.  

That said, I’m still a firm believer in the incredible value of in-person meetings. Especially in the financial services industry, having real face time is an important building block to establishing trust in relationships with customers and colleagues. I’m looking forward to the days we can again meet in person and bond over shared experiences. 

In any case, the balance between face-to-face and virtual working will shift going forward. And this shift will not only benefit us as individuals, but also the environment. The current pandemic is giving us a new perspective and a chance to do better. It’s up to us to take it.  

How has the current situation compelled you or your company to adapt? What tried-and-true learnings from past experiences have helped guide you now? I’d love to hear your thoughts.