Lessons Learnt (So Far) from the Crises

As I spend time with clients, coworkers, friends and family, I’ve been frequently asked to reflect on the lessons I’ve learnt through the crisis. Which crisis, I wonder? We are dealing with not one, not two but three crises currently: a global health crisis, an economic crisis (triggered by the health crisis) and a racial and social justice crisis. I can’t help but feel it’s a tad early to reflect on lessons learnt, since these crises are still on-going, but I believe in taking stock along the way and learning from others.   

As we continue to navigate through these crises, here are a few lessons that I’ve taken to heart:

1.      Maintain humility: Recent events have proven that black swans do occur. Take the uncertainties associated with the pandemic, even amongst the world’s leading immunologists. So many parts of the world have adopted different stances in the way they’ve tackled the virus, and it’s not clear why different nations (and even different states) have fared so differently. Humility is clearly called for. Our best-laid contingency plans are unlikely to be the exact way that crises unfold. For example, take the notion of disaster recovery sites (remember those?). We’ve all ended up working from home, and people have been saying that these disaster recovery sites are headed for extinction. But in light of the damage and widespread power outages for folks working from home across the East Coast caused by Tropical Storm Isaias, perhaps those disaster recovery sites, with their backup generators, still have some utility. 

Despite the wide range of uncertainties about what lies ahead, we still see forecasters who want to prognosticate about the future of everything: the future of work, the future of mega cities, the future of climate change… Personally, I think making sweeping pronouncements on these topics right now demonstrates hubris rather than humility. For example, take the prediction that everyone is going to move out of the cities to the suburbs, since we’ll all be WFH for the foreseeable future, and therefore more home space will be the preference. Well, I recall a similar pronouncement after 9/11, with many experts predicting that everyone would move out of Manhattan to the suburbs. 19 years later, residential real estate in Manhattan has boomed. Go figure! Staying humble and admitting “I don’t know” is a strength (and the truth!), rather than a weakness.

2.      Display humanity: I’ve been struck by the surge in the way we are all displaying greater humanity right now. Whether it’s talking about our personal situations (aging parents, home schooling kids), witnessing crying babies and barking dogs during video conference calls, seeing the scoreboards from virtual Peloton competitions… Or the way we’ve recently started the much-needed dialogue on racial and social issues, breaking through the awkwardness that’s made us diffident to engage in these conversations in the past. It feels a lot more “human” and less “corporate” right now. My lesson learnt is that it’s important for all of us to over-communicate, and to recognize (and give voice to) our own anxieties and fears. And having four-legged friends or kids drop in on video calls actually contributes to building connections with others rather than distracting from work.

3.      Keep things in perspective: This period of crisis has shifted my perspective on what’s really important in my own life. Minor things that used to irk me in the course of daily life – commuting in traffic or having a flight delayed by a couple of hours – seem so inconsequential as I’ve had some time to step back and consider the bigger picture. Taking stock of things has been a valuable exercise, and it’s reminded me not to take for granted all the wonderful aspects of my life – my family and friends and the purpose of the work we all do at State Street Global Advisors: investing responsibly to enable economic prosperity and social progress. And it’s helped me prioritize giving back, since there’s so much of the world that needs help right now.

4.      Express gratitude: Many of you have commented to me that we have much to be grateful for – the health and well-being of our families, our jobs in an industry that has served clients well, etc. Expressing gratitude despite these challenging circumstances is powerful, and taking a moment to focus on the positive can ease the stress, anxiety, or grief so many of us have felt over the past few months. Personally, I’m incredibly grateful, and feel privileged, to lead an outstanding team of colleagues, who have shone for clients and our franchise through these crises. I would be remiss if I didn’t take this opportunity to thank my colleagues, clients and all you whom I’ve been learning from and with through these unprecedented times.

Let me stop there. I’m sure there are other lessons that many of you are learning and are reflecting on. What are they? I’d love to read your comments and thoughts.

3190406.1.1.GBL.RTL

Exp. Date: 8/31/2021