The age of lax regulation is so over. The long arm of the federal government is back in business. It isn’t just the new Democratic administration—everything from leaded toys to salmonella peanuts to Bernard Madoff and the meltdown-and-bailout itself has renewed the government’s appetite for big-time oversight.
The financial industry is first in line for the Washington woodshed. Congress is picking out one helluva hickory switch, firming up guidelines for making loans and increasing the capital requirements to back those loans up. Even the derivatives market, long under the radar, is about to get a regulatory colonoscopy.
But don’t think for a minute that it will stop with the financials. Manufacturing, transportation, energy, communications, retail—everybody is looking at a year of being looked at very, very closely.
So how best to respond to all this? By taking advantage of the golden opportunity it presents.Whenever the regulatory net closes, many businesses hunker down and play defense. Out of concern for their cash flow, they cut corners, downsize, and rein in anything out of the ordinary. In the process, they often deflate their most innovative and forward-looking initiatives and put their corporate culture in survival mode.
Too bad for them.
Don’t skip your compliance review, of course. This is definitely no time to be caught with your knickers around your knees. Now more than ever, you’ll want to stay on top of guidelines both old and new. But do that to the exclusion of anything else and you’re sure to join the others on the scrap heap.
Instead, WHILE you see to your regulatory Ps and Qs, make sure you stand out among the hunkered-down hulks by attending to your own workplace culture like your company’s life depends on it. Because it does.
Increase employee engagement by opening up communication, using the language of ownership and community, calling it tight on dysfunctional behaviors, and celebrating victories at every step. As your employee engagement skyrockets, you can watch your customer service scores and profitability soar right along with it.
So long as you keep believing in the power of culture transformation, I’ll keep offering my insights into how you can transform YOUR workplace into a kick-butt, Thank God It’s Monday culture.