Leadership Lessons for Hard Times

"During the current global recession, much attention has been devoted to the mistakes that sparked the financial and economic crisis, in hopes of not repeating them. Less has been given to what’s been done well amid the turmoil—to learn, for example, how best to lead a company through these tough times.

"To contribute to that understanding, ... [McKinsey] interviewed the leaders of 14 major companies... all seasoned CEOs or chairmen, asking them to reflect on what they felt they had learned... What emerges from the interviews is agreement on some broad principles that can help guide behavior in the executive suite and the boardroom, as well as interactions with employees, customers, and investors":

Confront reality
At board meetings, put strategy center stage
Be transparent with employees . . .
. . . and investors
Build and protect the culture
Keep faith with the future

Read more in this McKinsey Quarterly article.