Monday, January 25, 2010

Facing The New Economic Reality While Maintaining Hope, Compassion, Optimism, And Innovation



Even if you’re personally doing well right now, you can probably feel the general sense of economic constraint and limitation that we are under as a country (and for that matter globally). This includes huge budget deficits at national and state levels, unemployment over 10%, health care cost growing out of control, and global warming and other environmental problems. Even economies like China that are still growing rapidly are bumping up against global resource and environmental constraints as well as the limitations created by the interdependence among national economies. These strains are reflected in company and household budgets, and in the balance of economic optimism and pessimism felt personally by each of us. The effect flows in the opposite direction as personal pessimism and optimism influence our individual, family and corporate decisions about spending, saving and investment, and these decisions combine to impact the larger economy.

How do we get past denial, face the new reality and still maintain hope, compassion, optimism, and innovation? First of all, what is the reality? Is this just a cyclical recession after which we can go back to business as usual, or is this a transformation that requires a very different model for sustainable growth and development? We may not be able to answer this question on the national or global level, but we can each make some decisions about our own situations. We can see that economic security of the old kind is over: no more life time employment with one company leading to retirement with a pension; or a stable market in which a company can survive and thrive doing the same things for decades.

It seems that the only thing that we can rely on is that there will continue to be rapid change. In such an environment, our only security may be in increasing our wisdom; i.e. our skills and knowledge in the core competencies related to successful performance. I’ve found it helpful to organize these competencies using the acronym SOPPHIA (S-O-P-P-H-I-A); representing the 7 Dimensions of Wisdom. SOPPHIA is the Greek word for wisdom.

First, the S in SOPPHIA is for Self. In an environment of rapid continuous change, it’s important to understand our own emotions and to be able to manage them. With practice and discipline, emotions can enable us to move rapidly and to make good decisions when there’s not enough time or information to use a more purely rational approach. Also, the ability to remain hopeful and optimistic in the face of difficult challenges requires managing the negative emotions that arise with setbacks.

The O in SOPPHIA is for Others. Our ability to understand and relate effectively to others (team members, customers, family and friends) is critical during times of rapid change. Cooperation with others has always been a key strategy for human survival. Compassion that balances self-interest is also a defining characteristic of what it is to be a human being, and is an essential component of what makes relationships work.

The first P in SOPPHIA is for Purpose. Purpose involved being clear about what you value, having the vision to see how to achieve results in line with those values, and having the commitment to bring that vision to reality. The second P is for Presence, the ability to be effectively present and focused, and to manage time. It’s easy to become scattered and overwhelmed when events are moving rapidly around you. It’s at such times that the ability to focus becomes very valuable.

The H in SOPPHIA is for Health. Physical and mental health is a resource that we rely on, particularly in stressful times. By developing and practicing healthy attitudes and behaviors, we can create a life style that enhances physical and mental health and increases our resiliency to the negative effects of stress.

The I in SOPPHIA is for Innovation. Innovation includes the ability to produce creative ideas, and to develop those ideas into services and products that provide value to others; and thus generate income or wealth. The more competitive environment requires that individuals and companies provide greater value to employers and customers respectively.

And finally, the A in SOPPHIA is for Assurance. Assurance is the ability to endure and to persevere through discomfort or pain, even when the available evidence for success is discouraging. For some, this assurance comes from religious faith, while for others it may come from another source.

I conclude that it is possible to face the new economic reality and still maintain hope, compassion, optimism, and innovation. But to do so requires discipline and practice. Coaching using SOPPHIA – The 7 Dimensions of Wisdom is a way to develop that discipline and practice.

I’m Dr. Bernard Brookes, you can learn more at www.sopphia.com.

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