For professionals interested in understanding effective management during turbulent economic times, this insightful article brings forth the wisdom of Warren Buffett, who once famously stated that it’s during tough times that one discovers who isn’t adequately prepared for challenges.
This particular wisdom was evident in the feedback from the annual Midlevel Associates Survey conducted by American Lawyer. In the survey, thousands of associates told the tale of how their respective firms missed the mark in managing through a downturn.
Their stories lend important insight into what not to do during difficult economic times, providing a learning opportunity for others in the field. Keeping in mind Buffett’s analogy, it is clear that lack of adequate planning and ill-preparedness, especially during a recession, can critically impact company culture and overall performance.
For specific insights on which companies rated high in associate satisfaction and technology during these rough patches, refer to these rankings here and here.