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The Other Great Depression, and Why You Need to Deal with It
by Carol Skolnick at 7/30/2005 8:15 am
(Adapted from the PEACEtalks: The Newsletter for Self-awareness in Business, available by opt-in complimentary subscription from Clear Life Solutions: write to sput6 at aol dot com)
Depression on Wall Street (the mental kind) was featured recently on the front page of the Sunday Business section of the New York Times. The article cited a 2000 study (keep in mind that this is before the economy got really bad, before all those investor arbitration cases and the revelations of corporate corruption on a grand scale) which concluded that 23% of a small sampling of male brokers and traders at the top Wall Street brokerage firms admitted to suffering from clinical depression, in contrast to 7% of the national average. It's not difficult to imagine that, in these uncertain, post-911. post dotcom and stock market bust times, the percentages could be way higher.
What has this got to do with you and your business? Plenty. Because change on Wall Street affects all of business. The pressure that's on for them is on for us as well, and that can lead to symptoms of depression. And we all know what an unhappy workforce leads to: attrition, absenteeism. poor morale, poor productivity, escalating costs and reduced revenues.
If yours is a large company with an EAP program, help is there for those who reach out for it...and many, feeling ashamed or stigmatized by depression, will never reach out. If yours is a small concern without such resources. what can you do for your employees and for yourself?
1. Acknowledge that there are issues. Sometimes a cigar is just a cigar, as Freud pointed out. Sometimes things simply are not going well. The economy may be "recovering" and at the same time, it isn't what it used to be. Our retirement accounts have lost a third of their worth on average, and many people continue to be out of work or are underemployed. There are no guarantees of security for those with jobs, and it's a competitive marketplace out there. Saying that everything's okay and that the dilligent will prosper isn't everyone's reality. We may as well face it.
2. Let your people know that it is not a weakness to seek help but rather a strength, a path to improvement. Be approachable and available to employees and their issues, and cultivate an atmosphere of trust and support in your workplace.
3. Become more self-aware through the process of self-inquiry. You may be having your own crippling thoughts about the future of your business and your career. You needn't allow your thoughts to run you ragged; question and understand them! It's hard to be a mentor and set an example if you aren't walking the walk.
4. Don't be afraid to ask for help yourself. To become an analyst, therapists must first undergo analysis. Most of the corporate coaches of my acquaintance also work with a coach. If business is really getting you down, you may want to enlist the help of a professional...and don't overlook the help that is always there, in the form of your workforce. If you can be honest and upfront about your own needs, you'll convey that mindset to your employees...and they may extend you the same courtesy.
5. Finally, understand what depression is. It need not be a crippling disease. It's not something to be ashamed of, to hide or to stuff down. Depression is the result of uninvestigated, confused thinking. When we work with our thoughts, our lives change...and changes in business cannot help but follow.
©2005 by Carol L. Skolnick. All rights reserved. ***PEACEwork
1. What are some stressful thoughts you are having about your business or your job in relation to the economy? Write them down. Don't be afraid of inviting negativity...if you have already entertained these thoughts, actually dealing with them won't make it worse and might make it a whole lot better.
Some examples of stressful workplace thoughts:
"I won't have enough money."
"We're going down the drain."
"Our employees (our leadership, our sales force, etc.) is too weak."
"I mustn't let anyone know how I'm really feeling."
"If I express my concerns, I'll lose my position."
"Things will never get better."
2. Hold each of your beliefs against the four questions of self-inquiry:
*Is it true?
*Can you absolutely know that it's true?
*How do you react when you think that thought?
*Who would you be without this thought?
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