On Fortune, former Starbucks and Pathmark chief executive Jim Donald shares some tips for CEOs during hard times.
First, he emphasises the importance of communication. Donald also urges CEOs to "reach deep for answers", recalling some advice given to him by Sam Walton of Wal-Mart, who said: “Jim, if you ever want to know what is troubling your business, ask your front-line employees. They know, and they will tell you.”
Finally, Donald warns that "success breeds risk aversion" and that people stop innovating when they become risk averse.
He points out that various studies show that the three things employees want most is an open and honest work environment, the opportunity to be stretched and valued and the ability to make decisions.