Having a strong leadership structure is essential to the survival of a business during times of economic turbulence, it has been claimed.
According to a strategic advisor at the Chartered Institute for Personnel and Development, companies with strong leaders and a solid base will find it much easier to cope with financial challenges.
Steve Crabb said the consensus among most businesses is that an organisation is only as good as those who lead it and he insisted that ensuring a "pipeline" of future leaders is crucial for any firm.
"In a lull in the economy, people really are the only thing you can count on and the key to sustainable high performance is to have leaders who clearly communicate what the turbulence of the organisation is, what its strategy is and a list of values," he remarked.
Linda Holbeche, director of research at the CIPD, said recently that leaders who can guide their employees through uncertainty and keep them motivated and engaged will be most successful during times of financial instability.