Had a Tough Year? Make Peace and Move On
People who read this also read:
This week's question for Ask the Coach:
My bank has lost billions of dollars because of bad investments – which I didn’t make. Now I am facing budget cutbacks, getting no bonus, reducing my staff, and being expected to contribute more. This really makes me angry! Any suggestions?
If it is true that “misery loves company,” you have a lot of company. In my work in the financial services world this year, I hear your frustration – and your question – over and over again.
In one bank that I know well almost every part of the business had a great year – except the division that lost billions of dollars and negated all of the other divisions’ success. This made life very tough for the employees in the successful divisions.
One of the most common characteristics of successful people is that we have a very strong “internal locus of control.” In other words, we believe that our success in life is a function of the motivation and ability that we bring to the world. Less successful people tend to see success as a function of external factors – or the environment.
Normally this belief in our control over our own destiny works in our favor. It makes us motivated and encourages us to build our skills. It helps us take responsibility. (It also keeps us from wasting money on lottery tickets!)
When negative environmental factors impact our success, our strong internal locus of control makes it hard for us to accept the reality of the external environment. We begin to get angry because “It isn’t fair,” and we ask questions like, “Why am I being punished – for their mistakes?”
I cannot help your company get back the billions of dollars it just lost. I cannot help you get a bonus or save your valued staff members. I will try to help you make the best of the situation that you face. My suggestions are:
• If you choose to stay with the company, realize that we all make mistakes. The individuals who made bad decisions – or their bosses – are just humans. They aren’t Gods. Historically, these people have made some very good bets. Recently they made some very bad bets. You don’t have to love them, but just accept them for being who they are. Carrying around anger directed toward your fellow employees does not help you, your company or the people who work with you.
• Forgive yourself. You are an adult. You chose to work with this company. In a way, you made a bet. Sometimes our choices don’t work out as we had planned. This does not make you a bad person – just a human being. At a deeper level, the person you are really mad at may be yourself. Don’t be personally ashamed because your company has lost money. While you can own your own performance, you can’t own the performance of people that you do not control.
• Reassess the situation. One of greatest challenges for investors is to learn the meaning of “sunk cost.” What’s done is done. Let it go. Objectively reconsider your situation. Given the world that exists today, do you want to stay? If so, make the best of where you are. Do you want to leave? If so, begin searching for another job.
• Remember your deeper mission in life. Behave in a way that optimizes benefit for yourself and the people that you love. Don’t cut off your nose to spite your face by letting your anger override your logic. I have seen many otherwise smart people make stupid decisions when they were angry. Don’t let this happen to you.
I hope that these suggestions are helpful.
I love hearing from our readers. Please send in comments with your suggestions for how good professionals can make the best of today’s tough conditions.
Sign up for the Harvard Business Publishing Weekly Hotlist, a new weekly email roundup featuring the top highlights from HarvardBusiness.org.
- Comments (15)
- Join the Discussion
- Email/Share

Marshall Goldsmith is a world authority in helping successful leaders achieve positive, lasting change in behavior. Dr.Goldsmith is the author or co-editor of 22 books, including What Got You Here Won't Get You There, a New York Times best seller and Wall Street Journal #1 business book. He has worked with more than 80 CEOs and their management teams and been recognized as one of the world's leading executive educators and coaches in Forbes, Business Week, The Economist, and many other business publications. The American Management Association listed him as one of 50 great thinkers and leaders who have influenced the field of management. To learn more, please visit
Comments
Try reframing the situation into something positive. Think how useful it will be to have experienced how to survive and flourish under such challenging times. When things get better (they will) you will be able to look back and think it was a great experience......if you managed to achieve things then just think what you can achieve now...!
Chris
http://learn2develop.blogspot.com
- Posted by Chris
June 30, 2008 11:08 AM
"When you lose, don't lose the lesson !"
- Posted by CK
June 30, 2008 1:59 PM
Chris - Great thoughts. Just about anyone can be a leader in 'good times. It is tough to be a leader in 'hard times'!
CK - Most of what we learn in life, we learn when we face challenges. I have never hear that saying before, but I like it!
- Posted by Marshall Goldsmith
June 30, 2008 4:43 PM
DEAR READERS - PLEASE ACCEPT MY APOLOGIES FOR BEING BEHIND IN RESPONDING TO ALL OF YOUR GREAT COMMENTS. I HAVE JUST FINISHED REVIEWING EVERY POST FOR THE PAST THREE MONTHS - AND RESPONDING TO ALL OF THE ONES THAT WERE UNANSWERED. IF YOU HAVE MADE A COMMENT - AND WOULD LIKE TO SEE MY RESPONSE - PLEASE GO BACK AND REVIEW. THANK YOU!
- Posted by Marshall Goldsmith
June 30, 2008 6:11 PM
The one who gets going through tough will certainly be rewarded once the hard times are gone. It becomes must on the companies to care for the ones who have been there with them through hard times.
I am not saying that staying on the sinking ship will benefit but it's also a fact that ships don't sink in a day.
- Posted by shahzad hanif
July 1, 2008 5:30 AM
Having an strong "internal locus" may be a powerful tool for directing one's own life and feeling self-actualised, but there is also something to be said for understanding that everything we do in life, regardless of our personal success and determination, is still subject to external force and influence.
I recall, reading this, something a graduate psych professor said in class many years ago:
"You can control your actions. What you cannot control, are the reactions of others."
I think that thinking applies beautifully here.
Life is not just about the decisions and actions made by ourselves, but the reactions all around us, in our own environment, and the ever-widening circles of humanity that build the businesses, societies, cultures and countries that we all live in.
The bottom line is, there are no guarantees, regardless of our personal agenda, or level of commitment.
Therefore, I think part of having a strong internal locus should entail more than strength in the context of what choices and accomplishments we make, but also strength in the sense of what you can overcome with dignity, grace, and understanding.
I guess what it comes down to, is that even for the successful and committed, I believe good things are still not a "given" in life, and should therefore be approached not with arrogance, but appreciation.
- Posted by Kristin
July 1, 2008 10:37 AM
shahzad - Excellent point! Most of the 'ships' that I am referring to are definitely not going to 'sink'. This can be a great time to differentiate yourself as a leader or a professional.
Kristin - I completely agree. Most of the mega-successful people that I have met in my life were very smart, worked very hard AND had a lot of good luck!
- Posted by Marshall Goldsmith
July 1, 2008 9:17 PM
Oh, please. This is so much indulgence. The writer is concerned because he might not get a bonus? News flash: most people don't get bonuses. Ever. A bonus is by definition an extra. You can't complain when you aren't getting something you weren't normally supposed to get anyway.
And he's complaining because he has to lay people off? But he apparently isn't losing his job. And we are supposed to feel sorry for him even though he still has a job?
So now, beset by these calamities, he is advised to forgive himself and remember his mission in life? Give me a break. Why don't we stick to coaching people who need coaching, not the spoiled overpaid.
- Posted by Dirk
July 1, 2008 10:05 PM
Dirk - I am not sure that this question was from someone who is 'spoiled and over-paid' - and I am really not sure why you concluded that from the question. It is hard for most humans to have a great year - and get no recognition. It is hard for most humans to lay off co-workers who have done a good job - because of factors they could not control. If this stuff is easy for you - you are the exception, not the rule.
- Posted by Marshall Goldsmith
July 2, 2008 8:57 PM
great points. I also believe it is about choices we all make in terms of redressal of situations and the tougher the circumstances are, the easier it is to make the wrong choice on the emotional spectrum.
- Posted by Anand Kumar
July 3, 2008 10:22 AM
Maybe what Dirk was talking about was the fact that only one side of the coin was been analysed. Yes, it is very hard to lay-off co-workers, I have already to do this, and it was not easy. But how do you hang on when you are the one laid off. You have done nothing wrong. You had done your best, and even so you are the one laid off. Depending on your line of business it isn't really easy to get another job with the same salary.
Cheers, Julia
- Posted by Julia Correa
July 3, 2008 10:42 AM
Try developing a little empathy.
Your job just got tougher? What about the people who lost their jobs due to the economic situation this caused? What about people who actually lost their homes (people can get upside-down during a housing market collapse without taking dodgy loans... and what if they had even ONE health care situation at the same time)? What about their kids, who are no longer able to attend school with their friends?
If you have a strong internal locus of control you may find yourself being judgmental against those who don't.
Because you now find yourself in a difficult environmental and "it's not fair," you might take the opportunity to look around and see whether others you know are having even more problems due to life being unfair.
- Posted by Jessica Margolin
July 3, 2008 10:45 AM
Hi Marshall,
What the heck does "Don’t cut off your nose to spite your face by letting your anger override your logic" mean?
I liked this article - it had a lot of meaningful messages that seemed to flex outside of the given question.
Matthew
- Posted by Matthew Polkinghorne
July 4, 2008 2:48 PM
Hi:
A Year usually consists of ups and downs. Remember the good and make peace with the hard times as this may lift your spirits and make you a wiser human going forward.
Forgiving others is just as important as we live in a society with many (not different) cultures, races and religions.
Know what you want, your goals and add value to those goals and objectives while helping others achieve their goals.
Think big, have passion and give back.
- Posted by Ajay Hayer
July 5, 2008 1:50 AM
Anand - Good point! There is a new book called 'Predictably Irrational' that has a whole section on what you are disucssing.
Julia - I have met many wonderful people in the situation that you describe. One of their challenges is overcoming the self-imposed guilt that can come with being a 'survivor'.
Jessica - This is great advice. My best trip in life was to Africa in 1984 (with the Red Cross) to be a part of their famine relief campaign. It helped me put life in perspective (which I still lose sometimes).
Matthew - This quote means, "Don't let your anger cause you to behave in a way that is inconsistent with your long-term mission as a human being." When we get upset with the world, we - unfortunately - often end up just hurting ourselves.
Ajay - Thank you for these inspirational thoughts!
- Posted by Marshall Goldsmith
July 6, 2008 9:54 AM