Personal and professional governance in the economic crisis.

• Author: Grace, H. Stephen, Jr.
• Position: Members speak out

During the current economic crisis, bankruptcies are exploding in many business sectors, business news is bad if not frightening, confidence is low and fears continue to rise as difficulties persist. Six million jobs are estimated to have been lost since the employment peak in November 2007, and the recovery of these jobs is likely years off.

The crisis has given rise to political governance responsibilities, which are being addressed. Important personal and professional governance responsibilities have arisen. These must be addressed, and Financial Executives International--as well as its chapters--can assist.

Governance Responsibilities: Political, Professional and Personal

Political governance is being debated, and processes are hard at work. Both the Bush and Obama administrations have aggressively moved to address the crisis, and both have been criticized; but the criticism primarily concerns the direction of action, not the lack of action.

Little attention has been given to the personal and professional governance responsibilities within the crisis. These are deep-rooted, building on both economic principles and spiritual and philosophical teachings. Economics points out that individuals seek to maximize their economic well-being and, that maximizing one's financial well-being does not necessarily result in maximizing one's economic well-being.

Spiritual and philosophical writings, from the Tao Te Ching (of approximately 1000 B.C.) to Mother Teresa, teach that the maximization of the quality of one's life is achieved by reaching out to others.

Individuals can reach out on their own, but may be more effective reaching out as a member of an organization such as FEI. Such groups can reach out to members and nonmembers, as well as to the society at large.

Many professional organizations, such as FEI and its chapters, have committees that assist members in transition--those unemployed and/or those who have been informed that they will become unemployed. These committees become overwhelmed as the number of unemployed members increases.

One of its most important roles is ongoing personal contact. Losing one's employment is difficult--often devastating. Organizations and their members remind those struggling that there are people who care about them, and are there to help. They provide hope, an essential aid when facing adversity.

Networking events have proven to be useful. Combining the experiences of social contact and professional...