Turn Setbacks into Comebacks

What this session covered

This session, held as a webinar, took the form of a single invited speaker's address on turning setbacks into comebacks, framed by introductory remarks from the institute's president and moderated by the session chair. The speaker drew on a personal account of repeated business and financial reversals and subsequent recovery, and related this to the disruption caused by the COVID-19 pandemic then unfolding. A short question-and-answer exchange with the host followed, and the president offered concluding remarks.

The address organised the pandemic's effects into three areas — life, livelihood and lifestyle — and distinguished ordinary stress, presented as normal and even necessary to performance, from chronic stress, presented as harmful. The speaker discussed changes to work, including remote working, supervision and workplace engagement, and drew a contrast between making money and earning it. Further themes included a shift from globalisation towards more localised production, the difference between what is urgent and what is important, and a redefinition of success as the overcoming of problems rather than their absence. The talk was structured around a sequence of steps for navigating a crisis: accepting what cannot be changed, converting idle time into learning and self-improvement, building relationships rather than mere contacts, acting proactively, accepting personal responsibility, and giving back to society.

The discussion also considered faith as distinct from what the speaker described as superstition, the proper place of money, and the value of enduring relationships over transactional ones. These reflections included comparative remarks on religious traditions and on one community's tradition of service, along with passing references to conflict and security. The closing exchange returned to the theme that setbacks may precede recovery, illustrated through examples drawn from sport, business and public life. The views expressed were those of the speaker and should not be read as positions of the institute.

Key points raised

• The speaker framed the COVID-19 period through its effects on three areas described as life, livelihood and lifestyle.
• A distinction was drawn between ordinary stress, presented as normal and useful to performance, and chronic stress, presented as damaging.
• The talk set out a sequence of steps for navigating a crisis, including accepting what cannot be changed, converting idle time into learning, building relationships, acting proactively and giving back.
• The speaker distinguished making money from earning it, and argued that money is important but not the most important thing, cautioning against the love of money.
• The discussion included reflections on faith as distinct from superstition, and on one religious community's tradition of service.
• In the closing exchange the speaker argued that setbacks can precede recovery, using illustrations from sport, business and public life.