Kate Renwick-Espinosa of VSP Vision Care: Five Things You Need To Be A Highly Effective Leader During Turbulent Times
An Interview With Fotis Georgiadis
Be transparent, compassionate, and timely in your communications. It may not be easy, but it’s the only way to build trust with your team and stakeholders.
As part of our series about the “Five Things You Need To Be A Highly Effective Leader During Turbulent Times”, we had the pleasure of interviewing Kate Renwick-Espinosa.
Kate Renwick-Espinosa serves as president of VSP Vision Care, a vision benefits organization and the nation’s largest healthcare organization by membership. VSP has more than 80 million members worldwide through 60,000 clients/partners and a network of 33,000 providers. As a senior business executive and board director, Kate focuses on developing successful business and market strategies across a global business. She brings 20+ years of multi-segment expertise across B2B and B2C, including insurance, branding, marketing, retail and technology for both clinical and consumer markets. As a president and former CMO, she is focused on growth strategy, business transformation, financial strategy, product development, marketing, organizational design, and brand management.
Thank you so much for your time! I know that you are a very busy person. Our readers would love to “get to know you” a bit better. Can you tell us a bit about your ‘backstory’ and how you got started?
I was born and raised in Northern California. My mom and dad were in college, at University of California, Davis, when I was born so I spent much of the first year of my life on campus in a baby backpack, going from class to class with them. Growing up, my mom instilled in me that women’s rights are about choices — having the choice to work, the choice to be at home with your kids, and the choice to live your life the way you want — which is something that continues to inspire me today.
When I graduated from college, my mom encouraged me to do an informational interview at VSP. I was offered a job and I’ve been with the company for almost three decades. I started in the sales department and have had many different roles, including serving as VSP’s first Chief Marketing Officer, before arriving at my current role as the president of VSP Vision Care.
When I started at VSP, we only did business in three states. Today, 1-in-4 people in the U.S. have vision benefits through us. We may be one of the largest vision benefits company in the U.S. now, but there is more competition than ever in our industry, which means we need to continue growing and evolving to serve the needs of patients, employers and doctors. We have been around for more than 65 years, and I want to make sure we’re around for another 65, 70 or even 100 more years. It’s what inspires me to come to work every day.
Can you share a story about the funniest mistake you made when you were first starting? Can you tell us what lessons or ‘take away’ you learned from that?
I was working in marketing and one of my roles was developing client proposals. I had an idea for a better-looking binder for the proposals, so I had it designed and ordered a supply of them. Well, I ordered a ton of them! I don’t recall the exact number, but it was hundreds. The binders didn’t work out for some reason and we ended up having to use them for other purposes for years. What I learned from that is to test things before you go in big with an investment. I was reminded of that mistake every time I had to use one of those binders.
None of us can achieve success without some help along the way. Is there a particular person who you are grateful towards who helped get you to where you are? Can you share a story?
There have been many who’ve helped me along the way, but one who stands out is Valerie Colombo. Valerie was my first friend at VSP, and we worked in the Sales department together. We shared an office and she taught me so much. She taught me how to do my job — everything from creating reports to understanding important data points. Most importantly, she taught me how to support my team members. She was always there for our team. All of us working together were women, and we’d sit in the supply room and eat our lunch together. At the time, I was fresh out of college and didn’t have kids yet, while Valerie had two daughters. I remember Valerie sharing great advice for juggling work and kids. She said that while many moms are focused on taking time off when their kids are young, it’s the teenage years when they need you the most. Now with my daughter in high school, I can attest that what Valerie shared with me then still holds true.
Extensive research suggests that “purpose driven businesses” are more successful in many areas. When your company started, what was its vision, what was its purpose?
VSP was founded in 1955 by a small group of optometrists who wanted to provide access to affordable, high-quality eye care to the world. We’ve now grown into a global company with more than 80 million members, but our purpose remains the same, which is to empower human potential through sight.
Having a purpose-driven organization is essential for employee engagement and happiness, especially during times of crisis. Purpose is useful only if every person in your organization knows and feels it. Employees want to work for organizations that add meaning to their lives and align with their values. Without a clearly defined purpose, it’s hard to see how their contributions impact the company or society at large. One way our employees see our purpose come to life is by volunteering at our mobile clinics outreach events through VSP Eyes of Hope to help those in need. There’s no closer connection to the “why” than providing access to vision care and a pair of glasses for someone disadvantaged by income, distance, or disaster.
Thank you for all that. Let’s now turn to the main focus of our discussion. Can you share with our readers a story from your own experience about how you lead your team during uncertain or difficult times?
The most recent was when our teams moved to a distributed workforce, overnight, due to COVID-19. There was so much change and uncertainty following that − from the pandemic and the economy to social unrest. I’ve always felt that empathy and compassion were central to being an effective leader, and even more so during challenging times like 2020.
As president of VSP Vision Care, I’ve made it my goal to help other leaders and employees recognize the importance of feeling informed and connected. We’ve committed to remaining in a virtual environment for anyone who needs that flexibility and we’ve increased our employee communications. We also encouraged employees to put their wellbeing and safety, and that of their families, above everything else. Some teams have also instituted no meeting Fridays and others have hired virtual trainers to teach employees stretches, yoga and meditation for alleviating stress. I believe that the combination of care and trust helps teams remain motivated when times are uncertain.
Did you ever consider giving up? Where did you get the motivation to continue through your challenges? What sustains your drive?
No way! I’m motivated by the people around me, the shared commitment to our purpose, and a deep appreciation for our customers. Also, I’m a person who enjoys the journey more than arriving at the destination, and seeing the creativity, resourcefulness, and resilience of my team along the way.
What would you say is the most critical role of a leader during challenging times?
I think empathy and compassion are important qualities, especially for those leading a team during difficult times. Empathic workplaces have stronger collaboration, less stress, and better morale. It’s up to leaders to make caring a part of their organizational culture, and for me, it’s something I strive to do every day. There is always value in standing in someone else’s shoes and seeing the world through their eyes.
When the future seems so uncertain, what is the best way to boost morale? What can a leader do to inspire, motivate and engage their team?
One way is to create opportunities for people to connect with each other as much as possible. This is especially valuable for a globally distributed team like ours. One program that we started last year to help build engagement is “Coffee With A Colleague.” Employees can sign up to connect with other employees for 20-minute virtual coffee breaks organized by HR. I love participating in the program and have met with new employees who I would otherwise never run into in a virtual environment. I’ve also caught up with team members whom I’ve known for years but haven’t connected with until recently. It’s a great way to build new relationships and renew old ones.
What is the best way to communicate difficult news to one’s team and customers?
Be transparent, compassionate, and timely in your communications. It may not be easy, but it’s the only way to build trust with your team and stakeholders.
How can a leader make plans when the future is so unpredictable?
Plan for multiple futures. Not one future. Focus more on making certain you and your teams are change ready versus only ready for a specific change.
Is there a “number one principle” that can help guide a company through the ups and downs of turbulent times?
Remember your purpose and the reason your organization exists. Let that be your north star during the difficult times. I recently came across some research that shows purpose-led companies outperform the market by 5–7 percent, grow faster and have higher profitability.
Can you share 3 or 4 of the most common mistakes you have seen other businesses make during difficult times? What should one keep in mind to avoid that?
- Cutting their investment in people — both training and support. Human capital is the most important resource and cutting investment in them hurts the company in the long run. Remember that business doesn’t happen on its own. People make business happen.
- Not communicating enough, both with employees and external stakeholders.
- Not paying attention to emotional wellbeing. Checking in with people and remembering that people are not only experiencing a difficult time at work but may have other things going on in their personal lives as well.
Based on your experience and success, what are the five most important things a business leader should do to lead effectively during uncertain and turbulent times?
- Lead with empathy.
- Keep your organization’s purpose at the center of your strategy.
- Prioritize consistent and transparent communications.
- Don’t be afraid to admit what you don’t know and ask for input from others inside and outside your organization.
- Fall in love with the problem you’re trying to solve, not your solution.
Can you please give us your favorite “Life Lesson Quote”? Can you share how that was relevant to you in your life?
Like so many of us, I’ve had a few unpleasant past experiences with leaders who treated others carelessly. Those experiences made me want to lead differently, and to me, that means leading with kindness. Maya Angelou captured this sentiment perfectly when she said, “I’ve learned that people will forget what you said, people will forget what you did, but people will never forget how you made them feel.”
How can our readers further follow your work?
Follow me on LinkedIn. I often share what’s on my mind there and I love connecting with others.
Thank you so much for sharing these important insights. We wish you continued success and good health!
Kate Renwick-Espinosa of VSP Vision Care: Five Things You Need To Be A Highly Effective Leader… was originally published in Authority Magazine on Medium, where people are continuing the conversation by highlighting and responding to this story.
