As the economy continues to fluctuate for many industries, we are still seeing a record number of employee layoffs, pay cuts/freezes, benefit cuts and 401(k) match suspensions. Because of this, many executives are finding it challenging to deal with their employees.
Silence Is Not Always Golden
During times of economic uncertainty, a management team's silence can reduce the number of employees who are proactive. In fact, a study by Harvard Business Review revealed that even a small layoff demoralizes employees so much that many leave at the first opportunity that presents itself. To avoid this, it is imperative for management to communicate with employees in order to keep them engaged at their work over the long haul and through the bumps in the economy.
Your People Need Information And Reassurance
One of the things we have come to learn is that employees want accurate and honest information about their future. If not, the rumor mill will be working overtime and spin things in ways that will boggle your mind. To help you address this issue, we have developed a number of tips to help you communicate better with your employees:
- Make Benefits More Accessible - The most common complaint heard from employees is that they do not know how to find information on their benefits or how to use them. Some do not even know they have certain benefits, like flexible spending accounts or a 401(k) program. To solve this, we suggest having a "Benefits Resource Center" where employees can login and access tools, information, options, etc. on all of their benefits.
- Listen To Your Staff - Listening to your staff will help you respond to the most important employee concerns, and will provide valuable insight on how they are feeling about the direction of the company. Listening to your staff can also help you quantify what programs or initiatives they feel are best for the company. So how do you do this? There are many ways to listen to your staff, from surveys at an employee meeting to talking with certain employees one-on-one. No matter what approach you take, give people the opportunity to express their thoughts so that you understand what they are thinking and feeling.
- Keep Your Executive Team And Leaders Visible - The reality is this: The more visible your executive team is, the more your employees feel connected with the company. Make it a policy to have your team keep their door open during the day and encourage them to invite the employees they manage in to express their thoughts. Your team cannot be withdrawn in times of employee layoffs, cutbacks, and changing business strategies. While over-communicating is never wise, it is critical to inform your staff of your business strategy for success. History has shown that it is best to share general information sooner than later.
- Celebrate As A Team - When you achieve any type of milestone, make it a point to celebrate. This is especially important during difficult times or challenging initiatives. By recognizing milestones and the people that make them possible, you will instill a sense of progress, optimism and hope.
Summary: Employee engagement is critical to the success of any business. Not only does someone's buy-in help you get the work done, but it also becomes your extra edge during tough times. When you need added help to meet deadlines or work with reduced resources, engaged employees are more likely to pitch-in and make things happen. Business leaders in companies of all sizes can make and save money by keeping their employees engaged; however, the only way for this to happen is to make their engagement a priority for your business.
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