The financial meltdown shook the worldwide markets, but it's the reaction in the workplace that is triggering fear among employees. Layoffs abound, and it's a difficult atmosphere for those left behind. Picture survivors guilt – combined with personal fear that you might be next and you have a free fall on the morale index. Perhaps the most disturbing factor is that the uncertainty of whether that ax will keep falling, has everyone on the edge of their seats – not in their seats at their most productive.
In my post a few days back, 5 Tips to survive job cuts in a sea of downsizing, I mention the importance of transparent communication between management and employees. Even if the news is not peachy, the very act of coming clean in a time of uncertainty can calm the rocky waters and perhaps stave off unnecessary gossip. Management needs to take the lead on setting model behavior and open the lines of communication. Word on the street is that might be the best way to assure a more sustainable workforce.
In response to the current events, Global consulting firm Watson Wyatt just released Tenets for Senior Executives. It's advice which addresses not only job security but also how employees retirement funds might be impacted by the financial chaos.
The following is taken from the company's press release on the issue:
“The current turmoil in financial markets is obviously a distraction to workers,” said Richard Guinn, senior communication consultant at Watson Wyatt. “While companies cannot advise their employees about their investments, they can reassure them about the security of their defined benefit pensions, which are government-backed. Employers can also help their workers understand the implications of their 401(k) investment strategy, including the importance of saving, diversifying portfolios and taking a long-term perspective.”
Click above for more details on the tenets. Here's an abbreviated version:
Be a leader. Leaders don’t have to have all the answers. Tell employees what you know and what you don’t.
Show your strengths. Reinforce the core competencies and values that make your organization successful.
Be visible. Credibility, conviction and passion are important messages that only actual presence can convey.
Use your team. Make sure the management team knows how and what to communicate, and that no one is a bystander.
Be coordinated. Coordinate your internal and external messages. Employees should hear company news from the company first.
Share responsibility. Be clear about what you want your managers and your workforce to do.
Give up the myth of message control. Find ways to listen to what is on employees’ minds. Monitor the press and social media for what is being said about your company and your industry. Dispel inaccurate rumors.
Be humane. Some employees are experiencing personal trauma from falling 401(k) account balances and home prices. Acknowledge their pain.
This last tenet is the most important in my book. We're in a sensitive time and that calls for a more humane approach to our work life experience – as workers and managers. Job slashing and the subsequent burning out of those left behind is serious business. Company spreadsheets are likely reflect productivity and distraction concerns, but for the worker – we're talking about human beings who are literally fighting for their survival at home and at work.
