We’ve all seen the headlines, and heard the very real reports of salary freezes, forced time-off, and 401(k) matching “vacations”, not to mention lay-offs and closures. Clearly, many companies and their employees have been significantly impacted by this current recession. While we are beginning to see light at the end of the tunnel, experts say that we can still expect some months before the employment picture improves significantly. Still, there is no better time than NOW to start thinking about lessons learned this time around, and how we can be better positioned for economic downturns in the future.
What have we learned? One lesson that comes quickly to mind is that most organizations have simply not prioritized educating their employees about the financial realities of their business and their compensation and benefits costs. Organizational leaders may have any number of compelling reasons for this omission, but the truth is that they are all excuses. Sacrificing the urgent for the important usually catches up with us, and catch up it has.
So… better late than never! Here are a few things you can do in 2009 to start turning the tide. A well-informed workforce is not only important because people will be less apt to complain, it is essential because these are the people who will provide the engine for your turn-around. In this era of reality-entertainment driven by a hunger for authenticity, it’s time to get real. Take the time to clearly and honestly communicate:
- Your short-term financial goals for the business
- The specific things individuals in different roles can do to drive goal achievement
- Where you have made significant cuts in expenses, and why
- Why you are continuing to invest in people via your compensation plan, and how much money you spend in that plan annually
- Why you are continuing to fund Benefits, and how much you spend on those programs
These are just a few of the facts that employees definitely need to learn. Unfortunately, it wasn’t urgent until now. What else is more important than ever before? Take the time this year to “get real” with your team. It’s that important!
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