Q: Although our company has a solid financial foundation, my staff has increasingly expressed concerns about their job security due to the ongoing conversation about a possible recession. Do you have any thoughts on how I can bolster their confidence?
A: Any number of factors can threaten job security: outsourcing, downsizing, new technology, let alone, a recession. However, job insecurity can cause major stress on employees, affect their work performance and overall well-being. I commend you for wanting to allay their concerns, which in the long run should have long-lasting benefits for your business that might include: reduced turnover, higher productivity, increased employee loyalty and a positive impact on the company’s work environment as well as its image.
That said, although you can’t predict the future, it’s important to be realistic and be especially careful not to overpromise. Overpromising can create a complacent environment resulting in a lack of motivation, boredom, poor performance and even a deterrent for employees to learn new skills or put extra effort into the job.
Nonetheless, here are some thoughts that might assuage your staff’s concerns and bolster their confidence in the company and your leadership:
Talk about the company’s future. If indeed the financials are solid and poised for ongoing success as you seem to indicate, apprise employees of the company’s strong financials and promising outlook along with their role to maintain and fuel the company’s economic engine, which directly impacts their respective job security.
Conduct ongoing dialogues with employees and provide candid responses to their questions. (Hopefully, you already have regular, timely employee communications as they are essential to keep your team in lock step regardless of the economic climate).
Cut back on expenses, not people. If the business falls into a financially difficult period, be willing to cut back on expenses, not people, which should allow you to keep your employees on the payroll.
Consider alternative options. If there is a difficult time that may prompt cost-cutting measures, be willing to offer employees the option of reducing their hours to avoid layoffs. When business picks up, they can return to their full-time hours.
Promote current employees who have the skill sets versus hiring externally. This shows your employees that you care about them and that they have a future at the company.
Continue to hire wisely. You can’t expect your employees to do the jobs of two or three people. It is imperative to analyze your company’s human resources to determine if additional staff is necessary. A lean, high-performance organization needs to be staffed appropriately to remain successful.
Set high expectations. Having clear, concise expectations for your team and giving them regular feedback will not only help them perform better but will continue to enhance their job security. Emphasize ongoing learning and additional training opportunities to expand their skill set and value that your company can not afford to lose.
Joan Lee Berkman is a marketing and public relations consultant. if you have a question for Joan, send it to business@townandstyle.com.
