Leadership in an Uncertain Economy
Thanks to the booming economic growth since the Great Recession, many people in tech jobs have not experienced a natural economic decline. This means that they are well-positioned to lead in an uncertain economy.
Due to the potential impact of another recession, many companies, such as Facebook, are focusing on increasing efficiency instead of growth at all costs. This has led to layoffs in the tech industry. Many employees are also looking for safety assurances.
Unfortunately, as people leaders, we can’t prioritize job security. However, we can still support and communicate with our employees in various ways. These include being able to connect with them through a compassionate lens.
Be honest about the economy and the company you work for. Although your employees may not be as closely following the news as you think, they can still understand the factors affecting your business. For instance, you may consider laying off some of your employees or raising your budget.
As you are aware of the various discussions taking place in the company, be as transparent as possible. However, let your employees know when you can’t be completely frank. This will allow them to feel valued and supported.
Make sure to be clear about changes to the company’s goals and budgets. In addition, be sure to inform your employees about the projects and initiatives that will be shelved or reduced. This will allow them to feel that they are still working toward a larger goal.
Keeping the company running efficiently and effectively is very important during this time of uncertainty. It can also help employees feel that they are being supported and encouraged by the leadership team.
Unfortunately, communicating about the long-term impacts of the economy can be very challenging due to the lack of a crystal ball. It’s also important to be clear that you don’t have all the answers. However, providing employees with the necessary information is very important.
Sharing your commitment to open communication is essential to show your employees that you value them. It can help them feel that the leadership team is working toward making the organization more pain-free.
Every interaction should be designed to provide relevant and consistent messaging. This can be done through the different communication channels you utilize, such as internal and external.
If your people managers don’t have the resources to communicate effectively with their employees, they can risk creating rumors and misinformation. To prevent this, invest in the latest communication tools, such as talking points, slides, and FAQs. Then, arrange training sessions for your managers to ensure they are comfortable answering tricky questions and delivering effective messages.