During this challenging time, here are some of the best things you can do to ensure your employees understand the where your company is at while staying aware and confident at work.
1. Establish a financial crisis management team
This won’t just be an excellent preventative step during a crisis. It will also reassure your employees that you are taking steps with their well-being and career in mind.
A financial crisis management team should:
- Monitor internal and external fluctuations.
- Be accessible to employees in case they have questions or concerns.
2. Be transparent about your bank balance
Nobody likes receiving sudden bad news. Keep your employees in the loop and aware of all possible risks while working with you.
Keeping things transparent won’t just build more trust. It also allows your employees to work with you better through this challenging time. They’ll also understand the urgency of their work and why the company is taking certain measures.
Being transparent also means informing them of your company’s current costs and revenue. Consider relaying this information through newsletters, official reports or even town halls.
All in all, do your best to explain the steps already taken to mitigate the crisis or risks.
3. Introduce policies that support your employees
Bad times affect every individual in your company. So offer support and available crisis resources if needed.
Do you know that according to The Malaysian Reserve, more Malaysian employees look for mental health support and resources in 2022? Beyond that, at least 58% of Malaysians are suffering from burnout.
So consider implementing policies reduces stress and supports mental health. Policies should let your employees know that a crisis does not mean a stop in their professional growth.
Here are some policies worth implementing:
- Provide individualised support or help with temporary loans, flexible working hours or sabbatical leaves.
- Add incentives like double administrative support, new employee recognition programs, and opportunities for professional development.
- Provide mental health resources. Allocate healthcare funds for mental health or offer counselling sessions.
- Form an employee assistance plan.
- Maintain existing employee benefits to retain a sense of security.
4. A little bit of appreciation goes a long way
We’ve all heard it before: Show, don’t tell!
Don’t just tell your employees that you care for their well-being and concerns. Instead, show them through your actions.
During difficult times, it is crucial to keep morale high and remind employees that their work has an impact and is appreciated.
Listen to their concerns. Employees need to know and feel that they are important.
If lay-offs are needed, implement good separation plans.
More on employee management here:
- 4 Simple Ways We Keep Employees Engaged At Hiredly
- 8 Unique Work Culture Ideas To Try Next Quarter (For No Cost At All)
- 7 Game-Changing Ideas For The Ultimate Onboarding Experience