Just over two months into 2024, the tech industry faces a significant upheaval, with Layoffs.fyi reporting over 34,000 job cuts across 140 companies. Here are five suggestions leaders should prioritise to help their teams through these uncertain times.
Transparency in communication
According to a survey by Edelman, 81% of employees believe that transparency builds trust and loyalty. It’s also crucial in boosting performance between stakeholders and bringing in organisational success.
However, in times of crisis, it brings clarity to employees. Leaders who communicate the company’s financial health, challenges, and strategies for overcoming them, empower employees to navigate uncertainties with confidence.
“At Passbolt, our secret to success lies in authenticity and humanity. Employees can discern honesty from deception and appreciate openness over ambiguity. By fostering transparency, approachability, and understanding, we create a culture where everyone feels valued and respected.”
Kevin Muller, founder and CEO of Passbolt
Employee support programs
Implementing support programs tailored to the needs of the crisis and employees can mitigate stress and anxiety. These initiatives may include programs like mental health resources, upskilling opportunities, financial counselling, flexible work arrangements, and access to new and improved employee benefit schemes. Spill reports that nearly three in ten employees (29%) experience stress due to rising living costs amid the current crisis.
Luxembourg sets a commendable precedent in this regard with its employee support programs. Pluxee, the country’s leading provider of employee engagement and benefits, continually enhances its food voucher services through relentless advancements.
Recognition and appreciation
Celebrating achievements, milestones, and efforts, whether big or small, is a crucial motivating factor during a crisis.
It reinforces employee’s confidence in their contribution, to the company, and their commitment. This is supported by research that employees at high-trust companies report 50% higher productivity and 29% more satisfaction.
During uncertain times, companies are advised to take additional measures to ensure the team feels valued, appreciated, and recognised. Encourage 1:1 sync-ups, and acknowledge efforts whether through awards, shout-outs in meetings, or written commendations. Leaders can also provide timely and constructive feedback to highlight strengths, showing that employee contributions are cherished.
Flexible work policies
Luxembourg hosts 224,000 cross-border employees, making up a total of 47% of the country’s workforce, and a majority of workplaces in the country are conducive to versatile scheduling and remote options.
By offering adjustable schedules and working opportunities, companies allow employees to maintain a healthy work-life balance while minimising stress. It’s a powerful solution to foster a supportive work environment while addressing employee’s evolving needs.
When managers critically analyse factors like project deadlines, regulatory compliance, or customer needs and build a transparent flexible work policy, employees gain confidence in the organisation’s approach.
Lead by example
Leaders play a pivotal role in setting the culture and ways of working in the company, and most employees do as they see. When leadership or managers demonstrate resilience, empathy, and positivity during the crisis, it motivates employees to behave similarly with themselves, and their peers – boosting the company morale.
“At Passbolt, we believe in fostering open dialogue. Amidst the challenges of funding uncertainties, we prioritise transparency and discussion in our monthly catchups. From financial updates to growth strategies, we ensure that everyone is informed and involved. As leaders, we embrace accountability and humility, striving to bring our authentic selves to the workplace.” Kevin added.
Show genuine care and concern for employee welfare, actively listen, offer solutions, and remain accessible. Such leadership skills during a crisis inspire confidence and trust.
Conclusion
In contrast to traditional office structures, modern organisations are embracing open-door policies and collaborative workspaces to encourage accessibility and foster transparency.
As the uncertainty crisis looms over the employee-employer relationship, building trust within the organisation becomes paramount. By prioritising effective management, open communication, support, recognition, and rewards, companies can help employees weather the storm and emerge stronger in the face of adversity.
