Ten Tips to Help Your Employees Manage Change in Uncertain Times

If your company is like most, the financial crisis has affected it in a variety of ways — new strategies, postponed projects, ongoing cutbacks. What can leaders do to get their employees through this challenging time?

Here are 10 ways to keep your workforce engaged during the downturn:

1. Clarify your strategy and vision for dealing with the economic uncertainty. Developing a strategy and vision will help you communicate goals and priorities to employees, who look to leadership in times of crisis. It will also improve managers' and employees' abilities to make the right decisions in their day-to-day work.
2. Reinforce your strategy and vision in every employee meeting. Everyone — from C-suite executives to rank-and-file employees — makes decisions every day. However, they'll only align their priorities with the organization's strategy if they're as clear about it as you are.
3. Establish a Web site where employees can learn what your company is doing — and what your competitors are doing — to manage the crisis. Transparency is always preferred by employees, but now it's critical. To build trust, ensure your workforce has easy access to the knowledge it needs to deal with the current situation.
4. Send a weekly e-mail update with successes and challenges. Employees respect when leadership is candid, and by communicating with your people, you'll help them gain confidence in the organization's future.
5. Meet with groups of employees to listen to their concerns and solicit their suggestions. Employees who are involved in addressing challenges know that the company values their concerns and opinions. Town hall-style meetings are a great way for leaders to gather firsthand information that might not surface among their peers in a boardroom.
6. Ask teams to develop their own plans for improving quality, pleasing customers and reducing costs. Harness your employees' energy and act on appropriate suggestions. Send a clear signal: Your people and their ideas are always valued, regardless of the economic environment.
7. Realign performance goals based on new market realities. If you've changed your business strategy, let your employees know their goals may need to change as well. Articulate the new strategy and why flexibility is important.
8. Make sure people know how the business uncertainty will affect rewards. Tell employees as soon as possible if their total rewards package will be changing. Your workforce would rather know what to expect, even if the news is less than desirable. No one likes surprises.
9. Challenge people to cross-train and learn new jobs. Employees can add value — for themselves and the organization — by acquiring new skills. Those who adapt may fare better during a restructuring, and will appreciate the opportunity to expand their skills.
10. Share key performance indicators with every employee. This is especially important if your key measures have changed to battle the economic crisis. Communicating this information will also help people understand how their role contributes to the company's goals.

By communicating your plan and keeping senior leaders front and center during times of economic uncertainty, you can keep your workforce engagement levels high and implement the necessary strategic changes to ensure the long-term success of your business.

For more information on how to successfully implement change initiatives in your organization, contact your Towers Perrin consultant or your local Towers Perrin office.