It's no secret that people are worried about the economy, with concerns over inflation and a potential looming recession growing. As we look to the months ahead, it’s clear that regardless of business size, location, or industry we will all deal with the impact of a potential economic slowdown. But just like with every other upheaval, preparation is key in weathering the storm and coming out on the other side.
In partnership with Researchscape International, we surveyed more than 2,000 US respondents to better understand how employees feel about their company’s communication and job security. Here’s what we found:
Employee Communication Is Essential for Business Success
- Nearly one-half (45%) of respondents have grown either much more concerned or somewhat more concerned about their job security compared to three months earlier.
- Just over six in ten (63%) were satisfied with how well their company communicates with them.
- Less than half (46%) said their organization prioritizes employees today more than it has previously.
- One-fifth (19%) of respondents were unsatisfied with their employer’s communication with employees. A similar number did not feel they were getting good support from their leadership. And a quarter (25%) did not feel adequately informed about the health of their organization.
Employees Need Support and the Right Tools to Succeed
- More than one in three (35%) said they felt their employer could better equip them with the resources they need (better technology and new hires, among others) to effectively handle economic downturns.
- Nearly a quarter (24%) did not believe their company was investing in the proper tools and resources to handle an economic downturn. Respondents ranked face-to-face conversations (video or in-person) as the most effective path to getting their work done (48%).
- Just over a quarter (28%) said email was their preferred method of communication, while a much smaller fractions voted for audio-only calls (13%) and informal chats (10%).
Managers Need to Look at Challenges from Employees’ Perspectives
- More than three-quarters (76%) of the company leaders surveyed agreed their business is equipping staff with necessary resources. By contrast, just over six of ten (63%) of non-managers felt the same way.
- Meanwhile, 76% of leaders believed their company communicates sufficiently with staff and that it prioritizes customer retention and engagement, while only 56% of non-managers agreed.
For companies – and small and medium-sized businesses in particular – communication is the key to easing employee concerns and powering through a recession. Leaders need to communicate with employees on their preferred channels and truly listen to their concerns to ensure their teams are well-equipped and confident to succeed in the turbulent times ahead.