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You’ve heard it a million times, but it still rings true: Your people are your organization’s greatest asset. That’s why, in a recession, one of your business’s main focuses must be retaining them.
Unfortunately, when the economic outlook takes a downturn, leadership often gets tight-lipped about the state of the business and plans for the future. It’s easy to understand why. Recessions can lead to teams falling short of KPIs and having to make hard choices.
But secrecy has a negative impact on people. It creates insecurity, reduces morale, and lowers productivity. When you keep your people in the dark, they can get tense and paranoid and may even resign—and the cost of turnover isn’t something you can afford, especially at a time like this.
Transparency is the key to avoiding situations like this. Open communication is the only way to preserve trust and motivation when people are worried about their job security. Even if the news isn’t great, your people will respect you for being honest and feel motivated to give even more to the business.
But transparency has to come from the top in organizations to be effective. As an HR leader, encouraging the C-suite to say
