“Our Take” is Corporate Synergies’ commentary on benefits/insurance news topics. This article addresses the COVID-19 crisis and employer transparency.
With ongoing social distancing measures brought on by the COVID-19 outbreak—as well as uncertainty over easing restrictions—many employees are more stressed than ever. They’re concerned about their job security and safety, and their family’s physical and mental health. Employer transparency can ease their minds.
We know that stressed employees are not the best they can be. They are more disengaged and less productive. With that in mind, it’s important to find ways to keep employee stress in check.
In fact, recent studies have shown that employers who commit to transparency on their businesses’ outlook, finances and coronavirus pandemic response planning are more likely to have engaged and productive employees than those who leave their employees in the dark. Initiatives like reskilling, career training, diversity and inclusion also improve confidence and engagement.1
The payoff for the open exchange of information is immediate: Employees in high-trust companies are 74% less likely to feel stressed than their counterparts in the same industry.2
In order to reach this level of trust, we recommend regular formal and informal meetings that can give leaders an opportunity to touch base about the health of the business and give employees an opportunity to ask questions. Answer their questions with understanding and empathy to create a feeling of community and support. There is nothing employer transparency to create a sense of calmness.
How these meetings are rolled out depends on your industry, workforce size and preferred communication method. Your employee benefits broker can recommend meeting platforms and messaging options, as well as fact sheets and educational materials that will help make complicated questions easier to answer.
1HR Dive, “Transparency Now Builds Trust Later: Employer Branding During Covid-19”
2Accenture, “The Importance of Building Trust in the Financial Services Workplace Explained in 6 Eye-opening Statistics”