I’m about to tell you something completely counterintuitive for hiring managers: With falling stock prices, a looming recession, and rising layoffs, it’s now not time to stop investing in employee happiness.
We are at a critical time when managers and HR teams need to think about how to help their surviving employees – the left-behind –cope with the potentially debilitating consequences of layoffs, numerous resignations and economic uncertainty. We generally view layoffs as a cost-saving measure, but the way we proceed after a downsizing could cost us even more.
The price could be lost employee engagement, productivity, and ultimately revenue.
Studies show that a whopping three-quarters of employees who survive a corporate layoff say their own productivity has declined. They are also more likely to leave; larger layoffs produce larger turnover spikes. Those who stay with the company may not feel meaningfully engaged in their work. As we have seen with the trend quiet stopfeeling exhausted or overworked can lead to mentally quitting a job.
One would think that the left behind would be happy, even relieved, to still have a job. But in reality, they are more likely to feel anxious about their future, guilty of ‘surviving’ and stressed because they are now expected to do more with less, according to the research and training company. Leadership IQwho investigated 4,172 workers who kept their jobs after being laid off.
How can you expect them to operate and deliver as usual when circumstances have changed so dramatically?
Fortunately, and unfortunately, we lack practice when it comes to nurturing employees during recessions and layoffs. Until recently, we have enjoyed prolonged economic growth and a Low for 52 years in unemployment insurance claims.
I’ve seen multiple boom and bust cycles in Silicon Valley over the past three decades, and I’d say being left behind is exponentially harder in today’s world of remote and hybrid work. today, where the sense of inspiration, belonging, and connections to their companies and colleagues are already blurry, strained, or non-existent.
A recent study by BetterUp Laboratories Analysis of 78 companies (approximately 3,000 US workers) found that 43% of people felt no connection with their colleagues and 22% said they didn’t even have a friend at work. More than half said they would even trade compensation for stronger bonds with their colleagues. BetterUp’s report, titled “The connection crisis”, also found that 69% of employees are not satisfied with the connection opportunities available in their workplace.
Of course, we can do better. Here’s how:
Open communication
Lack of communication breeds misinformation, mistrust and poor performance. Be as candid and genuine as possible with employees about personnel changes. Also be transparent about workload changes, including whether newly assigned responsibilities are temporary or permanent.
Leadership IQThe Layoff Survivor Survey found that workers who gave their superiors high marks for visibility, approachability and candor were 72% less likely to report a drop in productivity. They were 65% less likely to report a decline in the quality of their company’s product or service.
Acknowledge survivor guilt
Your outcasts mourn the loss of friends and worry about their own future within the company. Let them know that their feelings of grief and anxiety are normal. Stay accessible and listen to their concerns.
After a series of layoffs, it is important to identify and connect with the remaining team members.
Foster friendships and mentorships
Even before the pandemic, workers were want to connect. Exacerbated by two years of social isolation, economic malaise and geopolitical strife, societal stress is at an all-time high. Giving employees explicit permission and space to socialize at work is more crucial than ever to their well-being and your bottom line.
Socializing at work was once thought to hurt productivity, but numerous studies now prove otherwise. According to the BetterUp study, employees who have friends at work engage 32% more, collaborate 20% more and are 32% more innovative. Research from the harvard business review (HBR) and The Energy Project show that the “mini-breaks” and “micro-connections” that occur every 90 minutes lead to a 50% higher level of well-being, a 50% higher capacity for creative thinking and a 30% higher level of concentration. Meanwhile, employees who have few friends have 71% higher intention to quit.
Fostering connections is especially difficult in a remote work world, so your creativity matters. Schedule virtual coffees or lunch meetings. Use your digital meeting places to spark new introductions and strengthen existing ties around common interests: hobbies, sports, children, food, movies, music. I find the best virtual water coolers to be entirely separate from your productivity and workflow apps. When you allow employees to turn off work mode, they’re more likely to log in organically and authentically.
Give generous recognition
Recognize the accomplishments of those who have left and those who remain. PPeople want to be seen and appreciated, especially when they are worried about their job.
Start meetings with signings, then invite team members to share their own “gratitude” for their teammates. Be thoughtful and specific; a vague “good job” compliment can seem insincere. Both public and private cries are equally valuable. If you feel a particular employee is uncomfortable with attention, send an email or personal note, or call.
Employees who feel recognized at work are twice as likely make extra efforts and innovate, so an investment of 15 seconds in a thoughtful compliment is quite valid.
Help them find purpose
Remind your employees of the mission, vision and purpose, the why of their work and more specifically their contribution to the overall mission of the company. When you emphasize the “why,” you reinforce a sense of belonging, loyalty, and pride. Millennials, for example, are five times more likely to stay when they are strongly connected to their employer’s goal, according to a PwC survey of 2,000 employees and business leaders.
Talk about the value of your products and services, the benefits to customers or the community, and the contribution of the daily efforts of employees. The employees are looking for value and purpose more than ever in this pandemic era, so help them see it.
The bottom line
Want to really save some money in these shaky economic times? Don’t ignore the needs of your left behind. Happiness, purpose and belonging are no longer questionable attributes of an engaged and productive workforce, they are essential to the future of your business. In a time when certainty is rare, one certainty I guarantee is that your employees will jump ship – if not now, then soon – if they feel left behind.
Ji am Barnett is the co-founder and CEO of Wisq, a platform that allows colleagues to connect, share and build relationships at work. Barnett was previously co-founder and CEO of Glint, a platform helping organizations measure and improve employee engagement, and vice president of product at LinkedIn.
