Even when business is
slow, there are small wins that should be celebrated. If employees only hear
the bad news, they will quickly lose confidence in management.
Practice Open Book Management
Why can't management give
their employees access to the organization's business plans, revenue, and
expense information? They have every right to know how well the company is
doing and the plans for the future. What better way to engender employee trust
than to show them that nothing is being hidden from them?
Admit to Failures
Nobody is perfect and most
employees will give senior management the benefit of the doubt if they know the
truth. Employees would trust senior management much more if CEOs would admit
that the organization made a mistake, was shortsighted, or just screwed up.
Tie Senior Management Pay to Success
It is shameful that CEOs
have been receiving such huge pay days even while their organizations crumble.
How can employees trust senior managers who take no personal financial
responsibility for the failings of the organization?
Maintain a Long-term Focus
Senior management focuses
too much on short-term fixes that may lead to immediate results but cost the
organization in the long run. Study after study has shown that knee-jerk
reactions to current economic conditions such as laying off employees, cutting
research and development funding, and merging with other companies rarely lead
to long-term success. CEOs need to communicate to employees that, although the
current woes their organization may be experiencing is troubling, the company
has a long-term business strategy that will help it emerge after the storm.