The Chariot - A Helios HR Newsletter

Letter from Helios CEO –
Supporting Employees in a Downturn Economy

Dear Friends,

Throughout the year there have been numerous discussions and varying opinions as to whether our nation is in a recession. Not so many months ago I was proudly stating, “I refuse to participate in this recession.” (After all, I was doing my part contributing to the economic stability with my consumer spending!) I am a firm believer that if we continue to “do the right thing”, the “right thing will happen.” And that optimism and a targeted focus moving forward can positively impact change.

However, no one can deny that the economy has taken a hit. The declining stock and housing markets and increase in job losses continue to cause anxiety for many. Employer and employee alike share concerns about the future. I encourage you to take action in order to provide a degree of control in minimizing the anxiety that is apparent in so many.

What can we do? Communicate. Communicate. Communicate. Now more than ever, employees need to hear from their leadership team. Employers should acknowledge and communicate the impact of the economic volatility on organizational operations and performance. In the absence of information, employees will often fabricate and assume things far more damaging than the truth. Establish regular vehicles for communications and ensure that timely updates are distributed to all employees.

If modifications will be made to compensation or benefit programs, ensure your employees understand the reasoning behind such an effort. Some employers have suspended their 401(k) contributions. This action may make sense given the current economic conditions, however be certain to communicate the reasons and impact of such a suspension to employees.

This is an opportunity for you to acknowledge that employees may also be dealing with personal financial stressors. Perhaps a spouse, partner or family member has recently lost a job or an employee is experiencing anxiety over a diminished 401(k). Remind your employees about resources available to them through an Employee Assistance Program (EAP) and financial counseling offered by most 401(k) plan providers. Such resources can be provided at little to no cost and go a long way in demonstrating that you care.

Organize a community outreach event for participation by the entire team. Contributing to the well being of those less fortunate then ourselves is a great way to build team camaraderie, while feeling good about positively impacting those in our own community. We all benefit from these activities.

As employers we can be creative in our implementation of ways to reward employees and empower them to make positive contributions during these challenging economic times. By being as transparent as possible and tackling these initiatives with an intentional focus, employers can create a participative and engaged workforce.

Warmest Regards,