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Helping Employees Navigate Economic Uncertainty

Posted by Spitfire Communications on Feb 1, 2023 11:00:00 AM

We had a bit of a reprieve for a while there and we collectively took a deep breath. But, somewhere between the dreaded virus (*cough*Covid) crisis, record breaking inflationand an overseas war, the familiar phrase “recession” has reared its ugly head again. 

According to arecent quarterly survey from McKinsey, the second half of 2022 is suffering from a somber economic outlook. In fact,72%of U.S. employees are currently stressed about their finances and nearly 9 in 10 revealed they’re reassessing their financial situation. 

Stress not only impacts your employees’ mental health but also their level of productivity. Employees dealing with financial stress lose, on average, 11.4 hoursin productivity every week – which translates to approximately $4 billionin lost productivity weekly for U.S. employers. 

It’s imperative for businesses to focus on strategic planning and risk management so they can be ready to adapt to any unexpected changes. Your employee communications should supplement and support those efforts. 

Times of financial uncertainty can be difficult to navigate when you have all the information, but when everything is up in the air, it’s obviously even harder. Don’t leave your employees to struggle alone. Here’s how you can help:

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Tags: Employee Communications, 401(k), HR Communications, Employee Engagement, Open Enrollment, Human Resources, internal communications, communication strategy, Employee Marketing, benefit package, financial wellness, economy, inflation, cost of living

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Spitfire’s very own blog, where we’ll shed light on best practices, insights, and experiences in the field of employee communications

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