Wednesday, August 12, 2015
This is dismal news for hourly and salary workers. Not only has the buying power of money declined but there is the prospect of less of it for employees across industries. It points to an internal PR challenge -- to keep restive workers happy. One way to handle the situation is through transparent and abundant communications. Talk to employees with the same in-depth analysis that one uses for Wall Street but with simpler language and analogy to make points clear. The days of "happy talk" employee publications that say little to nothing about the company are past. They should be given over to discussions of the business and prospects for the future with the understanding that employees may not be told anything that the Street and investors have not heard. Companies have done this with great success and there are plentiful examples of how to involve employees more deeply in a business and its marketplace. By not keeping employees in the dark, there is a greater chance of increased productivity as employees pitch in to find better, faster and less expensive ways to get things done. Achieving that leads to higher wages.