When gossip overshadows office notices

Lack of communication between superiors and their teams is one of the challenges that will need to be addressed in the post recession era, say marketeers. They believe communication failure actually contributed to the current economic crisis. This was the outcome of a survey conducted by an international company Financial Dynamics International which involved white-collar executives from the hardest-hit companies in the United Kingdom. Drawing comparison with market sentiments in the region, FD officials convey the same could be true of the lack of communication from the bosses as business environment and official basics are more or less the same. "Our survey revealed that a large majority of white-collar executives have more faith in what they hear in cafeteria or smoking rooms," Charles Watson, Group Chief Executive, Financial Dynamics International told Emirates Business. As a result of this survey, organisations believe that with the boom years over and the start of a potentially prolonged period of austerity, corporate management has to decide how best to engage with and motivate their employees in the absence of more conventional financial incentives. The research was a scientific survey to explore how well the management teams have adjusted to the new economic environment. "We chose to capture the views of Britain's white-collar workers – a group that has been badly affected by the financial crisis and subsequent recession, particularly in the financial and professional services industries," said their official communiqué. To gauge the mood of this critically important segment of workforce, FD commissioned the polling organisation YouGov to conduct a survey between April 9 and 14. "Business leaders could be doing more to realign the way they communicate with their employees about actions to tackle the downturn. Most white-collar workers feel their leaders are not being open enough about how the company is performing and the plan for tackling the economic challenges – many don't readily trust what they are being told," said Watson. Most startling of revelations according to the survey was that "official channels of communication often lack credibility, with the grapevine and rumour mill trusted in many cases over the company newsletter or intranet," according to the survey. In addition, surveyed respondents also claim to have had no communication about the challenges of tackling the recession. The survey also cautioned that business people who fail to address their people's concerns do so at their peril – poor employee engagement could damage performance and customer service, as well as store up problems retaining key talent when the economy – and the job market – improves. Many employees feel varying levels of scepticism about what they are being told about these issues. Respondents conveyed in very alarming figures what they thought of their bosses. When asked if their leaders had shown any decisive leadership, less than half agreed [44 per cent], while the remainder disagreed [22 per cent] or were unable to support the statement [34 per cent]. Asked if their leaders have shown clear direction on how the organisation will tackle the recession, 45 per cent agreed, while more than half disagreed [23 per cent] or were unable to agree [32 per cent]. Asked if they had a clear picture of how their company is performing, just under half agreed [48 per cent], while 24 per cent disagreed and 23 per cent were ambivalent. More significantly, only 28 per cent said they fully trust messages from their bosses, while more than half said they are sceptical [39 per cent] or do not trust them at all [19 per cent]. Most white-collar workers think their leaders are not doing a good enough job in providing them with a candid picture of how their company is performing in the current market and what the plan is to address what are, in many cases, unprecedented market conditions. In short, many respondents feel that strong leadership and a clear sense of direction and trust is lacking. While business leaders have no doubt focused on ensuring the survival and/or readjustment of their enterprises, employees are looking to decision makers to make sense of the uncertainty and show them the way doing more to address this need for leadership in a more plausible manner. The uncertainty compounded by the current economical gloom has obviously created a concern among the employees and not surprisingly, job security topped the list [cited by 39 per cent as their main concern] of their worries. The next biggest concern related to worries was about cuts to pay and bonuses [31 per cent]. Worries about having to work harder in stressful situations and the ability of their company to weather the downturn took joint third place [26 per cent]. Other concerns included limited promotion and career development prospects; difficulties in keeping customers happy; not being listened to by their employer and uncertainty whether they were being t