6 ways to support employees during a financial crisis

A pandemic, inflation, and threat of a recession have taken the stability and momentum out of a lot of workplaces. 

Businesses, in turn, have become cautious about where they spend their budgets and what tools and platforms they choose to adopt, or retire. This often means culture tools—including intranet software—is sometimes the first cut. 

But is that the right move? And will businesses come to regret that when employees churn? 

In a financial crisis, churn is pretty much inevitable.

Employee churn refers to the rate at which employees leave your organization, which can be caused by a variety of factors such as dissatisfaction with work, lack of growth opportunities, or even simply being offered a better opportunity elsewhere.

Now, you might be thinking, “So what if a few employees leave? It’s not a big deal.” But the truth is high rates of employee churn can have a major impact on your organization’s bottom line. It increases recruitment and training costs, damages company culture, and reduces productivity. 

To prevent employees from churning, it is crucial to: 

• Communicate your company goals and strategy to get through the financial hard times
• Celebrate your employees and keep culture alive
• Collaborate on projects that will keep your company afloat

Can an intranet play a role in a financial crisis?

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The role of an intranet in a crisis

During a crisis, there are a lot of challenges that require immediate action. One of the most crucial factors that can help a company navigate through these uncertain times is effective communication. An intranet can play a vital role in facilitating communication and can help a company stay afloat during times of financial crisis.

Here are six ways an intranet can be useful during a financial crisis:

1. Centralized information sharing: During a financial crisis, information is key. An intranet can be used as a crisis communications hub to share critical information such as financial reports, budget projections, and other important data with employees. This allows everyone to have access to the same information, which can help them make informed decisions.
2. Efficient communication: An intranet can be used to push out urgent alerts, update employees on company developments, and answer questions in real-time. This can be especially important during a financial crisis when decisions need to be made quickly. You can also segment communication to ensure only specific groups or teams receive content.
3. Remote collaboration: Depending on the crisis, remote work may become necessary. An intranet—especially one with a mobile app— can be used to facilitate remote collaboration, allowing employees to work together even if they are not physically in the same location. This can help keep the company running smoothly even if employees are unable to come into the workplace.
4. Increased productivity: By providing employees with access to people, and resources, an intranet can help employees work more efficiently and make better use of their time. Less time is spent looking for information, and more time is spent actually doing work.
5. Employee recognition: All employees—especially those in a crisis—need positive reinforcement to help them feel valued. Intranets make it easy to recognize their contributions by sending badges, shout-outs, or writing about their achievements in a news article.
6. Transparent leadership: A crisis is a good opportunity for senior leaders to be seen.  Even if it’s just a quick hello message from the president or CEO, it can go a long way in showing unity, which is important for workforce morale and employee engagement.

In conclusion, an intranet can be a valuable tool during a financial crisis by helping to reduce employee churn. An intranet allows companies to centralize information, communicate efficiently, facilitate remote collaboration, and increase productivity. 

By using an intranet, companies can better navigate through the challenges posed by a financial crisis and emerge stronger on the other side. So let’s all work together to keep our employees happy and our organizations financially stable!