You would have to be living under a rock on planet Jupiter not to have heard that the world’s financial markets have been tumbling; that's why today I was happy to see at least one newspaper divorce themselves from its daily diet of blood, gore and mayhem to inform readers of how the downturn could affect the local economy.
Our saving grace in Trinidad? We all know it’s oil and gas. But both commodities are not infinite resources and with our economy tied so closely to the US (the US is our biggest export market), one can’t help but wonder are we heading for leaner, meaner times?
This requires some serious thinking and yes, planning, both personally and professionally. I can only imagine what corporate communicators on Wall Street are facing now and in the months to come.
As communicators, we have a responsibility to manage the risk of our organisations, our company’s corporate image and its relationships with the external and internal public. The latter is critical.
Two Saturday’s ago a headline in the Trinidad Express read: “Real Estate Group Sends 100 Home.” What was instructive was a comment by a woman who was placed on the breadline.
The woman was quoted as saying that she was told that the company “was in a serious cash flow position” and that, “a total of 565 persons were going to be sent home.”
Can you imagine the turmoil of those who were fortunate not to be axed. What role do corporate communications play? Is it our role to allay fears? How do we tell employees of the tough times? What happens to our sponsorship packages and CSR projects when directors get cautious and how do we ask employees to give to organsations like United Way, when their feeling is: who is giving to us.
We can learn form others. On Ragan News, veteran internal communicator Robert Holland shares his belief that Wall Street’s incredible losses reinforce the need for communicators to educate employees on financial matters.
“Several of my clients try to do a thorough job of helping educate employees about the business of the business so they understand how the markets affect the company’s stock price and how it affects its general economic health,” said Holland.
He recommends using current events to launch a company-specific conversation.
“For instance, with one of my clients we’re preparing to do a story on how this company is weathering the recession,” Holland explained. “What kinds of things does a company do to prepare for a downturn to make sure they can get through it? What kind of things once a recession happens?”
He also suggested writing articles that address economics 101.
Tough times require deep and meaningful conversations with senior management and employees. Communication can bridge that gap. Now is the time for PR practitioners to enable the right kind of dialogue, that’s of course if our jobs aren't among the first to go.
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