When times are turbulent it pays for companies to be open with employees

According to WTW’s most recent EX Intelligence Report, companies that provide transparent communication to employees during turbulent times are more successful. 82% of employees in financially high-performing companies are more likely to say their leaders are providing a clear mission and strategy compared with their peers in average performing companies (76%).

High-performance companies are distinguished by their ability to communicate effectively, inspire employees around their purpose, build high levels of trust in their leadership, drive a competitive position in the market and recognise employees through transparent and equitable pay and benefits.

In contrast, average-performing companies often struggle with effectively conveying their mission and strategy, leading to a disconnect between leadership and the workforce. This gap in communication can have far-reaching consequences, including reduced innovation, lower morale, and diminished productivity.

The most high-performing companies prioritise making use of employee insights, supporting better communication, trust and engagement. In fact, 79% of employees in financially high-performing companies believe their leaders are making a more concerted effort to gather their thinking and opinions compared to only 68% of employees in average-performing companies.

Gaby Joyner, Head of Employee Experience Europe at WTW said: “As the economic landscape remains uncertain, companies that effectively communicate and bolster employee insights are likely to see better outcomes in terms of employee engagement and overall performance.

“In an environment characterised by rapid change and increasing complexity, top-tier organisations recognise the value of employee insights and make use of them to shape rewards landscapes and communication strategies focused on two-way dialogue that foster trust and engagement.”