Let's Talk: Cost of Living Crisis

This week the IoIC hosted a members-only Let’s Talk huddle with a small group of IC professionals to look at the cost of living crisis and what it means for our profession.  In order to protect the privacy of our members and to allow for open and honest dialogue within the discussion group, the session was not recorded and no names, job titles, or companies will be shared in this summary.

It’s important to note that the cost of living crisis will impact everyone and each organisation may experience it differently, but the difficult conversations stemming from it are unavoidable.

How do you talk about the sensitive topic of pay?

How do you communicate with empathy, without sounding like you are simply delivering platitudes?

How do you address the fact that the recent pandemic has made it so that the new flexible working options or creative benefits offered by many companies no longer seem like a perk in the face of the cost of living crisis?

We may not have come up with answers to all of these questions, but the solution (to the best of our knowledge) while far from simple, is pretty basic:

Listen, educate, and be honest.

Listen

The sense of community plays a large part in employee engagement. People want to be heard. They want to know they are not alone. Make sure that employees are aware of the feedback channels available to them, and be prepared to respond.

Do you have Q&A townhall sessions? Does management have office hours? Have you sent out an employee survey?

Listen to employee concerns, and keep them informed. Show that they are being heard by acting quickly. Share results and address them, even if something isn’t actionable or feasible- let them know or tell them why. Silence will only breed contempt.

Educate

Beyond courses and webinars, education also involves ensuring your people know where to find information or resources for themselves. Has your organisation shared enough information to make that happen? Where can employees find financial advice or emotional support? Do your line managers know how the company plans to face the cost of living crisis? Are they equipped to support employees when changes start to happen?

IC professionals often have to deliver difficult updates, but without support from other stakeholders within the organisation, employees don’t know who to turn to for the support or guidance that they need. As communicators, we can help direct that focus to arm the workforce with access and awareness to the tools they need.

Be honest

Everyone knows there is a cost of living crisis, there is no use in trying to tiptoe around it. People are on edge and want to know what this means for their careers and their future. They need to be able to trust the comms that are being sent out.

The best way to reassure employees during times of uncertainty is by being as open and transparent as possible. If your company has had to make difficult decisions- let people know what they are and why, and if it’s possible to do so, be transparent with financial reporting.

If plans are in place to restructure, cut bonuses, or downsize, control the narrative of ‘why’ with facts and empathy (and don’t have the CEO schedule a zoom call from his mansion). Be clear about what they can expect and when, and keep them informed through any changes.

The role of IC is never easy, but we are fortunate that the IoIC has a strong community of members who are engaged and willing to support each other through new challenges and changes within the profession. All of our Let’s Talk huddles for 2023 are now in the diary on our website, and topics will be chosen two weeks prior to each date in order to ensure they are current and topical to provide the most support.