Host: “On today’s episode of ICTV we’ll be talking about leadership communication. Can it save your organization money?”
Let’s talk about what happens when effective leadership communication is missing?
TURNOVER! A lot of turnover.
Why do employees quit…some common reasons given include: lack of recognition, lack of trust, poor communication. And turnover is expensive!
According to Forbes: “The cost of an entry-level position turning over [estimated] at 50 percent of salary; mid-level at 125 percent of salary…”
That’s a lot of money, but what exactly does this have to do with leadership communication? Well, consistent and targeted leadership communication builds trust and engagement. According to Edelman’s 2019 Trust Barometer: “Employees who have trust in their employer are far more likely to engage in beneficial actions on their behalf—they will advocate for the organization (a 39-point trust advantage), are more engaged (33 points), and remain far more loyal (38 points) and committed (31 points) than their more skeptical counterparts.”
Accessible leaders make employees feel valued, because seeing them take the time to connect feels good.
A regular cadence of leadership communication shows the company’s culture and values in action and extends recognition to even a remote and deskless workforce.
OK, so we know leadership comms is super important. What can you do to make sure it’s rockin at your organization?
1. Release communications on a schedule. Just like we expect to watch our favorite show on Thursday night, employees come to expect regular updates from leadership. And with a schedule, you avoid the situation where the only leadership communication is to bring bad news.
2. Build in variety. Some comms can be written but look for every opportunity to use video or audio to enhance the human element of the message.
3. And finally, implement a system that is accessible to your entire workforce. Whenever possible, segment and target your message for maximum impact. What’s relevant to front line, hourly employees differs from what’s relevant to the corporate finance team.
Do these things well and watch your turnover rate go down. And the bottom line go up!
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