Career News 24/7: INSTANT MBA: Tell Your Employees What's Going On -- In Good Times And In Bad

Wednesday, September 14, 2011

INSTANT MBA: Tell Your Employees What's Going On -- In Good Times And In Bad

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Wednesday, September 14, 2011

Today's advice comes from Complete Genomics CEO Cliff Reid's interview with the San Francisco Business Times:

“We did a massive salary cut across the board, and during that time it was very unsettling and scary," says Reid of his company's situation in 2008-09. "We had weekly all-hands meetings on Fridays at noon and told people the status of where things were. I looked people in the eye and said, ‘This is a tough time, but we have great investors and a potential marketplace, and I need all of your help and support to get there.’"

While financial strain threatened a shakeup, Complete Genomics retained 120 of its 125 employees -- even after workers saw a quarter-long pay cut that averaged a full 50 percent.

Reid attributes company loyalty to a culture of openness: "It could have been the death of the company, and instead we came out stronger.”

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