I’m Not Grumpy, You Are

The manager was in a quiet panic. Okay, the panic wasn’t quiet: The stock market was dropping quickly, taking his life savings with it. He spent the day snapping at employees and wondering whether to adjust his portfolio. 

Call it the Grumpification Effect. Sixty-two percent of workers cite retirement plans as a top contributor to their financial security, up from 56% in 2023, according to Employee Benefit Research Institute’s 2024 Workplace Wellness Survey. And whether you’re a boomer about to retire or a younger worker building your savings, that security is going through some scary turbulence. “People are going down this rabbit hole of anxiety, depression, and worry,” says Karen Huang, director of search assessment at Korn Ferry.  

To be sure, workers have faced uncertainty before. But this version of it is putting employees, managers, and leaders alike on edge, which experts say can have a bottom-line impactt if the anxiety gets in the way of operations. Indeed, employees are being more verbal and aggressive in questioning decisions that affect them, observes JP Sniffen, practice leader at the Military Center of Expertise at Korn Ferry. “I’ve noticed people not accepting what the answer is from leadership,” he says. The C-suite itself has been rattled by the market’s wild swings. Yet at companies, where few people discuss their retirement holdings openly, mum’s the word. Even if everyone is watching the stock market, the silence can make people feel socially isolated. "They feel like they need to cope by themselves," says Huang. 

One problem, experts say, is that retirement accounts are typically managed by third-party firms, which are overwhelmed with calls right now: TIAA reports a 30% jump in call volume on somewhat rocky days, such as the period following April 2^nd, the day the US administration announced tariffs on nearly every other country. Employees complain that they’re being told simply to ride out the market shifts, an approach they find hard to stomach; instead, they spend their days repeatedly refreshing S&P 500 index performance—which, of course, results in less time spent working, and the resulting stress. “All of this makes people anxious and depressed, and it leads to low morale and low productivity,” says Huang. Cue your boss or colleague being short with you. 

Experts advise that managers not bring the topic up directly, and instead distribute resources for financial planning to all employees, as well as reminders of any related financial benefits that might be available, such as 401(k) catch-up programs. In person, says HR expert Ron Porter, senior partner at Korn Ferry, “I would take a responsive position, not proactive.” In general, HR experts firmly advise steering clear of statements that could be construed as investment advice, even if they seem innocuous—a remark about your own portfolio strategy, for instance, or your confidence that everything will eventually work out. “It’s a surprisingly slippery slope, especially if you’re trying to console someone,” says Porter. 

Huang advises that leaders address employees’ underlying concerns, which extend beyond retirement-account balances. Is the company financially secure? Will there be layoffs? Managers can reassure employees that business-protection measures are in place. “Try to alleviate anxieties about the company with as much transparency as possible,” she says. 

Learn more about Korn Ferry’s Workforce Management capabilities.

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