After last week’s tariff-fueled stock market roller coaster, companies across the U.S. are taking a hard look at how they should communicate with their employees during such volatile times. On one hand, business leaders need to acknowledge that their workers might be nervous about the future, and worried about their 401(k)s. On the other, they want to project a sense of calm in an otherwise stormy economic atmosphere. 

My colleague Lila MacLellan spoke with leadership experts to get their advice about how bosses should be navigating these unprecedented times. One of the biggest takeaways? Keep it real. 

“There’s so many CEOs who think that we ought to do happy talk, or show optimism, or let people look on the bright side,” says David Dotlich, a president and senior partner at Korn Ferry, who advises Fortune 500 CEOs. But while leaders should aspire to be optimistic, a little bit of pragmatism goes a long way. “I also think as a leader, you have to be realistic,” he adds. 

It’s also critical for managers and HR leaders to remember that even if they don’t have all the answers, it’s better to speak up rather than leave employees hanging. 

“The single worst thing you can do is wait for complete information before you communicate,” says Adam Galinsky, a professor at Columbia Business School. He points to a recent study conducted by the Stanford Graduate School of Business, which found that leaders are nearly 10 times as likely to be criticized for under-communicating than over-communicating. 

“Over-communicators [are] annoying, but they were seen as at least having good intentions,” he says. “That’s my number one thing: communicate, communicate, communicate.” 

You can read more about what business leaders can say to their employees here.

Sara Braun
Sara.Braun@fortune.com

Around the Table

A round-up of the most important HR headlines.

Even companies that have shifted their production outside of China are facing the harsh realities of Trump’s latest tariff hikes. New York Times

As CEOs look for guidance, many large companies are opting to increase the size of their boards with some even doubling their size. Reuters

This is why one MIT economist says AI won’t replace human workers—as long as companies do their jobs right. Wall Street Journal

Watercooler

Everything you need to know from Fortune.

Huge demand. One of Thailand’s largest manufacturers says customers are stocking up in preparation of impending tariffs. —Lionel Lim

Speaking out. There’s been a drop in general DEI-focused proposal support from shareholders as of late, a new report finds. —Sara Braun

Building trust. If a company is going through change, avoiding the elephant in the room or delivering a scripted speech will not help employees get through tough times. —Alexa Mikhail