How Candid Can You Really Be With Your Boss?
How to deal with the trickiest phrase you can hear from a manager: I’d love your feedback
How to deal with the trickiest phrase you can hear from a manager: I’d love your feedback
Marchiano Loen stared at his screen for two hours. He drafted one response, then another. He begged someone in human resources for help. Still, the question vexed him.
What can your manager improve on?
“Oh God, I actually have to answer this,” the tech worker thought as he pondered the employee survey. “What am I going to write?”
Bosses claim they want honest feedback. Telling the truth can spark change, make your work life better and show off your own assertiveness. Or you could get fired. (At least it feels that way.)
Like it or not, silence isn’t an option. But you have to be really careful about just how candid to get with the boss.
Loen says he was once frozen out by a manager after suggesting he could improve his communication style during presentations. Warm small talk and jokes evaporated, and Loen’s big projects were redistributed.
Now he uses what he calls “the Jacuzzi approach.” He dips a toe in with bosses to test the water, seeing how they react to a fairly neutral piece of commentary before saying anything of substance. He might ask, would that meeting be better on Tuesday than Monday?
“It’s a survival mechanism,” he says.
The average person lies three times in the first 10 minutes of meeting someone new, according to research from Robert Feldman, a professor of psychological and brain sciences at the University of Massachusetts Amherst. Such superficial fibs lubricate many of our social interactions, he says, helping us fit in and getting people to like us.
This salad is delicious, we insist. Or I loved the “Barbie” movie, too! With the boss, the photo of their kid is suddenly extraordinarily cute, their jacket perfect for today’s presentation.
“At the end of the day, we want to hear good things,” Feldman says. “Your boss is just like everybody else.”
What about when bosses want to be tapped into what’s really going on, too? After all, you’re the one who’s connected to collegial chatter and gossip, which can give managers insight into how they can do a better job and get ahead. Giving the right information to your boss can help you, too. You just have to share it the right way.
“I want people to feel like they can be them,” says Karin Storm Wood, who manages a team of communication professionals at a private school. But, “I don’t want everything.”
Don’t assume you have all the facts, she says. Acknowledge you’re just sharing one person’s perspective. And keep your language grounded. For instance, describe a behaviour instead of lobbing a negative adjective at your boss.
Wood says she’s OK with hearing that she sometimes jumps around from idea to idea in brainstorming sessions. She doesn’t want you to call her “scattered.”
“That’s like, ‘Ouch,’ ” she says. “It has that element of judgment.”
Everyone seems to want our take these days. We’re subjected to quarterly 360 reviews, weekly pulse surveys and drive-by requests for input by the coffee machine. It’s part of a longstanding shift from command-and-control leadership styles to more collaborative ways of running companies, says Doug Stone, who teaches conflict management at Harvard Law School and co-wrote the book, “Thanks for the Feedback.” A lot of it stems from employees who have demanded more of a voice…even if another app wasn’t what they had in mind.
Be careful what you wish for.
“You have to say something,” says Matt Abrahams, who teaches at the Stanford Graduate School of Business and has a book coming out this week about spontaneous communication.
A smart start is to ask some questions of your own to the boss, says Abrahams. What kind of guidance do they typically find useful? If they readily divulge a time they messed up or made a change, be more candid, he suggests.
Emphasising the positive might subconsciously correct the negative. For example, praising the boss for being so focused at the start of her speech could imply that she completely lost her train of thought by the end, without you having to spell it out. But don’t get too soft, Abrahams warns, devolving into coded language and euphemisms.
“You’re being coy. You’ve got something to say but you’re not saying it. That can look really bad for you,” he says. After all, we were all hired to be experts in our jobs.
Earlier in his career, Irvan Krantzler used to nod his head yes to everything, eager to fit in. That project idea? It sounded great. A deadline next week? Sure, he could handle it.
The result, he says, was often “bad news, late.” The issue he didn’t speak up about—an unrealistic timeline, not enough people on the team—would fester and eventually send a project sideways.
“I can’t be put in a situation where I can’t be open with people,” he says he realised. He started voicing his concerns more, and left one employer where everyone was expected to agree all the time.
When Leslie Venetz’s boss asked her what she thought about a new team of salespeople, she assumed the pair were just spitballing thoughts in confidence. A few months later, her comments were shared with HR, she says, and a person she had identified as weak was fired.
She felt guilty and betrayed, and soon left the company.
Now when clients of her sales training and consulting firm request her feedback, she asks how they’re going to use it. Are they deciding the fate of a division this week? Or just considering a possibility, and gathering dozens of opinions in the meantime?
The answer, she says, determines her candour.
“Everyone says that they want feedback,” she says. “There’s something to be said for taking a moment.”
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President Donald Trump’s imposition of tariffs on trading partners have moved analysts to reduce forecasts for U.S. companies. Many stocks look vulnerable to declines, while some seem relatively immune.
Since the start of the year, analysts’ expectations for aggregate first-quarter sales of S&P 500 component companies have dropped about 0.4%, according to FactSet. The hundreds of billions of dollars worth of imports from China, Mexico, and Canada the Trump administration is placing tariffs on, including metals and basic materials for retail and food sellers, will raise costs for U.S. companies. That will force them to lift prices, reducing the number of goods and services they’ll sell to consumers and businesses.
This outlook has pressured first-quarter earnings estimates by 3.8%. Companies will cut back on marketing and perhaps labour, but many have substantial fixed expenses that can’t easily be reduced, such as depreciation and interest to lenders. Profit margins will drop in the face of lower revenue, thus weighing on profit estimates. The estimates dropped mildly in January, and then picked up steam in February, just after the initial tariff announcements.
“We are starting to see the first instances of analysts cutting numbers on tariff impacts,” writes Citi strategist Scott Chronert.
The reductions aren’t concentrated in one sector; they’re widespread, a concrete indication that the downward revisions are partly related to tariffs, which affect many sectors. The percentage of all analyst earnings-estimate revisions in March for S&P 500 companies that have been downward this year has been 60.1%, according to Citi, worse than the historical average of 53.5% for March.
The consumer-discretionary sector has seen just over 62% of March revisions to be lower, almost 10 percentage points worse than the historical average. The aggregate first-quarter earnings expectation for all consumer-discretionary companies in the S&P 500 has dropped 11% since the start of the year.
That could hurt the stocks going forward, even though the Consumer Discretionary Select Sector SPDR exchange-traded fund has already dropped 11% for the year. The declines have been led by Tesla and Amazon.com , which account for trillions of dollars of market value and comprise a large portion of the fund. The average name in the fund is down about 4% this year, so there could easily be more downside.
That’s especially true because another slew of downward earnings revisions look likely. Analysts have barely changed their full-year 2025 sales projections for the consumer-discretionary sector, and have lowered full-year earnings by only 2%, even though they’ve more dramatically reduced first-quarter forecasts. The current expectation calls for a sharp increase in quarterly sales and earnings from the first quarter through the rest of the year, but that’s unrealistic, assuming tariffs remain in place for the rest of the year.
“The relative estimate achievability of the consumer discretionary earnings are below average,” Trivariate Research’s Adam Parker wrote in a report.
That makes these stocks look still too expensive—and vulnerable to declines. The consumer-discretionary ETF trades at 21.2 times expected earnings for this year, but if those expectations tumble as much as they have for the first quarter, then the fund’s current price/earnings multiple looks closer to 25 times. That’s too high, given that it’s where the multiple was before markets began reflecting ongoing risk to earnings from tariffs and any continued economic consequences. So, another drop in earnings estimates would drag these consumer stocks down even further.
Industrials are in a similar position. Many of them make equipment and machines that would become more costly to import. The sector has seen about two thirds of March earnings revisions move downward, about 13 percentage points worse that the historical average. Analysts have lowered first-quarter-earnings estimates by 6%, but only 3% for the full year, suggesting that more tariff-related downward revisions are likely for the rest of the year.
That would weigh on the stocks. The Industrial Select Sector SPDR ETF is about flat for the year but would look more expensive than it is today if earnings estimates drop more. The stocks face a high probability of downside from here.
The stocks to own are the “defensive” ones, those that are unlikely to see much tariff-related earnings impact, namely healthcare. Demand for drugs and insurance is much sturdier versus less essential goods and services when consumers have less money to spend. The Health Care Select Sector SPDR ETF has produced a 6% gain this year.
That’s supported by earnings trends that are just fine. First-quarter earnings estimates have even ticked slightly higher this year. These stocks should remain relatively strong as long as analysts continue to forecast stable, albeit mild, sales and earnings growth for the coming few years.
“This leads us to recommend healthcare and disfavour consumer discretionary,” Parker writes.
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President Donald Trump’s imposition of tariffs on trading partners have moved analysts to reduce forecasts for U.S. companies. Many stocks look vulnerable to declines, while some seem relatively immune. Since the start of the year, analysts’ expectations for aggregate first-quarter sales of S&P 500 component companies have dropped about 0.4%, according to FactSet. The hundreds …
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