Purpose – To investigate the effectiveness of internal communication during a crisis by comparing how Italian companies communicated to employees during the 2008-2009 global financial crisis and how employees interpreted these efforts. Design/methodology – Interviews to internal communication managers and employees; two focus groups and a survey involving internal communicators. Findings - Results indicate a misalignment between what communicators meant to communicate and what employees perceived. Companies planned excellent communication, widely used official instruments and depicted the crisis as an opportunity, while employees complained about clarity of messages and listening, disliked hierarchical communication and accused their companies of opportunism . Research implications – Further research is needed to explore the antecedents of effective manager-employee sensemaking process during a crisis. Practical implications –To reduce misalignment companies should reinforce trust relationships before a crisis occurs and should focus on open and continuous listening during a crisis.