How to Support your Employees During a Time of Economic Uncertainty

We live in uncertain times. But it’s important to remember that we have to work in them too. 

No sooner had workers recovered from the economic anxiety that was created by the COVID-19 pandemic and its associated lockdowns, than they’re facing up to spiralling inflation and the prospect of an impending recession. 

We don't know what the future holds, but with storm clouds gathering on the horizon your employees are understandably worried, and that anxiety can have a serious impact not only on morale and employee engagement but also your business’ bottom line. 

Why morale matters

Making sure that morale is high isn’t just about being a good boss, it’s about safeguarding the future of your organization. That’s because morale is intrinsically linked to employee engagement, something that has an impact on everything from productivity to profits. 

According to researchers, disengaged employees cost U.S. companies a staggering $550 billion a year. On the flip side, however, organizations that focus on employee engagement can help to protect themselves against the economic impacts of a recession. 

As leaders, it's up to us to stand up and support our employees. So what can we do to ease their anxiety during this period of economic uncertainty? Here are a few suggestions… 

4 ways to support your employees

1- Build authentic connections 

When times are tough even the best teams can suffer from low morale. Negativity is a natural byproduct of economic uncertainty, and these worries can make it harder for your people to remain motivated at work. But if you take action to improve morale and boost employee engagement you can create a space where your people can do their best work, no matter how challenging life gets.

Making room for fun is essential here. Not only does it help to take your employees’ minds off of the doom and gloom that may be taking place in the wider world, but it also helps to create connections that make your people more engaged. 

It could be a Zoom happy hour, a cookery class, or an online games night - but whatever form it takes virtual experiences are a great way to bring your people together at a time when it’s easy for them to become isolated. 

2 - Focus on professional development to increase employee engagement

Offering career development opportunities has been proven to help boost engagement and improve employee motivation. Typically this has been viewed by companies as a way to attract and retain top talent, but during times of uncertainty, it can also be an important tool to help your people feel supported. 

If your people can see that you’re willing to invest in their professional development, they’re more likely to feel secure in their roles and valued by your organization. Put simply, ensuring your workforce feel valued as people and not just employees, will give them confidence that you will look after them whatever happens. 

So by creating a roadmap to future success you’re not only helping to boost morale you’re actively upskilling your people, an investment that will pay dividends as we emerge from any downturn. 

3- Invest in a company recognition program 

One of the most powerful tools your organization can employ to improve morale during an economic downturn is a company recognition program. Recognizing people isn’t just a basic human need, it’s a powerful tool that in the right hands can be used to increase motivation, boost engagement and send your productivity soaring. 

At a time when your people may fear for their futures, a company recognition program can show them that their hard work is appreciated and that their efforts are valued by your organization. The good news is that thanks to platforms like Bucketlist, it’s now easier than ever to build an effective company recognition program. 

Our ​​corporate recognition and rewards program has been proven to drive results, offering a cost effective tool to help support your employees during these trying times. 

4- Don’t forget about wellness

Periods of uncertainty can be hugely stressful for employees. Whether they’re worried about paying their bills, concerned about job security, or simply feeling overwhelmed by the negative headlines on the news - these periods can take their toll on people's physical and mental health. Low productivity, high turnover, absenteeism and job dissatisfaction are just some of the ways that this stress can manifest itself, negatively impacting your organization at a time when you need everybody to pull in the same direction. 

That’s why it’s important to focus on wellness. From policies to perks, investing in your peoples’ health and wellbeing will not just help them to navigate the stress caused by an economic downturn, it can create a culture that will have long-term benefits for your employee engagement and retention. Company recognition programs can be a great tool to help boost wellness during tough times, especially if you focus on rewards that can help to reduce stress. 

Want to see how Bucketlist’s company recognition program can help you to boost morale and improve employee engagement? Contact us today for a free demo. We’d love to help you implement or improve your company recognition programs!