Tips and Tricks to Keep Your Employees Happy During an Economic Downturn

Beth Dean 05.23.23
Weekly Tip - 2023-05-23 - supporting employees in a tough economy

Help support your employees in a tough economy

Let’s talk about supporting employees in a tough economy. It’s a challenging time for everyone, but it’s imperative that employees feel valued and supported during tough times.

Here are some ways companies can care for employees in a tough economy:

  1. Offer flexible work arrangements: Offer flexible work arrangements, such as telecommuting or part-time work, to help employees balance their work and personal responsibilities. In fact, a survey found that working from home was significantly less expensive for the employee than working in-office when factoring in costs such as commuting, professional clothing, meals, and pet care.
  2. Provide support services: Provide support services, such as counseling or financial planning, to help employees manage stress, plan their budgets, and face financial challenges. An employee assistance program (EAP) goes a long way in supporting employees on their own terms.
  3. Foster a positive workplace culture: Foster a positive workplace culture by promoting open communication, collaboration, and teamwork. Check out these low- or no-cost ways employees can boost employee engagement.
  4. Provide opportunities for growth and development: Provide opportunities for growth and development, such as training and development programs, to help employees improve their skills and advance their careers.
  5. Offer benefits and perks: Offer benefits and perks, such as health insurance and paid time off, to help employees feel valued and supported. 
  6. Employee discounts: Offer employee discounts on products or services they may need or use in their everyday lives, such as groceries or transportation.

These simple yet impactful steps can help your employees during an economic downturn. It’s about investing in the well-being of employees and creating a supportive work environment that helps everyone thrive, no matter what the economy is like!

 

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