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With a potential recession on the horizon, we know you want resources to help your business master the moment. We've put together our Agility & Excellence Resource Center to bring you strategies and solutions with a finger on the pulse of what's ahead.
Employee Engagement Strategies for Challenging Economic Times
In these uncertain economic times, employers and workers may feel the strain of inflation and recession predictions. However, rather than dwelling on worry, many organizations focus their energies inward, investing in their most important asset — people. Through employee engagement initiatives and retention strategies, your business can ensure teams remain intact and productive even when upheaval seems to reign outside.
Why is Employee Engagement so Important?
Companies can gain a competitive edge in weathering the challenging economic environment by focusing on employee engagement and satisfaction. Investing in employees during hard times can be a key to success, as organizations with high employee engagement have lower absenteeism and turnover while experiencing higher productivity, profitability and customer loyalty.i
What are the Basics of Employee Engagement?
Employee engagement goes beyond satisfaction and commitment to include being part of something larger, having ownership over work and having meaningful connections with coworkers. It is defined as the level of enthusiasm and dedication that employees have for their job and workplace. As a result, employee engagement directly impacts employee performance and productivity. However, employee engagement is a two-way street, and employers must actively participate.
Ways to Increase Employee Engagement
Cultivate Trust — Employee engagement involves developing an environment of trust and respect between employers and employees that encourages open communication, goal setting, positive feedback and rewarding success.
Upbeat Management Style — A positive manager-employee relationship creates an environment where employees can thrive and job satisfaction increases. It's not always easy, as managers are responsible for motivating and guiding their workers, holding them accountable and cultivating respectful working partnerships. Train supervisors in the necessary leadership skills to lead by example and develop mentorship connections that can influence positive change.
Team Building — Employee engagement also includes building solid teams and fostering healthy relationships among coworkers. Organize team-building activities, ensure that everyone is aware of their roles on the team and provide opportunities for collaboration.
Professional Development — Employee engagement isn’t just about making work easier for employees; it’s also about creating an environment that encourages employees to reach their full potential. Provide employees with the necessary resources to succeed, invest in their professional development and training, and create workplace policies that promote equity and respect.
Recognition — Continually recognize employees for their efforts and achievements. Find reasons to compliment employees on their work and encourage this among all staff. Consider creating a formal employee recognition program that allows teammates to share accomplishments. If funding permits, reward employees for their hard work with bonuses, gift cards, an extra day off or other perks.
These engagement tactics should be coupled with yearly employee engagement surveys that can be used to better understand how employees feel about their roles, working environment and overall job satisfaction. Additionally, frequent communication between management and staff could help reduce potential issues or concerns.
Employee engagement plays an essential role in the success of any business. Employers can create a productive and positive work environment that will help them remain competitive in today’s changing economy.