Navigating an Economic Downturn
Envol Strategies
MAKE YOUR BUSINESS HUMAN | Your people partners in growth, crisis & everything in between. Let's do this!
The market is shifting.
We're in the midst of an economic downturn, with a recession on the horizon.
Recent data shows that the macro-economic market is trending towards a global slowdown. Talks of stagflation, mass layoffs (especially in tech), and hiring freezes are circulating the internet.
It's daunting.
As an employer, navigating an economic downturn is hard. It means making tough decisions and business changes. We get it.
But yet your organization, and team, still need to find ways to operate and thrive.
Here are 3?suggestions to help you ensure the successful management of your team while adapting during these uncertain times:
1. Set SMART goals with your team and realign strategy. Setting SMART (specific, measurable, achievable, relevant, and time-bound) goals with your team is a great way to align visions on how to reach goals together. Additionally, make sure your team is aware of any specific actionable items they can work towards on an individual level to contribute to the business' overarching goals.
2. Communicate frequently and transparently. If your organization is going through any changes, issues, or challenges: remember that communication is key. ?? Don't leave your team in the dark. Keeping them in the loop with information as you become aware of it demonstrates honesty, strengthens relationships, and builds trust - all things that are vital during an economic downturn.
3. Prioritize employee engagement. In times of economic uncertainty, it's important to check in with your team frequently and monitor performance. Providing thoughtful feedback, scheduling one-on-one time, offering learning opportunities, assigning meaningful work, and promoting work-life balance can help re-engage employees.
Above all, remember the importance of being human, especially in uncertain times. Show compassion and understanding, make room for conversation, embrace change, and move forwards together!
Want to learn more about how to navigate an economic downturn and thrive while doing it? Book a free 15-minute consultation with our team! We're here to support you through growth, crisis, and everything in between. ??
Recession-Proof Your Business: Workforce Planning
Build a future-ready business today.
How do you ensure your business has the right number of people, with the right skills, in the right place, at the right time?
Through strategic workforce planning.
领英推荐
When facing an economic downturn, it's essential to analyze your workforce to understand how your business can still crush your goals and objectives.
Join our team on August 26th at 11:00am PST for a FREE virtual session on how to conduct strategic workforce planning!
Here's what you can expect:
Ready to recession-proof your business? Save your spot today!
Dealing with layoffs? Our new tool for employers can help.
Layoffs suck. We created a tool to make them suck less.
With an economic downturn on the horizon, many organizations are faced with difficult decisions for their workforce, including layoffs.?
We understand how worrying times like these are for employers, even without the stress of making layoffs.
The good news? We’re here to help.
We designed a new downloadable resource to help you make compassionate layoffs in a crisis.
P.S. It's free! Download it here.?
Interested in accessing more information about hot HR topics like employer branding and competing for top talent? Explore Envol’s FREE tools and resources today!