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Recently, I had the pleasure of recording an episode for our HR Community Podcast which focused on, trust in leadership. One of the highlights for me was the 4 zones in the 'Achievement Model' which which vary depending on a teams' leadership, culture & performance...Dont fear, episode is coming soon ?? It started to get me thinking about the current work environment for some as we continue to operate in a more volatile economy, interest rates increased, mass company layoffs and of course the feeling of uncertainty at times ??

This week in '???????????? ?????? ?????????? ???? ????', we are going to jump into some of the key areas you and your business can focus on to ensure you continue to driver performance, engagement and employee satisfactions levels. In a volatile economy, it is undoubtedly difficult for both #employees and #employers . Organisations face the pressure of reducing costs???? and maintaining profitability, which can lead to job cuts, pay cuts, and a decrease in employee benefits - we already experienced some of this back in the dreaded Cov-19 days with bonuses and other benefits put 'on hold' or simply vanishing.?? These situations can also impact #employeeengagement , #performance , and #satisfaction , which can result in decreased productivity, higher turnover rates, and a decline in organsational performance.

Here are some of the best practice approaches that you and your teams consider in the coming months:

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Employee engagement refers to the emotional commitment an employee has towards their organisation, which results in them not just 'showing up' but ensuring they give 110% at all times. However, high levels of employee engagement are also based on other facets such as socioeconomic status (for example) In the current economics environment & rumours of recession, employees may become disengaged due to fear of job loss, financial instability, or a lack of clear communication from their employer....the last point is so important so lets recap on that again.

Employees may become disengaged in a volatile economy due to lack of clear communication by their employer or leader

Organisations & leaders need to focus on communication, recognition, and growth opportunities. Employers should ensure that employees are aware of any changes in the company and how it will impact them. They should also provide regular feedback and recognition to employees to motivate them to continue to see the vision of the business and be more optimistic on the long term goals. As certain roles or elements of the business slow down, this could be a great opportunity to start mapping out new areas for development & growth through training and development.

Reference:

• Employee Engagement During Tough Times: https://www.shrm.org/search/pages/default.aspx#k=Employee+Engagement+During+Tough+Times&filters=

2. Employee Performance:

Employee performance refers to the level of output an employee generates in their role. During a volatile economy, employees may struggle to perform due to decreased motivation, fear of job loss, or a lack of resources.

To continue to support your employees' performance employers should focus on setting clear goals and expectations, providing support, and start creating short, revised plans for the next coming 6-12 months. Employers should ensure that employees are aware of what is expected of them and provide the necessary resources and support to help them achieve their goals. Employers should also recognise and reward employees for their achievements to motivate them to continue performing through tougher times.

Reference:

• How to Keep Employee Performance High During Tough Times: https://www.forbes.com/sites/forbescoachescouncil/2023/03/28/high-performance-dont-believe-the-hype/?sh=6028f420726b

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Employee satisfaction refers to how satisfied an employee is with their job, including factors such as pay, benefits, work-life balance, and job security (these are the more common facets but it may vary depending on the individual). During a volatile economy, employees may become dissatisfied with their job due to pay cuts, on payment of incentives or bonuses, job insecurity, or an increased workload.

To continue employee satisfaction, employers should focus on employee well-being, work-life balance, and employee benefits. Employers should provide resources to support employee well-being, such as mental health resources and flexible work arrangements. Employers should also ensure that employees are not overworked and have a healthy work-life balance. For employers that have to make tough decisions on pay and bonuses, we urge you to communicate with your people. As a recruiter, having operated in this market through many economies, employees who feel they are not kept int he loop are more motivated to look for work elsewhere.

Lastly, you could and maybe should review and potentially improve employee benefits to ensure that they are competitive and meet the needs of employees in the modern world of work. Look at the cost of living for example and where you can support here. In the Philippines, local organisations still pay their staff 'rice allowance' and as old fashioned as it may seem to us in the western world, it forms an essential standard of living incentive for each Filipino worker.

Reference:

• How to Maintain Employee Satisfaction During a Recession: https://www.hrexchangenetwork.com/employee-engagement/articles/10-ways-to-improve-employee-engagement-in-a-recession

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Although the current economic climate among other facets in the world create a tighter budget for organisations, leaders need to encourage best practice across their workforce. Leaders need to be transparent with staff and continue maintaining employee engagement, performance, and satisfaction levels. Your current commitment, approach and leadership with your employees may trigger their reasons to stay with you through the good and the bad or could probe them to jump ship and seek an employer who can support them.

Check out our latest episode on the HR Community Podcast featuring Vanessa Riley , Chief People Officer with @richard crookes construction, where we discuss best practice employee experience and leadership development