How can employers support workers during tough economic times? Practical insights

You’ll likely read heart-breaking reports if you turn on the news. We all know that, in recent times, people have been dealing with various issues. Some of which are related to global, social, and economic concerns. As a result of these, individuals are seeking help from a variety of sources. HR is vital in ensuring workers’ well-being during these difficult periods. Companies expect to face financial challenges in the present economic climate. It is time to consider a road forward in the best interests of both employees and the larger organization. 

How can companies/employers support their employees during the time of recession?

We all know that the world is facing the vicious circle of recession; everything is becoming expensive, and finding jobs is hard. However, in this situation, companies can come forward to support their employees. So, let us look at how an employer can support their staff during tough economic times.

Show your appreciation:

Recognizing and showing appreciation for a person’s work and accomplishments is the best way to support employees. Some staff prefer modest gestures of affirmation from their bosses. It could be as simple as saying thank you for a job well done or email thanking them for their efforts. It can be actions like discussing an employee’s successes during team meetings. You can also highlight their work in discussions when managers are present or provide them opportunities to work more directly with senior leadership. 

Offer individual support:

Leaders may be aware of workers’ requirements and circumstances regarding work arrangements. It leads to employees believing in getting the individualized support they need to help them reach their work goals. For instance, if you use the paystub portal and a new employee needs help understanding it, you can offer support. This practice is critical during the period of crisis. People’s family situations, housing arrangements, and socioeconomic conditions vary. 

Furthermore, there is a difference in acquaintance levels with remote-work technologies and best practices. As leaders, you can check in with them on how they and their families are doing frequently. It demonstrates knowledge of their issues and signals your availability. Some employees prefer that their employers and managers meet with them individually. They can give direction and disperse work assignments among team members to meet changing demands. These behaviors make employees feel less stressed and more positive towards their boss and team. It generates a culture of trust and understanding that drives them to work more.

Engage employees in decision-making:

In a moment of considerable uncertainty and stress, some employees prefer leaders who seek out and act on their feedback. According to staff, their work experience improves when leaders encourage them to raise issues immediately. The employers should include them in discussions about where the group is heading. Also, organize regular open forums for them to ask questions and share their thoughts. It makes the staff in their organizations feel trusted, needed, and regarded as insiders. 

Trust employees with new responsibilities:

This may need to be corrected, given that people’s mental bandwidth is generally constricted during times of crisis. Yet, staff feel empowered when assigned additional duties. It includes taking up management responsibilities when supervisors have a lot of work, like leading new projects. Employers can also ask them to mentor coworkers due to their previous knowledge or remote work experience. Employees gained confidence and the opportunity to get to know their coworkers better. It makes them feel crucial to the group’s success. In this process, leaders might ask themselves the following questions: 

• Do they have a preference for some people over others? 
• Are there any people they’ve forgotten about? 
• Do they prefer to assign new responsibilities to individuals they know rather than those who best fulfill the criteria for a task or project?

Allow time and space for team bonding:

There is a significant advantage when the supervisors allow staff to engage and bond with their coworkers. For example, Virtual coffee breaks, happy hours, meals, time for story sharing, and even games played with three people through Zoom are all examples. These practices allowed individuals to get to know each other in a comfortable atmosphere. It reduces tension and inspires them to do well at work. When staff feel like they belong to a team rather than as an individual contributor, they feel accountable.

Salary raises:

Employers must consider salary raises. The obvious place to start is to raise employees’ pay or bonuses. Businesses should consider where they may save money as best practice. An offshoot of this is passing on financial benefits to their employees. Companies should not consider it as a cost. It is more like an investment in the firm, with the possibility of incentivizing employees to perform better and be more loyal.

Moreover, companies that no longer need office space should consider selling or leasing it. They should reinvest their profits in their employees by providing them raises. Firms may also explore offering employees the choice to convert non-essential perks into increased pay. It might include on-site gyms, business vehicles, or cycle-to-work initiatives if they no longer need to commute. Another option is to offer employees access to low-cost, flexible loans that can pay off gradually over time. This allows them to finance critical expenditures like depositing a new house or purchasing a washing machine. 

Final note:

We no longer have the luxury of separating work from people’s emotions. People work eight to nine hours daily with their coworkers, sometimes longer. We cannot expect people to turn off their emotions when they arrive at work. It is the employer’s responsibility to help their employees regardless of their difficulties. 

*This is a collaboration post