A manager has many responsibilities, one of which is keeping their team engaged and motivated at work. Unfortunately, the economic slowdown and threat of a recession make this harder on managers, while also negatively impacting employee morale, leading to decreased productivity, increased absenteeism, and higher turnover rates. This has been amplified by The Great Resignation, where employees are willingly leaving their jobs to pursue other opportunities because in the past few years, the demand for talent has grown and now exceeds supply in many occupational areas like software development, B2B sales and leadership. Current data from the Office of National Statistics (ONS) predicts that one in five of UK workers will seek other employment options this year. More recent research from Unum UK, an employee benefits provider, found that 19% of workers plan to look for a new position in 2023.
However, the outlook for employers is not all bleak as recent trends show the rise of Boomerang Employees. The World Economic Forum defines this phenomenon as “staff who leave their jobs but choose to return at a later point when the stress passes or priorities shift”. Data shows that 1 in 5 people who have quit their jobs during the pandemic have gone back to the job that they have left. This suggests that employees are realizing that the grass is not always greener on the other side, and the demotivating factor/s that caused them to leave in the first place are being tackled more swiftly by employers who are keen to war for the best talent. For example, many companies that previously had no flexible work policies are implementing these to remain competitive in an increasingly ‘hot’ talent market.
There are a number of steps managers can take to keep employee engagement and morale up during times of uncertainty, and create a culture that employees will not want to leave, but also are more inclined to return to if they do resign:
- Be transparent and communicate frequently – During times of uncertainty, employees want regular updates and transparency from their managers. Make sure you communicate openly and honestly with your team about the state of the company, any upcoming changes, and how they may be affected. This can help alleviate anxiety and prevent rumors from spreading.
- Show empathy and support – Layoffs and the threat of recession can take a toll on employees’ mental health and wellbeing. As a manager, it’s essential to show empathy and support to your team during this time. Listen to their concerns, offer resources, and support, and encourage them to take care of themselves both physically and mentally.
- Provide opportunities for development and growth – Even in challenging times, employees want to feel like they are progressing in their careers. Provide opportunities for learning and development, such as training sessions, coaching or mentorship programs. This can help employees feel more engaged and invested in their work, especiallyduring tough times.
- Recognize and reward accomplishments – During a time of layoffs and recession, it’s easy for employees to feel like their work doesn’t matter and isn’t appreciated. As a manager, try to recognize and reward accomplishments and effort, no matter how small This can help boost morale and reinforce the value of your employees’ contributions.
- Foster a positive culture and team spirit – Finally, it’s essential to foster a positive culture and team spirit during tough times. Encourage teamwork, celebrate wins together, and prioritize team-building activities. Promote strengths-based work practices so people can spend more time at work doing activities that really energize them and align with their career goals. This can help create a sense of unity and support within your team, even when times are tough.
Implementing simple, actionable ways to keep employees engaged during the economic slowdown will not only improve performance, motivation and retention, but former employees may even boomerang back onto your team.
As a leader in strengths-based assessment, development and coaching, TalentPredix can help you boost employee engagement, performance and retention. Contact us to learn more.
