As the world welcomes a new year, shadows of economic uncertainty loom on the horizon. In response, many companies are laying off employees, giving smaller holiday gifts, trimming year-end bonuses, and freezing hiring in anticipation of a recession, or at least a downturn.
When times are uncertain, it’s easy to want to scale back and spend less on your employees. But such decisions carry significant consequences. Two questions worth asking are, why and how should organisations maintain great employee experiences during unsettling times?
When the future appears less positive and predictable, it’s even more important for companies to step up for their employees. The war for talent is not over. Unemployment numbers are still low, and good employees will always have options to choose from. Seemingly small declines in the employee experience can have a big impact on a company’s ability to recruit, engage, and retain its people.
—Andy Challenger of the outplacement firm Challenger, Gray & Christmas, Inc.
The best companies always take care of their people and show appreciation. In challenging times, employees want to know where they stand, and they look to their companies to provide support, purpose, and community.
—2021 Global Culture Report, O.C. Tanner Institute
Recognition clearly communicates that your company values its people. Show you appreciate them and their efforts, and they’ll work hard to help weather any storm that may come your way.
Here are 3 great reasons to always prioritise recognition:
—Dave Petersen, CEO, O.C. Tanner
Ready to create a positive company culture? Check out O.C. Tanner’s Culture Cloud.
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