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From worries of pay cuts and layoffs to businesses closing their doors, economic uncertainty is something that affects nearly everyone in the workforce. According to Layoffs.fyi, 257 tech companies in the US have already laid off over 60,000 employees as of April 2024, not to mention the over 400,000 employees who were laid off in 2022 and 2023 combined. Many of these companies are quite well known, with lots of revenue coming in; imagine how smaller companies are faring if larger companies are causing thousands to be unemployed. Workforce dynamics have changed rapidly. The pandemic introduced many to remote work, and the follow-on back to office requirement by corporations seemed like a thinly disguised ploy for reducing the size of the workforce. Now, machines and AI are replacing many jobs once filled by humans. But what about the remaining employees at these companies and their worries? These people have seen many of their co-workers be let go, and naturally are concerned that they will be next. Despite these uncertain situations and changing environments, businesses and contractors are still finding a way to showcase their ability to flourish through the challenges. Here are three key factors that have helped companies remain successful with employee relations and keeping employees at ease:
Employees and consumers alike gain a sense of security when they know what is happening behind the scenes. Having clear, open communication and addressing concerns before they arise within the workplace is essential to quelling employee’s potential worries and fears. When the whole team is aware of what is going on, they gain a better understanding of what is expected of them. Communication also tends to boost productivity, engagement, organization and cooperation. TechReport has found that approximately 70% of employees say they would get more done with clearer communication, and that 85% of employees feel increased motivation when management shares news often.
Offering flexible means of working, such as remote and hybrid options are excellent alternatives to the traditional 9-5, in-person setting. Uncertain times call for adaptability to change, and these alternative modes of work give employees the flexibility they may need. Forbes reports that 58% of the workforce now works from home. Remote and hybrid work also helps businesses cut costs that in-office environments bring, such as electric and HVAC costs, ensuring there is enough of a budget to keep as many employees and contractors on board as possible.
Having mental health and counseling resources readily available promotes employee productivity. Uncertain economic circumstances can leave many with anxiety, as well as feeling emotionally taxed. The American Psychological Association reports that as of 2023, “92% of workers said it is very (57%) or somewhat (35%) important to them to work for an organization that values their emotional and psychological well-being” clearly demonstrating that there is a strong need for these resources to be available. Many of these mental health resources encourage employees to keep doing their best, and allow them to express concerns to management. It gives them a positive outlet for expressing temporary frustrations that make them feel like quitting their job. These services would not be offered to contractors, who are temporary, yet immensely valuable, members of a team without being an employee.
Reaching these goals while being tasked with completing projects already underway can sometimes be internally challenging and may require outside support. These goals may be more obtainable by contracting with seasoned field experts, who have the skills to propel your company to the next level with little to no interruption. Adding these strategies to your professional tool kit can help employers and employees mutually thrive and be fully equipped to navigate the evolving landscape of the workforce with confidence.
