Why is it key to take care of your employees during the economic recession

In times of economic recession, many companies choose to let go of their employees without knowing that this is not necessarily the best decision. Taking care of and retaining talent can be valued as a strategic action to avoid losing opportunities or positioning amid the complex panorama.

Considering that increasing talent commitment increases profitability by up to 21%, more and more organizations are giving relevance to a more employee-centric culture.

Employee centricity is a strategy that allows us to take care of workers and, at the same time, guarantee that the company is not affected by the crisis. Your team should feel that they are appreciated and that they truly belong to an organization in which they are important as individuals beyond just as collaborators.

Why is employee centricity key in times of crisis?

Imagine for a moment having to keep the company afloat without counting on the talent of your collaborators. It would be a catastrophe, right? An organization cannot evolve on its own, since to function it needs trained personnel, especially to innovate in times of crisis.

Keeping team members by your side is key to meeting goals and reinforcing organizational culture. So, even in difficult times, it is essential to work on generating and maintaining employee loyalty.

The importance of creating a culture focused on collaborators lies in the fact that:

1. Boosts profitability

The loss of trained collaborators or the lack of productivity, associated with demotivation within the company, are factors that directly impact profitability. Talent loyalty prevents tangible losses, related to:

• Reduction in absenteeism.
• Little competitiveness.
• Deficiency in the use of work time.
• High staff turnover.

According to a survey by Lancaster University, cited by Entrepreneur, organizations that invest in well-being and happiness at work have a 45% lower cost of lost productivity, compared to the rest of the market, when contexts of crisis.

2. Improve brand image

The financial crisis, hybrid work, and the pandemic changed the way organizations act, giving greater importance to corporate well-being. 

Encouraging employee commitment speaks highly of a company, since where do you think the best talent will want to be? Without a doubt, in an organization that, in the face of the crisis, chooses to strengthen collaboration.

Your team members will demonstrate the same commitment that you have with them and will become the best ambassadors for the brand, defending it and speaking well of it. This is one of the great employer branding marketing strategies you can have.

3. Customers will be happier

Billionaire businessman Richard Branson maintains that " if you take care of your employees, they will take care of your customers 

When an employee feels comfortable in the work environment, they are more productive and creative, which will bring benefits to the organization. 

In times of crisis, leaders must demonstrate to their team the importance they have for the company, recognize their achievements, and value their efforts.

By investing time in your employees, you are also making a direct investment in your customers. The reason is that a happy collaborator:

• He has a better attitude towards the public.
• You will put more effort into meeting customer needs.
• It will provide a positive vision for problem-solving. 

Tips to take care of your employees during the recession

The most successful organizations apply employee centricity to talent management, as well as to obtain good results in brand positioning, especially in difficult times. It is not enough to want to do it, results are obtained when actions are taken. Some of what you can put into practice are:

1. Establish a workplace wellness program

One of the main things you can do to take care of your employees in times of crisis is to create a wellness program with which you can satisfy the personal and professional needs of your team.

These types of initiatives are important because they create a value offer for employees that allows them to establish links with the organization. It is not difficult to put this philosophy into practice; some of the most common activities include:

• Professional advice to promote mental health.
• Stress management.
• Financial education.
• Activities to promote physical well-being.

Any of these initiatives contributes to improving the quality of life of talents and this is what you have to aim for.

2. Provide training

An aspect of great value for the organization and its collaborators is that they can train within their work, since in this way a professional need is satisfied and, at the same time, the brand takes advantage of human talent.

Providing opportunities for professional growth is a big decision and doesn't have to be expensive. You can choose to do it with specialists that you have within your team and ensure that growth is focused on the skills that are currently required.

3. Offers flexibility

Long work hours are far from being a good resource for the employee-centric. According to experts from organizations such as Great Place to Work, flexibility is one of the trends that improve productivity. Offer your team more freedoms, for example:

• Give the home office a chance. This trend gives your collaborators the possibility of better managing their time.
• Organize activities that allow your team members to get away from typical work days.
• Take advantage of new technologies to make better use of time no matter where your collaborators are.

Remember that these initiatives will have a positive impact depending on the needs of the brand. So, get creative!

What can we analyze from this reading?

After studying how employee centricity is key to talent retention amid a crisis, you must take a moment to determine what strategies will allow you to put it into practice.