Top 5 Reasons to Show Employees You Value Them in a Bad Economy

Some leaders make it a priority to show appreciation and reward employees for a job well done no matter the business state or time of year.  Even in a bad economy, these leaders find inexpensive but meaningful ways to tell people “job well done” and “thanks for the hard work”.  

Unfortunately, in the stress of trying to grow or even maintain a business in a bad economy, there are many leaders who push valuing and appreciating employees to the back burner and sadly, adopt a philosophy of “the job market is bad, the employees should be happy to have a job… where are they going to go? I’ll do something when the economy improves.”

This is the wrong approach to take… Here are the top 5 reasons to continue to show your employees you value and appreciate them, even when the economy is bad and money is tight…

  1. People who have a job are now doing the workload of 2-3 people.  If they feel this hard work is taken for granted, they will quickly burnout, lose motivation and productivity will decrease
  2. Once the economy does turn around and jobs are more available, you’ll have a mass exodus. The costs to recruit, hire and train new personnel will be large compared to spending a small amount of time and money appreciating the employees you have.
  3. Word of mouth can be positive or negative.  Complaints from people about work or management treatment of employees can travel fast and can damage your company’s image, brand and revenue-generating capabilities and ability to attract top talent in the future.
  4. It is difficult enough if you have to institute pay freezes, etc. but it stings a little less if the employees feel you have empathy and show appreciation in other ways.
  5. A little goes a long way… You don’t have to break the bank—small gestures can make a big impact on keeping good, productive employees and strengthening your business.

 

Check back for the next Leadership Blog on the Top 5 ways to show employee are appreciated and valued in a bad economy.

Jul 10th, 2011

3 Comments

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  • Julie says:

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