When the going gets tough - how to retain your team and run your business in a challenging market?
Together with strategic decision-making and employee engagement, good leadership is essential to retaining your team and operating successfully in a tough market.
Top-performing individuals know their worth and can receive numerous offers to tempt them into leaving, as the findings of the PWC Global Workforce Hopes and Fears Survey 2022 references. Over 33% of participants intended to request a pay raise, and 5% indicated they were highly likely to switch jobs.
Therefore, a lot of businesses are already on the back burner if top performers are assigned additional tasks and responsibilities without receiving a pay raise that are consistent with their performance. This becomes much more difficult in an economic slowdown when businesses are forced to cut staff and can’t afford pay rises.
The best place to start is by making sure your people feel valued. Here are a few tips of how to do this.
Create a culture of communication
Keep lines of communication open and honest about any changes and problems at hand, as well as the company’s financial situation and future strategy. When employees are well-informed, they are more at ease and invested in helping achieve the businesses long term goals.
Maintain regular catch ups with your team about performance and promote candid discussions instead of waiting until their performance review. To promote a healthy work environment, you publicly recognising and thanking people for their excellent work and offering small rewards can go a long way in ensuring they feel valued.
Develop your team
Ensure your company’s workplace incorporates quality, diversity, and inclusion. It’s easier to let these things slip when your company is under pressure however, research has shown that there are many benefits of a diverse and inclusive workplace. These include high revenue growth, greater readiness to innovate, increased ability to recruit a diverse talent pool, and 5.4 times higher employee retention (www.greatplacetowork.com)
You can create this workplace by implementing health and wellness programs to show commitment to employees' well-being and organising team-building activities to strengthen interpersonal relationships and teamwork.
Invest in the professional growth of your staff members by providing training and development opportunities and outlining a clear career path inside the business. Since there’s been a significant trend toward hybrid working following the pandemic, providing flexible work schedules is beneficial for increasing job satisfaction and ensuring work-life balance.
Brainstorm together as a team. By encouraging your people to discuss ideas and solutions and involving them in decision-making makes them more empowered and clearer about what they need to do to deliver what’s agreed. In addition to helping your company retain top talent, competitive pay, and benefits also contribute significantly to a great workplace culture by fostering a feeling of community and transparent communication.
Stay ahead of the curve
In the corporate world, creativity and innovation are vital, but knowing how to encourage them can present a challenge for companies. Getting people together and promoting collaboration can directly affect creativity and positive change, as employees want to be innovative and come up with new ideas.
Lastly, it's important to keep a close eye on market conditions and be ready to adapt the company sales strategy as needed to overcome obstacles. Even in difficult market situations, you can create a strong and motivated workforce using this approach.
How can Recruitment Entrepreneur (RE) help?
Recruitment Entrepreneur is a valuable partner for businesses facing tough market conditions in the recruitment industry. Offering comprehensive back-office support, mentoring, and expert knowledge, RE provides a robust global infrastructure with dedicated teams in marketing, operations, and finance.
This support structure not only eases administrative burdens but also ensures stability, efficient operations, and effective risk mitigation. With a focus on mentorship and industry expertise, RE guides businesses with the knowledge and know how to overcome every challenge.
For more information about Recruitment Entrepreneur and how we can support your recruitment business, complete out our enquiry form.
