Tips for Dealing with Economic Uncertainty in your Business
Jul 07, 2024
With political changes and an economic slowdown to contend with, we're in pretty unpredictable waters. Here are some tips on managing your team in times of uncertainty:
Support staff wellbeing
Talk to staff about wellbeing regularly and openly. Let your team know it’s okay to feel stress or anxiety.
Regularly remind your people where to find support, whether it’s through free counselling or mental health resources, or through company health plans.
Put wellbeing practices in place
Ask your team what could help their wellbeing and balance. Consider team activities, on-the-job skill sharing and learning, and charity events.
Be clear about cost-cutting
Change on the cards? Communicate opening and frequently, using information that is easy to understand, relevant, and factual. Don’t offer false hope or reassurances.
Let people know if there is nothing new to communicate or if you are still working out your plans. Consulting effectively with staff can reduce the stress of uncertainty as you look to make changes in your business.
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