There’s no doubt that we’re living through difficult times. However, with some careful forward planning and shrewd decision making — particularly when it comes to employees engagement tactics — organisations can not only survive but thrive despite economic downturn.
Read time: 5 – 8 minutes
Key takeaways:
– Learn why preparation today helps organisations survive an economic downturn tomorrow
– Discover the importance of workforce management to organisational resiliency
– Find out how MGN events can help organisations implement cost-effective employee engagement tactics
Careful planning, not cuts, allows companies to thrive
According to Harvard Business Review, organisations that spend time preparing, creating contingency plans and implementing alternative scenarios now will find they are more resilient when economic downturn hits.
Analysis by McKinsey and Bain following the 2008 global recession highlighted that organisations that switched to survival mode during the recession, made deep cuts and reacted defensively were able to “merely limp through”, were “slower to recover” and were never able to “really catch up”.
Business leaders face a range of challenges
During a recession, business leaders face a range of challenges that require a robust response, including:
– Shrewd financial management: To examine capital expenditure and reduce expenses, for example.
– Careful workforce management and cost-effective employee engagement tactics: To respond to employee anxiety around job security and career prospects, to promote motivation, well-being and productivity.
– Continuity planning in the face of supply chain disruption: To mitigate delays in production, increased costs, and reduced profitability.
– Monitoring government regulations and policies: To remain informed and adjust their strategies accordingly.
– Agile sales and marketing strategies: To help the organisation remain competitive without sacrificing profitability.
5 Cost-effective employee engagement tactics
Over the last few years, social media has seen a rise in catchphrases relating to employee attraction and retention challenges. From The Great Resignation, to ‘quiet quitting’ and now ‘resenteeism’, leaders, chief people officers and HR managers have consistently adapted their employee value propositions and employee engagement tactics in response.
Here are some cost-effective employee engagement tactics that can be implemented to protect your brand’s professionalism and support employee health and productivity:
1. Foster consistent open, empathetic communications:
Consistent communications with your people is crucial during times of uncertainty and disruption. From regular team check-ins and company-wide updates to discussions about mental well-being, a broad communications strategy will provide individuals with a means to voice their concerns, ask questions and get clarity from leadership on what the future holds.
A well-executed communications strategy can help promote confidence in leadership, and support a healthy, motivated and dedicated workforce.
2. Build a culture of positivity and well-being:
During trying times, it can often be difficult for employees to find a silver lining. It’s critical that organisations build a culture of positivity and well-being, where achievements are recognised and celebrated and employee health and wellness is prioritised.
Not only does this help to break down stigma and misconception around mental health, but focusing on employee achievements in the face of adversity is a powerful way to boost engagement.
Provide resources to help support your employees’ well-being, such as mental health resources or by providing line managers and leadership with mental health first aid training. Showing that you care about your employees’ well-being can help build a positive and supportive workplace culture.
3. Support team building:
One of the most important characteristics of a robust organisation is its ability to pivot. Cross-functional communication and collaboration are key to enabling leaders and teams to think differently, innovate and implement new solutions.
Team building activities are an excellent way to boost employee interaction and understanding, and there are many budget-friendly options available. For example, team-building games or competitions and social events help promote a sense of camaraderie and foster stronger relationships between team members.
4. Learning and development:
Professional development opportunities are an excellent way to boost employee engagement, and they don’t have to be expensive. For example, you can provide access to online training programs, or offer mentorship or coaching programs within the team.
5. Promote employee autonomy:
Empowering employees to take ownership of their work and providing them with autonomy can boost engagement. Encourage employees to take on new responsibilities and provide them with the tools and resources they need to succeed.
Providing flexibility in work arrangements can boost employee engagement by promoting work-life balance. This can be as simple as offering flexible work hours or allowing employees to work from home occasionally.
Employee engagement tactics at events: How to do more with less
“While the pandemic necessitated the development of robust internally managed communications platforms, organisations can do more with their time, resources and investments with the help of an events production and management specialist,” says Neil Walker, Director of Production at MGN events.
“Internal events needn’t cost the earth and can help deliver exceptional return on investment. It requires some creative thinking to stretch budgets and do more with less.
For example, through our event management services, we can help HR managers and internal events teams make the most of their internal event processes and tools, elevate and the quality of their messaging and output, and drive all important engagement metrics and employee satisfaction rates.
“We believe that often less is more. We pride ourselves on partnering with our clients to deliver exceptional, impactful, meaningful internal events that support employee engagement, help foster employee well-being and support productive, motivated individuals.”
Boost your employee engagement tactics
Take a look at our corporate case studies or get help creating successful corporate events that support cost-effective employee engagement tactics and employee well-being in our 5 step framework for event success.
Get more inspiration for your next event or contact our team via the form below, on 01932 22 33 33 or by email hello@mgnevents.co.uk.
Further reading:
6 ways hybrid events keep companies on track
How events can help build a resilient workforce
6 Creative Event Ideas for Amazing Corporate Events
6 reasons companies should have a hybrid employee event strategy
7 great ways to improve employee well-being at internal events
