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Economic Change and Employee Experience | Transform-CX


Economic Change and Employee Experience

Economic Change and Employee Experience As we end Q2 of 2022, we see some challenges for our clients and their team members. The first half of the year has been about new ways to attract and retain staff during the “Great Resignation”. Some of the clients we are working with are at the point of doing all their training and certifications rather than trying to hire for existing qualifications. Yet, in just the last couple of weeks, some of our largest firms publicly talked about backing off on hiring and even looking at staff reductions as inflation impacts consumer spending. Another problem for employers is how to keep the people we need to survive a downturn and prepare for the inevitable growth? The key pillars of compensation, training, and engagement will not change for retention. They will be more critical now than ever. Our teams need to feel valued, and it will be essential that we are as open and communicative as possible. Otherwise, we will lose the people we just worked so hard to hire and retain.

Some of the key takeaways are:

  1. Communicate often and consistently as changes occur. Headlines about layoffs and restructuring will cause a panic if you cannot discuss your plans to address changing demand.

  2. Engagement will be key. Managers will need to stay very connected with team members and pay attention to indicators of dissatisfaction.

  3. Training is often something that gets cut early during downturns. This can be a short-term win but a long-term loss. You need to ensure your staff has the tools and training to be effective. It is clear that to survive and thrive during a recession, companies must be willing to invest in their employees. This means offering training and development opportunities, communicating effectively, and keeping a close eye on engagement levels. Failing to do so could lead to high staff turnover rates and decreased productivity.

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