AcadEmploy.com

Top Menu

  • Home
  • Contact
  • About
  • Privacy Policy
  • Blog

Main Menu

  • Business
  • Career
  • Education
  • Students
  • Jobs
  • Technology
  • Finance
  • Students
  • Workplace
Sign in / Join

Login

Welcome! Login in to your account
Lost your password?

Lost Password

Back to login
  • Home
  • Contact
  • About
  • Privacy Policy
  • Blog

logo

AcadEmploy.com

  • Business
  • Career
  • Education
  • Students
  • Jobs
  • Technology
  • Finance
  • Students
  • Workplace
  • 5 Tools to Help Your Sales That You Probably Don’t Have Right Now

  • How Students Can Manage Stress

  • How Can Animated Video Help Your Sales?

  • Ash Gujral Highlights San Francisco’s Early Childhood Development and Education Charities 

  • Jobs In The Casino Industry

Finance
Home›Finance›5 Techniques to Help Retain Quality Employees During an Economic Turndown

5 Techniques to Help Retain Quality Employees During an Economic Turndown

By Mason Spandorf
September 2, 2020
0
0
Share:

    Managing a business is a lot like juggling. There are always multiple balls in the air waiting to fall to the ground. And it’s your job to keep them all afloat. Employee retention is one of those balls that should be relatively easy to manage, but an economic turndown adds another level of challenge.

    In this post, we’re going to review five techniques to help retain quality employees during an economic turndown.

    Engage employees

    Recruiting is an important process, but let’s not forget to maintain relationships with the employees who are already working hard for you. Keep an open-door policy where people can enter and talk to you about any issues or conflicts they may be facing in the workplace or at home.

    If you can, consider scheduling lunch with your employees on a regular basis. It doesn’t have to be every day, but it’s important to maintain a relationship with your employees.

    Allow autonomy

    In difficult economic times, you may not be able to offer raises or promotions, but you can offer a level of autonomy that keeps employees feeling like they’re a part of a bigger picture.

    Involve them in the challenges you face and ask for their input on how things can run more efficiently. And avoid micromanaging at all costs. Once an employee has been assigned a task, give them space and resources to successfully complete it.

    Acknowledge accomplishments

    When times are tough, it’s natural for everyone to be stressed out. But instead of focusing on the problems, focus on the things you’re thankful for.

    For example, when an employee goes above and beyond, be sure to recognize their effort. And when an employee stands out for consistent reliability, celebrate that as well.

    Hire from within

    One simple thing you can do to maintain employee satisfaction is to hire from within. When employees see that they have a chance for forward movement, they’re going to feel more optimistic about their role in your company. And it’s much easier to submit an internal position resume than to search for a job outside the organization.

    Offer continuing education

    If employees want to upgrade their position in the organization or simply perform better at their current jobs, offer them the opportunity to do so through continuing education. Offer access to job-related training and certification programs where employees can learn new skills and offer even more to the organization.

    When you turn a quality employee into a superstar employee, everyone wins. And when you think about it, it’s much less of a risk to upgrade a good employee’s skills than to take a risk on someone who is completely unknown.

    During an economic turndown, you probably don’t want to spend on recruiting and onboarding. And then, run the risk of making poor hiring decisions.

    Instead, try to focus on the quality employees who are already making an impact within your organization. These are the people who have shown their worth and are likely to grow with your company during an economic turndown and beyond.

    Previous Article

    Preparing for College: 5 Tips You’ll Need ...

    Next Article

    Moving Away From Social Media For Collegiate ...

    0
    Shares

      Mason Spandorf

      Mason Jenkins has been a blogger for nearly ten years. He has a passion for motivating and inspiring individuals to have a successful career. This is the driving force behind his passion. His interests in education and employment brought him to Academploy. You can find Mason training for a marathon or out riding when he is not behind his laptop.

      Related articles More from author

      • Finance

        Maintaining a Healthy Personal Budget

        August 16, 2019
        By Mason Spandorf
      • Finance

        HOW TO OBTAIN A TAX ID / EIN NUMBER FOR A TRUST

        February 23, 2020
        By Mason Spandorf
      • Finance

        Understanding Tax Issues as a Pro Gambler

        February 25, 2020
        By Mason Spandorf
      • Finance

        Alternative Ways to Borrow Money

        August 18, 2019
        By Mason Spandorf
      • Finance

        Online Loans in Texas

        September 12, 2019
        By Mason Spandorf
      • Finance

        Apply for an Estate of Deceased Tax ID (EIN) Number | Online Estate Tax ID Application

        December 20, 2019
        By Mason Spandorf

      You may interested

      • Technology

        How You Can Make the Most Out of Your Time Through an Invoice Generator App

      • Entertainment

        How Some Celebrities Made their Fortune

      • Finance

        Apply for an Estate of Deceased Tax ID (EIN) Number | Online Estate Tax ID Application

      Newsletter

      Contact us

      • [email protected]

      About us

      Academploy is an educational blog where academics, students, teachers and business people come together to share experiences and gain knowledge in their field. Academploy also features work opportunities for individuals looking to further their careers.

      © Copyright 2019 | Academic Employment Network | [email protected]