Achievers report shows 77% of HR leaders are concerned about a coming recession, with increasing productivity topping the list of objectives
Three-quarters of HR leaders say they are worried about the coming recession, however only 26% of respondents state that their organization is prepared for and capable of managing unexpected challenges, according to the new HR Preparedness Report from Achievers Workforce Institute (AWI). AWI is the research and insights arm of Achievers, the global leader in employee voice and recognition solutions.
“It’s been a tough few years for business leaders and the future continues to look uncertain. Our research shows that 15% of HR leaders are not preparing at all for the possibility of a recession, which could mean a difficult road ahead for those organizations”
Driving results with lean teams
When asked what they were doing to prepare for a possible recession, the number one answer from HR leaders was initiatives to improve productivity. This was followed by attracting the right talent and retaining existing employees.
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“It’s been a tough few years for business leaders and the future continues to look uncertain. Our research shows that 15% of HR leaders are not preparing at all for the possibility of a recession, which could mean a difficult road ahead for those organizations,” says Achievers Workforce Institute’s Chief Workforce Scientist Dr. Natalie Baumgartner. “With most HR leaders concerned about a recession, the best thing businesses can do now is prepare their teams by implementing programs for productivity, resilience, and retention. These tactics will help support lean teams and equip leaders with ways to combat burnout.”
According to the AWI HR Preparedness Report data, four factors stood out as key drivers of productivity
Manager effectiveness
Supportive managers make employees feel the most capable of managing unexpected challenges. People who would recommend their managers are 2.1 times more likely to report being highly productive.
Connection
Employees who say their company supports them in creating and maintaining friendships at work are 2.6 times more likely to report being their most productive selves at work.
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Recognition
Employees were asked to rate their productivity at work and only 25% report being their most productive selves at work. However, when employees report being recognized at least monthly, this increased by almost 50%. Additionally, 44% of employees that are recognized weekly stated that they felt capable of managing an unexpected challenge as opposed to only 23% who are only recognized quarterly.
Feedback
Employees who strongly agreed that their company takes meaningful action on feedback are almost three times more likely to report being their most productive selves at work.
Creating resilient organizations and supporting the dispersed workforce during challenging times
Resiliency is the ability to adapt to and manage unexpected challenges. It is a crucial skill during uncertain times, and as business leaders prepare for a possible recession resiliency is even more imperative. The HR Preparedness Report research shows that both individual and organizational resilience matters, with each being driven by different actions.
Employees who say their company allows them to work in the way they prefer are more than twice as likely to report being highly resilient and their most productive selves at work. According to the AWI 2022 Culture Report, work flexibility is the number-one reason employees left their job in the last two years, and employees who work remotely are 48% more likely to say this is why they changed jobs. Individuals who work at companies that allow them to work in the way they prefer to work – location, hours, flexibility – feel the most productive.
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