Almost seven out of ten (68%) chief financial officers (CFOs) interviewed said they are implementing strategies to uplift their teams’ mood. However, more than one-quarter (26%) of executives say their organizations have done nothing to boost morale.
CFOs were asked, “In the past 12 months, what steps, if any, has your company taken to improve employee morale?” They chose the following responses (multiple responses were allowed):
- Increased frequency, quality of communication (37%)
- Offered additional financial rewards (18%)
- Provided additional professional development opportunities (18%)
- Conducted additional team-building activities (18%)
- Enhanced employee recognition programs (15%)
- No steps taken (26%)
While finding ways to improve dwindling sales numbers may be at the top of your ‘to-do’ list right now, it would be worth your while to work employee morale into the top slot of that list as well.
"Employee motivation should be a continual priority for businesses, but in a period of economic uncertainty, managers need to invest even more time and effort into maintaining team morale," said Max Messmer, chairman of Accountemps. "Companies that work diligently to keep their top performers engaged improve their chances to retain these key contributors."
Past surveys have shown that the economy has been bringing employee engagement down with it. Companies that work to counteract the economy’s effects by keeping employees motivated and engaged will find more success when the market turns around.
What is your company doing to improve morale despite the economic downturn? Please share any suggestions you may have for motivating employees during a recession.
You can also check out some of these posts for ideas on improving employee morale on a budget:
The one thing employees want at work
10 low-cost employee incentive ideas
5 tips to build employee morale in a down economy
Employee incentive ideas on a budget
Looking for new employee incentive ideas? Listen to Aretha Franklin
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