Five ways to instil resilience in your team during economic uncertainty

January 29, 2025

From spooked investment markets to the hard hitting employer national insurance rises, you may well be feeling the uncertainty that pervades the economy at present. Even the weather is being especially disruptive.

Like many, you may be worrying about the impact on your business: costs rising, tighter margins, less demand. The year ahead is set to be the most expensive year on record for employers of minimum wage workers, whilst retailers are set to face an increase in costs of £7 billion.

We understand there’s a lot on your plate, but spare a thought for your team too. They watch the news, they may be on the frontline and will have their worries as well about the rising costs and how they could impact them and their jobs.

In order to effectively weather all this uncertainty, you need your employees in the best shape and to be fully productive. As a manager and leader, here are five ways you can improve their resilience to get you all through to better times ahead.

1. Clear communication
Transparent communication is crucial amidst economic uncertainty. Communicating with employees effectively builds trust: boosting their morale, and therefore resilience. Create this sense of trust by sharing regular updates of your organisation’s status, including any challenges faced.

Communication goes both ways. You can gauge valuable employee sentiment through feedback loops, and it’s also beneficial to encourage your team to share their ideas or concerns.

2. Invest in well-being
Maintaining employee wellbeing is even more important during uncertain times: equipping employees with the confidence to effectively navigate challenges. Work on implementing a supportive management style that addresses well-being concerns early on. Regular 121 meetings are one way to incorporate this into your management.

A highly effective and affordable way to maintain employee well-being is through an Employee Assistance Programme, which stands as an independent resource to them.

Our Employee Assistance Programme offers employees free, easily accessible confidential mental health support from a team of qualified professionals, among other things. Get in touch today to see how we can implement this across your business at an affordable annual cost.

3. Go on a management training course yourself
Learning is a lifelong process. Taking a management training course can help you elevate your business: building your resilience, keeping you ahead of competitors and empowering you to emerge successfully from economic uncertainty.

We offer both in-person management workshops and eLearning courses to suit different levels of detail as well as budget. Get in touch to find out more.

4. Encourage innovation and involve your team in decisions to foster ownership
Why not explore ways of including your employees in innovation and decision making processes? You’ll find this fosters a sense of ownership across your team: boosting motivation and commitment to your company mission.

Any team will have a range of valuable perspectives as well as some direct understanding of the company they work for: you can utilise this to generate innovative ideas. There are several ways to implement this, from encouraging contributions through creative brainstorming sessions to incorporating organisation tools like feedback surveys.

5. If you need to make changes, get professional advice
During challenging economic times, making redundancies or changing employment terms and conditions can be necessary to keep your business afloat. However, these changes must be enacted fairly and follow a thorough process.

Contact us for expert advice to make sure you do it all correctly – the last thing you need when times are already tough is to be drawn into an employment tribunal. We are here to help today.