Economic uncertainty can heavily impact employees’ mental and physical well-being in the workplace due to the stress of financial instability and the looming fear of layoffs. Even with an increased chance of being laid off during a recession, employees may still choose to leave the workplace for a variety of reasons, such as a higher-paying job, flexible working conditions or improved job security.
Retaining employees during a time of economic uncertainty is essential for maintaining an organization’s performance, minimizing costs and supporting employee morale. To help retain employees, employers can focus on some of the following retention strategies:
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