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Monday’s BDO Business Trends survey shows many businesses are reacting to rising costs by holding back on their workforce.
While the lower numbers may translate well on paper, the negative impact will materialise as workers report burn-out, lower productivity and absenteeism.
Instead, businesses should look at how they can nurture their current workforce to improve their economic performance and bring support in where needed, rather than preparing for the worst.
Our research found appreciation to be a key driver of workplace success, with 88% reportedly working harder, 73% taking on extra work, and 91% feeling more engaged, all as a direct result of feeling more appreciated.
It is disheartening to see so many UK businesses consistently react negatively, which will only do more harm than good. The recent economic climate should motivate businesses to come out stronger, and this starts from within the workforce, rather than without.
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