A Positive Approach to the New Financial Year 2023

There has been a great deal of doom-mongering recently regarding UK finances, with talk of a recession to rival that of 2008. On the back of an already challenging few years, it is no surprise that businesses and employees are feeling the strain. But is it really as bad as the media might have us believe?

How Likely is a Recession for 2023?

While many experts have agreed that a recession is possible for 2023, this is not necessarily something to panic about. Recessions are a natural part of economic fluctuation and can have different durations and implications. Understanding what is happening and finding strategies to prepare and persevere through a recession are key for businesses and individuals to survive.

In a recent BBC article on a possible recession, experts have claimed that the UK ‘will avoid going into recession in 2023 but the economy is still expected to shrink by 0.2%, according to the Office for Budget Responsibility (OBR)’. However, household incomes are also predicted to fall by 6% in 2023 and 2024, which may lead to difficulties with employment and redundancies.

The Importance of Supporting Your Staff

Whatever the impact of a recession, putting your people first is crucial. While managers should take the lead with implementing suitable strategies, everyone can contribute to a more positive company culture that can help to promote wellbeing, maintain productivity and foster resilience.

• Communication is Key: This may sound obvious, but it can be all too easy to plough on through a difficult period without taking the time to pause and reach out to others. Having regular meetings, including both one-to-ones and groups, will ensure communication is maintained and provide opportunities for colleagues to support one another in person.
• Find Your Feelings: There is still a taboo about showing emotions in the workplace, but when something like a recession begins to touch people’s everyday lives, it is vital that everyone feels comfortable expressing themselves while at work. Being empathetic and honest will help to reassure staff, particularly if there is the chance of redundancies.
• Promote Positive Opportunities: During a recession, employees want to feel valued and appreciated, so recognition and rewards can go a long way. They don’t need to be high- cost, either - a food hamper or team lunch will work just as well. Training can also help employees feel more focused and confident, as well as contributing to their wellbeing.

Ethical Recruitment When It Matters Most

At Marmion, our fully trained team are receiving more enquiries than ever before, having just had a record-breaking year and with many exciting new ventures ahead. So while a recession may happen, we remain positive as we look forward towards a promising and prosperous year.

For support with all your recruitment needs, please give us a call on 0113 332 0678 or email us.