Supporting employees through economic uncertainty

In times of economic uncertainty, businesses often face difficult decisions – cutting costs, freezing budgets and scaling back operations. But amid all the financial belt-tightening, there’s one area where companies can’t afford to cut corners: their people.

When pay raises, bonuses and perks are harder to offer, employee appreciation and wellbeing become more essential than ever. Not only are they key to maintaining morale and productivity, but they’re also surprisingly accessible – even on a tight budget.

Let’s talk about why they matter and how employers can show up for their teams, at any cost.

Why recognition and wellbeing matter more than ever

In challenging economic times, employees are often asked to do more with less. That added pressure – paired with external stressors like inflation, job insecurity, and rising living costs – can take a serious toll on mental and emotional health.

Recognition and wellness are no longer just “nice to haves.” They are survival tools for organizations aiming to retain talent, build resilience, and foster a culture of trust.

Recognition boosts morale and motivation. When people feel seen and appreciated, they’re more engaged, more loyal, and more likely to stick around—even when the going gets tough.

Wellbeing safeguards performance. Stressed, burned out employees don’t perform at their best. Supporting mental, financial, physical and emotional wellbeing is essential for maintaining productivity and innovation.

Free and inexpensive ways to support teams

You don’t need a big budget to make a big impact. Here are simple strategies employers can use to uplift and care for their people:

1. Give authentic praise

A heartfelt “thank you” can go a long way.

Whether it’s in a team meeting, a Slack channel, or an ecard, make it a habit to call out great work and meaningful contributions. Be specific—it shows you’re paying attention.

Tip: Reward Gateway has a free eCard tool that makes it quick and easy to send recognition! Choose your card, write a message to someone you value and make their day!

2. Foster a culture of peer recognition

Continuous recognition from managers and peers is proven to enhance morale, improve your overall Employee Value Proposition and retain your top performers. Reward Gateway's recognition platform allows organizations to send non-monetary recognition that ties to your company’s core values on a social media–like feed that allows colleagues to react and leave comments – it builds community, boosts connection and ensures that wins and successes are visible across departments.

3. Offer flexibility

When raises and perks aren’t on the table, flexibility becomes priceless.

Allow for remote work arrangements, flexible hours, or “no meeting” afternoons. Employees value autonomy in how they work – and our research shows that employees who have this autonomy demonstrate higher levels of felt appreciation in the workplace (70 vs 57.9 out of 100). Empowering employees to manage their time can relieve stress and boost morale.

4. Check in – genuinely

Make space for regular one-on-one conversations that aren’t just about performance. Ask how people are doing – really doing – and listen without judgment. Sometimes just knowing someone cares can change everything.

5. Celebrate milestones and wins

Birthdays, work anniversaries, completed projects – don’t let them pass unnoticed. A quick celebration (even virtual) can create moments of joy and connection.

6. Share wellbeing resources

You may not be able to offer a full wellbeing program, but you can share mental health tips, mindfulness exercises or community support groups. Some insurance plans offer wellbeing dollars to use toward qualified plans like Reward Gateway | Edenred’s Wellbeing+ app, which is a holistic wellness platform offering on-demand content like workout videos, healthy recipes, meditation and much more along with challenges to engage employees when they need it most. Make wellbeing part of the conversation.

7. Invite feedback – and act on it

Create space for employees to share what’s working and what isn’t. But it’s not enough to just listen to feedback – you have to take action, too. When people feel heard and see their feedback lead to change, it builds trust and belonging. It also signals to employees that you care about their opinions and experience, which aids with engagement and retention.

Reward Gateway | Edenred’s full suite of surveys are proven and tested across the globe to fuel business strategy and gain a deeper understanding of engagement and employee satisfaction. 

The bottom line

You don’t need deep pockets to care deeply. Recognition and wellbeing aren’t just about budgets – they’re about values. In an uncertain economy, they may even be the most powerful investments a company can make. 

So even when times are tight, let’s remember: It’s people who power businesses. And the way we treat them now will define our culture long after the economy recovers.

Learn more about how Reward Gateway | Edenred can help you make your corner of the world a better place to work with our suite of world-class employee experience solutions.