The year is near to an end and many are standing in a tricky economic position. With the bitter memories of COVID-19 fading away, the Russian-Ukrainian conflict, the Sri Lankan economic crisis, and cryptos crashing down are the new challenges faced globally. They are giving chills about a possible global recession.
News about mass layoffs, dwindling quarter results of unicorns and tech giants are common these days but you’ll have to find out the silver linings in the dark clouds.
So what are the ways or tools that could help businesses guard themselves against unforeseen situations like recession.
Obviously no one could stop an economic recession from appearing, but you can find a way to fix the fallout. You can opt for SaaS software like We360.ai to enhance your team's potential, increase productivity and boost revenue to circumvent recession coming clouds.
What is a Recession?
A period in which the trade and industrial activity of the country is reduced and the gross domestic product (GDP) declines for two or more consecutive financial quarters.
- The Beginning: The fault lines in the global economic structure lead to a loss of business or consumer confidence. The actual economic downturn starts when most of the people or businesses in a country suddenly stop spending as much money as they usually expend.
- The Expansion: When consumer spending falls, businesses adjust their strategies. As a result, hiring rates decline, layoffs rise, and trade-in supplies between businesses decreases. Hence the unemployment rate rises and consumer confidence gets crashed.
- The Consequence: Employees and employers suffer severe consequences. Many businesses become bankrupt, interest rates go down, people get unemployed, wages sink, employees and employers both face multiple debts and many more problems arise.
How to overcome the recession if it comes?
It's a no-brainer that managing a business during a recession can be challenging for business owners and employees. Let’s just wait for what happens next - we just don’t know how severe the economic downturn could be.
To avoid or get over an economic decline, businesses should follow these tips:
- Estimate your business health - Productivity could suffer. You may need to reconsider product pricing, marketing initiatives, hiring and benefits - but it’s necessary to understand what your metrics say about day-to-day operations and results.
- Maximize your talent - The potential and performance is never at stake, you need to reconsider and assure about the resources you have. Encourage and reassure your existing teams. Look for undiscovered leaders in your company who are capable of handling tough situations and mentoring others.
- Think long-term - Planning and regular check-ups can eliminate the unknown out of the equation. Prepare for their need by providing training, monitoring, communication, and mitigation prior to their need. Data derived from the regular analysis can be used to foster new leadership, build efficient teams, and support your employees' well being.
Here’s what the expert has to say.
“Global growth is slowing sharply, with further slowing likely as more countries fall into recession. My deep concern is that these trends will persist, with long-lasting consequences that are devastating for people in emerging markets and developing economies,” said World Bank Group President David Malpass. “To achieve low inflation rates, currency stability and faster growth, policymakers could shift their focus from reducing consumption to boosting production. Policies should seek to generate additional investment and improve productivity and capital allocation, which are critical for growth and poverty reduction.”
Check out the webinar video SaaS, Revenue & Recession in 2022-23 for ideas, tips and strategies to boost revenue during recession.
How to boost revenue with a SaaS solution?
Scale your business to the next level with SaaS solutions. The most effective solution for supporting continuous growth, driving productivity, and setting performance benchmarks is employee productivity monitoring software. As David Malpass, World Bank Group President said, during economic decline, you need to focus on productivity and capital allocation. Both are directly proportional to employee potential and performance.
We360.ai can help you thrive in a bad economy by improving productivity and unlocking your team’s potential with our many growth-driven features which will not only enhance your team’s productivity and growth but also provide real-time insights into your work processes, create work-life balance and keep your employees engaged and accountable.
See how you can overcome a bad economy, increase productivity and boost revenue without any layoffs and that too with the same workforce.
- By having a real-time view of work at your workplace from anywhere, any device
- Identify the work patterns of your employees
- Knowing who is involved in relevant or irrelevant work
- Creating a balance between overworked and underutilised employees
- Planning and managing all tasks on time
- Evaluating performance with dynamic reports on all grounds
- Graphical representation of employee activity, productivity, presence and work health
- And many more..
It can be said that the gloomy clouds of world recession could take any turn. And, if it arrives a vicious cycle is in full swing and things are about to get a whole lot worse. The only solution is to find the silver lining among the storm clouds.
As discussed above, the silver lining could be employee productivity monitoring software. If you find We360.ai can help you in any way, feel free to contact us.