When business slows, and you’re faced with hiring pauses, tighter budgets, and quieter workloads, it’s easy to slip into survival mode. But slower markets can also give you something that’s rare during busier times: the space to stop, reflect, and reset.
If you use this time wisely, you can build a people strategy that not only supports your team through uncertainty but also puts you in a stronger position when the market rebounds.
Here’s how…
- Step back and take stock
Use the quieter times to ask key questions like:
- What’s working well in our culture and what isn’t?
- Are we hiring the right people, for the right reasons?
- Do our reward and recognition systems still make sense?
Also, review your processes, listen to employee feedback, and identify where small changes could make a big difference.
- Reassess your hiring approach
In slower markets, recruitment naturally cools. But that doesn’t mean your hiring strategy has to stop evolving. Think of this as a chance to hire smarter.
Instead of rushing to fill gaps, use the time to:
- Review the skills you’ll need six or twelve months from now
- Strengthen your onboarding and candidate experience
- Build relationships with great potential hires for when that growth returns
This way, when things pick up again, you’ll be ready, with the right people and processes already in place.
- Rethink reward and recognition
Budgets may be tight, but that doesn’t mean recognition for your hard workers has to disappear. In fact, during this time, it’s crucial.
Employees will be aware of the cost pressures your business is facing, so transparency and fairness are key. If pay rises or bonuses are limited, see what else you can offer, like:
- Development opportunities
- Recognition and thanks
- Small wellbeing initiatives that show you genuinely care
When employees feel appreciated, they stay engaged, even in challenging times. According to Gallup’s insights on employee engagement, people who feel supported and valued by their manager are significantly more likely to stay engaged, even when the market is volatile.
- Refocus on development and wellbeing
If external opportunities slow down, your team’s focus will turn inward. This makes a slow market a great opportunity to invest in employee growth.
According to Deloitte’s workforce wellbeing research, two-thirds of workers said they didn’t use offered well-being resources because accessing them was too time-consuming and complex. Now is the time to refine your existing resources and integrate new ones.
Consider:
- Mentoring or coaching programmes
- Training that builds skills and confidence
- Wellbeing check-ins or resource hubs
These aren’t just “nice-to-haves”, they send the message that you care about your staff, no matter what’s happening in the market. And, when things pick back up again, you’ll have a more capable, loyal, and motivated workforce ready to move forward with you.
- Strengthen your culture through consistency
Periods of uncertainty are going to test your company’s culture more than success ever will. Consistency, (especially in communication), is what helps to keep people grounded.
So share regular updates, even if it’s just to say: “Nothing’s changed this week.” Try to be honest about the challenges, and optimistic about the future.
By strengthening trust, you’re investing in a stronger team that will help you weather the tough times.
Our key takeaway
A slower market doesn’t have to mean standing still.
Markets move in cycles. The organisations which are thriving after slow periods are the ones that use the lull to prepare.
So, take the long view and review your structures, support your people, and refine the systems that make your workplace work.
When the momentum returns, (and it will), you’ll be ready to move forward with clarity, confidence, and a stronger team by your side.
If you’re looking for ways to improve your workplace, at UNVAELD we’re always here to give you ideas and support.
UNVAELD
Making workplaces work better
