Discover How to Create a Resilient Workplace: The 5 Critical Experiences for Navigating a Recession

GREAT PLACE TO WORK US

Author

GREAT PLACE TO WORK US

Author

CATEGORIES

Categories

Groundbreaking new research from Great Place To Work® shows that experiences of employees around inclusivity, innovation, fairness and integrity drive exceptional business performance during uncertain economic times like a recession. Analysts indicated that Singapore may face the risk of a technical recession in 2023, with the export-driven economy set for a bumpy ride.

As economies open up post-pandemic and contend with complexities in the global economy – rising costs, disrupted supply chain and geopolitical tensions – the key for organisations to succeed is to maximize human potential. In his book “A Great Place to Work For All”, Michael C. Bush, Great Place To Work CEO spoke about the new frontier in business where developing every ounce of human potential is crucial. How can business leaders help their organizations not just survive but thrive as global economic conditions become less predictable?

The answer is in your company culture.

4.5m employees have spoken

Great Place To Work analyzed our employee workplace experience data set of more than 1,700 organizations representing roughly 5 million employees over the past 15 years — including the Great Recession of 2007–2009.

In the ASEAN region, in 2022, we surveyed close to 146,000 individuals representing 260,000 employees across seven countries in ASEAN, across a wide range of industries and company sizes, including both local enterprises and multinational companies. Many of these organizations are Great Pace to Work-Certified™ companies and Best Workplaces™ list winners.

What do employees value at their workplaces? Among our Certified community, these are consistent traits within the workplace: a positive, high-trust experience around inclusivity, innovation, fairness and integrity.

We also found that particular aspects of the work experience were vital for employees. They are: feeling treated as a full member of the organization, management following through on promises, and fair promotions and feeling welcome when joining new teams. Another critical experience is “Innovation By All” – a sense that everyone in the organization is invited to generate new and better ways of doing things.

Why Are Our Employees So Important?

Many serve customers directly, so they’re plugged into the reality of how the business is doing on a daily basis. They can also often be the first to suffer wage cuts, furloughs or layoffs, or have been disproportionately affected as “essential workers” during the pandemic. They are likely to be the first to feel the pain anytime the business is in trouble and when their experience is positive, the overall experience of all employees is likely to be positive.

Critical Employee Experiences for Surviving and Thriving during a recession

No matter your level, from frontline manager to CEO, you can help your business move from surviving to thriving by focusing on improving the employee experiences in these five areas:

1) Everyone is treated as a full member

When every employee feels that they are valued, you build trust, retain talent and increase engagement.

How to take action:

Recognize the extraordinary work your people are doing in this crisis: working from home, transiting to a hybrid work arrangement, showing up for work despite the accumulated stress of the past 2+ years, being willing to pivot and adapt.

2) Practice Innovation By All

You need everyone in the organization looking for ways to improve productivity, reduce costs, or deliver superior value to the customer, especially during turbulent times.

How to take action:

Ask employees for new ideas – whether those are ideas for cutting costs, improving customer service and retention or generating revenue in new ways.

3) Management delivers on promises

In uncertain times like these, we all need as much stability as possible. When you’re a predictable and steady leader, your employees can focus on their work and their lives and not on second-guessing or managing you.

How to take action:

Level with your people. The old warning about not overpromising and underdelivering applies now more than ever. Be careful about the commitments you make and carry them out. Provide whatever hope you can while also trusting your team to manage complexity.

4) Promotions are fair

Fair promotions signal to employees that leaders make decisions based on performance and capability in an even-handed way. You’ll inspire everyone to give their all when they see that people like them can advance.

How to take action:

Review your promotion and hiring process for any bias or inconsistency, and double down on transparency. Make your criteria for advancement crystal clear and celebrate promotions by explaining the qualities and achievements of those who earned a larger role.

5) New team members are welcomed warmly

Teams often are volatile in a recession. Their make-up and purpose can change rapidly as strategies and company structures pivot. Whether hiring new people or shifting existing employees onto new teams, the tone is set early. An inviting team climate cultivates engagement and best efforts. A cold greeting fosters indifference or worse.

How to take action:

Many companies are onboarding employees and moving existing staffers to new teams remotely. Take the same (or more) care and intentionality around connecting people to each other and to the business as you would in person.

Start engaging your people right

No matter the health of your company’s culture entering a recession, the formula for success today is the same. It involves the five action items mentioned above. And it includes a crucial sixth one: Listen continuously to your people.

Organizations must track the experience of their employee groups, as part of a wider strategy to monitor their culture. The organizations that provide the most inclusive, high-trust culture for all their people are the ones most likely to avoid flatlining during this downturn and beyond. They are the ones most likely to soar.

 

Help your company soar through the current economic climate

>Stay informed and respond to the rapidly moving needs of your employees with a high-trust workplace culture.

>Understand and close the experience gaps between employee groups with a culture management tool.

Explore company culture advice to help you create an inclusive workplace.

 

GREAT PLACE TO WORK US

Great Place To Work® is the global authority on workplace culture. Our mission is to help every place become a great place to work for all. We give leaders and organizations the recognition and tools to create a consistently and overwhelmingly positive employee experience, fostering cultures that are proven to drive business, improve lives, and better society. Our recognition is the most coveted and respected in the world for elevating employer brands to attract the right people. Our proprietary methodology and platform enables organizations to truly capture, analyze, and understand the experience of all employees. Our groundbreaking research empowers organizations to build cultures that retain talent and unlock the potential of every employee. Our coaches, content, and community connect the boldest leaders, ideas, and innovations in employee experience. Since 1992, our Certification™, Best Workplaces™ Lists, and global benchmarks have become the industry standard, built on data from more than 100 million employees in 150 countries around the world.

Great Place To Work identifies Best Workplaces in Asia™ by surveying 2.1 million employees in Asia and the Middle East about the key factors that create great workplaces for all and analyzing company workplace programs impacting 5.9 million employees in the region.

To be considered, companies must first be identified as outstanding in their local region by appearing on one or more of our Best Workplaces lists in Bahrain, Greater China (including China, Hong Kong and Taiwan), India, Indonesia, Japan, Kuwait, Oman, Philippines, Qatar, Saudi Arabia, Singapore, South Korea, Sri Lanka, UAE, Vietnam during 2022 or early 2023.

Companies rank in three size categories: Small and Medium (10-499 employees); Large (500+); and Multinational. Multinational organizations are also assessed on their efforts to create great workplaces across multiple countries in the region. They must appear on at least two national lists in Asia and the Middle East and have at least 1,000 employees worldwide with at least 40% (or 5,000+) of those employees located outside the headquarters country.

Great Place To Work identifies Best Workplaces in Asia™ by surveying over 1 million employees in Asia and the Middle East about the key factors that create great workplaces for all and analyzing company workplace programs impacting over 4.7 million employees in the region.

To be considered, companies must first be identified as outstanding in their local region by appearing on one or more of our Best Workplaces lists in Greater China (including China, Hong Kong and Taiwan), India, Indonesia, Japan, Kuwait, Philippines, Qatar, Saudi Arabia, Singapore, South Korea, Sri Lanka, UAE, Vietnam during 2021 or early 2022.

Companies rank in three size categories: Small and Medium (10-499 employees); Large (500+); and Multinational. Multinational organizations are also assessed on their efforts to create great workplaces across multiple countries in the region. They must appear on at least two national lists in Asia and the Middle East and have at least 1,000 employees worldwide with at least 40% (or 5,000) of those employees located outside the headquarters country.

Great Place To Work® Best Workplaces™ in Singapore 2023 Evaluation Methodology

This year, Great Place To Work® Singapore is proud to launch our inaugural Singapore Best Workplaces™ in Healthcare & Biopharma List. This list recognizes exemplary companies in the healthcare & biopharma industry.

Recognized as a global hub for medical technology and research, Singapore has attracted top healthcare and biopharma talents and companies from around the world. It has become the center for essential healthcare services and innovations with its world-class research institutes, academic medical centers, and industry clusters.

In turn, the healthcare and biopharma sectors play a critical role in the country’s economic competitiveness, sustainability, and innovation. These industries have significantly helped in the overall improvement of public health and well-being of the people of Singapore and its neighboring countries.

The inaugural Singapore Best Workplaces in Healthcare and Biopharma List puts the spotlight on the organizations that are dedicated to providing employee satisfaction and engagement, and their commitment to excellence in the industry.

The companies in our Great Place To Work Certified™ community have the premier distinction that helps attract the best talent, build your employer brand, and secure a competitive advantage. To achieve this, they built a working environment that is purpose-driven and people-first. These companies have demonstrated that showing authentic care, prioritizing employee’s holistic well-being, and building a culture of trust go hand in hand with growth and success.

To determine the 2023 Singapore’s Best Workplaces in Healthcare and Biopharma, Great Place to Work®️ analyzed confidential survey feedback representing nearly 12,000 employees working in the tech industry in Singapore.Employees responded to over 60 survey questions describing the extent to which their organization creates a Great Place to Work For All™️. Eighty-five percent of the evaluation is based on what employees say about their experiences of trust and reaching their full human potential as part of their organization, no matter who they are or what they do. Great Place to Work analyzes these experiences relative to each organization’s size, workforce make up, and what’s typical relative to their peers in the industry.The remaining 15 percent of the rank is based on an assessment of all employees’ daily experiences of innovation, the company’s values, and the effectiveness of their leaders, to ensure they’re consistently experienced.To be considered, companies had to meet the Great Place to Work-Certified standard. To ensure survey results truly represent all employees, Great Place to Work requires that Trust Index©️ survey results are accurate to a 95% confidence level with a 5% margin of error or better. We review any anomalies in survey responses, news and financial performance to ensure there aren’t any extraordinary reasons to believe we couldn’t trust a company’s survey results. Companies with 10 to 99 people were considered for the small and medium category; companies with 100 employees or more were considered for the large category.

Great Place To Work® Best Workplaces™ in Singapore 2023 Evaluation Methodology

To determine the 2023 Singapore’s Best Workplaces in Technology, Great Place To Work®️ analyzed confidential survey feedback representing nearly 12,000 employees working in the tech industry in Singapore. Employees responded to over 60 survey questions describing the extent to which their organization creates a Great Place To Work For All™️. Eighty-five percent of the evaluation is based on what employees say about their experiences of trust and reaching their full human potential as part of their organization, no matter who they are or what they do. Great Place To Work analyzes these experiences relative to each organization’s size, workforce make up, and what’s typical relative to their peers in the industry. The remaining 15 percent of the rank is based on an assessment of all employees’ daily experiences of innovation, the company’s values, and the effectiveness of their leaders, to ensure they’re consistently experienced. To be considered, companies had to meet the Great Place To Work-Certified standard. To ensure survey results truly represent all employees, Great Place To Work requires that Trust Index©️ survey results are accurate to a 95% confidence level with a 5% margin of error or better. We review any anomalies in survey responses, news and financial performance to ensure there aren’t any extraordinary reasons to believe we couldn’t trust a company’s survey results. Companies with 10 to 99 people were considered for the small and medium category; companies with 100 employees or more were considered for the large category.

Methodology

This year, Great Place To Work™ Singapore is proud to launch our inaugural Singapore Best Workplaces in Technology List. This List recognizes exemplary companies in the information and communication technologies industry in four categories:

  • Micro category (10–29 employees)
  • Small (30-99 employees)
  • Medium (100-999 employees)
  • Large (> 1000 employees)

With Singapore’s ambition to be recognized as a regional technology hub, the influx of technology firms (around 80 of the world’s top 100 technology firms have a presence here) and global rankings that place us a leading technology hub outside of San Francisco, the establishment of a Singapore Best Workplaces List in Technology is indeed a timely and needed one. Technology firms in Singapore are characterized by hyper-growth and ambitious expansion plans. This means a continuous war for talent in a highly competitive and rapidly evolving industry.

To maintain our lead as a technology and innovation hub, the ability to attract, retain and sustain skilled talent is critical. We are proud that companies in our Great Place To Work®-Certified community List have built a high-trust culture, engaged employees and maximized their potential to facilitate innovation. They are purpose-driven and adopt a people-first mindset. These are companies that have shown that authentic care and employee well-being need not be compromised for ambitious growth, and that it is possible for businesses to scale up quickly and responsibly. Their culture and core values are embodied in every individual—from senior leadership to rank-and-file employees—and differentiate them from their competitors, priming them to be powerful magnets for top talent.

To determine the 2022 Singapore’s Best Workplaces in Technology, Great Place To Work®️ analyzed confidential survey feedback representing nearly 12,000 employees working in the tech industry in Singapore.Employees responded to over 60 survey questions describing the extent to which their organization creates a Great Place To Work For All™️. Eighty-five percent of the evaluation is based on what employees say about their experiences of trust and reaching their full human potential as part of their organization, no matter who they are or what they do. Great Place To Work analyzes these experiences relative to each organization’s size, workforce make up, and what’s typical relative to their peers in the industry.The remaining 15 percent of the rank is based on an assessment of all employees’ daily experiences of innovation, the company’s values, and the effectiveness of their leaders, to ensure they’re consistently experienced. To be considered, companies had to meet the Great Place To Work-Certified standard. To ensure survey results truly represent all employees, Great Place To Work requires that Trust Index©️ survey results are accurate to a 95% confidence level with a 5% margin of error or better. We review any anomalies in survey responses, news and financial performance to ensure there aren’t any extraordinary reasons to believe we couldn’t trust a company’s survey results. Companies with 10 to 99 people were considered for the small and medium category; companies with 100 employees or more were considered for the large category

 

Methodology

To determine the 2022 Singapore’s Best Workplaces™️, Great Place To Work®️ analyzed confidential survey feedback representing close to 70,000 employees across different industries in Singapore. Employees responded to over 60 survey questions describing the extent to which their organization creates a Great Place to Work For All™️. 85% of the evaluation is based on what employees say about their experiences of trust and reaching their full human potential as part of their organization, no matter who they are or what they do.

Great Place To Work analyzes these experiences relative to each organization’s size, workforce make up, and what’s typical in their industry. The remaining 15% of the rank is based on an assessment of all employees’ daily experiences of innovation, the company’s values, and the effectiveness of their leaders, to ensure they’re consistently experienced. To be considered, companies had to meet the Great Place To Work Certified standard. To ensure survey results truly represent all employees, Great Place To Work requires that Trust Index©️ survey results are accurate to a 95% confidence level with a 5% margin of error or better. We review any anomalies in survey responses, news and financial performance to ensure there aren’t any extraordinary reasons to believe we couldn’t trust a company’s survey results.

Companies with 10-29 people were considered for the Micro category; those with 30 to 99 people for the Small category; companies with 100 to 999 employees were considered for the Medium category; and those with 1,000 or more for the Large category.

Great Place To Work® Best Workplaces™ in Singapore 2023 Evaluation Methodology

To determine the 2023 Singapore’s Best Workplaces in Technology, Great Place To Work®️ analyzed confidential survey feedback representing nearly 12,000 employees working in the tech industry in Singapore. Employees responded to over 60 survey questions describing the extent to which their organization creates a Great Place To Work For All™️. Eighty-five percent of the evaluation is based on what employees say about their experiences of trust and reaching their full human potential as part of their organization, no matter who they are or what they do. Great Place To Work analyzes these experiences relative to each organization’s size, workforce make up, and what’s typical relative to their peers in the industry. The remaining 15 percent of the rank is based on an assessment of all employees’ daily experiences of innovation, the company’s values, and the effectiveness of their leaders, to ensure they’re consistently experienced. To be considered, companies had to meet the Great Place To Work-Certified standard. To ensure survey results truly represent all employees, Great Place To Work requires that Trust Index©️ survey results are accurate to a 95% confidence level with a 5% margin of error or better. We review any anomalies in survey responses, news and financial performance to ensure there aren’t any extraordinary reasons to believe we couldn’t trust a company’s survey results. Companies with 10 to 99 people were considered for the small and medium category; companies with 100 employees or more were considered for the large category