Managers in all organisations need to be aware that the current changing economic climate can create pressure and stress for all workers.  In particular, we should be aware thus heightened media attention is the first “bad news” for almost ten years of sustained economic growth and many people may feel ill equipped to cope with this change in circumstances.

As a boss, we need to be aware that the impact of stress or anxiety about the current economic climate may flow through and impact on productivity in our organisation.  Thus, it is important that we look out for symptoms of stress or anxiety of our employees in the workplace.  These may include:-

• Higher rates of absenteeism;
• Inaccuracy or lower quality in work output that has not occurred previously;
• Workers becoming distracted or disengaged - this can be observed particularly at staff meetings and other like forums;
• Signs of stress such as arguments or increased work place conflict between employees;
• A decrease in workers energy and interest levels which may lead to tardiness and lower productivity.

If we recognise these signs in our workplace what should a manager do?  This subject will be covered in a forthcoming Every Tuesday Club pod cast.

In the meantime I am interested in your feedback and observations.  Have you noticed any of the above symptoms in your workplace?  If so, have you taken any steps to try and remedy the situation or reduce its impact on business?

I have been catching up on the New Zealand press – in particular the business press.

The gloom and doom talk from pre Christmas is continuing into the new year and makes me wonder whether the worst impact of a recession is yet to come or whether it has already been and gone?

What is the experience in your industry? Although many businesses and clients on both sides of the Tasman are telling me things have slowed down, there are very few who are in a dire position. Certainly retail is unlikely to have had as good a season as the last few years, but most seem to be surviving a tough time.

Yes, there is less cash in the economy and demand is slowing, however there are positives things to plan for in 2009 and beyond.

We must not forget there are still great opportunities out there for those willing to look ahead. If your business has been growing fast over the last few years, 2009 is a chance to pause and consolidate that growth. Employment growth is likely to slow and unemployment is rising gradually. This will change the labour market dynamics and in your industry. It might mean less demand for those skills which you have found hard to employ in recent years.

What are the positive opportunities that may be presented from an economic slow down in your industry sector?In 2009 you might have the time and space to plan and take advantage of such opportunities to build future success for your organisation.