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2023 has already seen many senior leadership teams slash budgets.  The knock on effect of COVID, Brexit and the energy crisis due to the Ukraine war has created a lack of confidence in the UK industry and business has reacted by withdrawing budgets across departments in organisations. 

HR is no exception to this rule, but here we will outline why your employees should not suffer further with short term budget strategies.

Business case to protect internal events
When protecting your HR budget, your business case may be challenged when you try to maintain internal events. Insecure finances may prompt a kick back on events but you can defend your budget by illustrating the need to maintain key talent. Your business may well be on a recruitment pause, but you don’t want to lose your most valuable asset – your team members. Once regular Town Hall meetings, quarterly company get-togethers are cancelled, your people can quite quickly start to feel disengaged, the sense of belonging you have created will suffer and people will start to feel insecure, leading to resignations. Recruitment and training will create new expenditure to the business at a time when you need to watch unnecessary outgoings. 

People will stay in businesses that can offer a great sense of belonging aside from pay rises and new opportunities. 

Benefits of internal events
The benefits of internal events far outweigh the disadvantages. Both employees and business leaders benefit from coming together and being inspired. Internal events ensure clear communication of your business strategy to employees while offering them an opportunity to ask questions and for them to find out what else is happening in the business. This is never more important than at times of uncertainty, when people are concerned about their jobs and welfare. A clear understanding of the challenges throughout the business will empower employees to work towards the same goal while feeling more reassured. 

At internal events businesses can take the opportunity to celebrate employees who deserve recognition, this will build a loyal team who feel valued.  Communication can flow both ways, the senior leadership team can understand the concerns of their employees and address concerns that could create a lag in commercial growth. 

When and where?
Events should be held around milestone dates throughout the business’ year such as at the business’ financial year’s end. This is the perfect time to share the successes of the past year and aims for the next year. Christmas celebrations give employees the recognition they deserve at the end of the calendar year and summer family events create a work family community that will motivate employees to stay loyal to the business. 

The venue for a company event can be as big or little as you can afford, to save money more companies are using their own offices or studios and often creating hybrid events to include multiple offices. 

Keep connected with your employees to steady the ship for the long haul
To build camaraderie, retain your employees and therefore your business through a recession you need to ensure your team feels secure in their roles. Maintain open face to face communication  at internal events and take time to celebrate those hard working employees weathering the current economic climate. If you build a steady ship your business will be in a better position once the recession is over with a loyal team ready to face a brave new world. 

    Joe is and experienced events producer and the Founder of The Chameleon Creative Agency. He and his team produce internal and external events for Paramount UK, Total Fitness Gyms, Manchester Tech Festival and more.

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