If you're part of the oil and gas industry, we don't need to tell you business has been better. This is a cyclical business, and companies must prepare for the downturns. Doing so means more than crunching numbers to stay afloat, however. It is also incumbent upon management to know how to engage your workforce in the face of challenging market conditions.
To answer how much an employee's happiness helps your business, a trio of economists from the University of Warwick found an answer in a 2015 study: happy employees increase productivity by approximately 12%. (A short rundown of the study is here; the full paper can be found here.) This is important for any business, but it becomes more critical during a downturn. Employees are observant; even if your company is not considering layoffs, or cutting hours or pay, they can see when the industry is not doing well and become more likely to mentally disengage from their work if they fear their jobs may not last as long as they hope. Helping employees see value in their current jobs, despite concerns about holding those jobs, is important to keeping productivity at the levels you need it.
It's important to note that an employee who is not actively unhappy may not be happy either. For example, a 2013 Gallup poll shows only 13% of employees feel engaged with their work. Over 60% do not feel engaged--the neutral answer. Those are the people most likely to respond when efforts are made to improve their job satisfaction, and they are legion.
How do you do this, though? The answer, as with so many things, is dependent on the specifics of your business. Some broadly useful ideas, however, include making management decisions as transparent as possible, and ensuring lines of communication remain open between the company's various tiers. In this way you show leadership by having confidence that your employees will approve of how you intend to lead them out of any downturn, and if they don't, they can submit their concerns without fear of reprisal. Another is to simply give them more engaging workplaces. This might mean a better-designed office, or it could mean offering more methods of entertainment if they work in a relatively isolated area. The specifics are necessarily for you to determine, but it's safe to say mental stimulation and trust in the decision-makers will go a long way towards improving the happiness of your workforce.
Just remember that the cycle will swing back up. When that time comes, remember to contact us to work with a partner who remains motivated and committed to providing the right downhole tools to meet your specific needs.