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Having a reward system in place, it’ll help the management become experts in using these to motivate their employees. Knowing what things and achievements can be recognized and rewarded will help them strategically.
With the situation becoming more volatile, the best response is to prioritize employee welfare. You can reduce employee anxiety not only by offering words of encouragement but by easing their financial load. Review your company’s employee benefits and if financially feasible, set up employee rewards programs.