Five Tips for Keeping Your Best Employees in a Recession
1. Keep the information flowing. Don’t hide your head in the sand and pretend the recession isn’t happening. People will jump ship and look for a new job if they hear rumors about lay-offs and don’t know how they may be affected.
2. Offer as much security as you can in the midst of uncertainty. You may not be able to promise that people will keep their jobs for the next five years, but you may be able to say, “We feel certain we will not have any lay-offs for the next six months and we will re-evaluate then.”
3. Allow people to be human and to have feelings during lay-offs. After lay-offs have occurred, allow a time for the people left behind to talk and express what they are feeling. Help them to recognize that the organization cares that they are feeling strong emotions and understands that their workloads have increased. This will help your employees become productive again sooner.
4. Engage the team in the big picture and what they can do. Give the team a stake in the ownership of company actions required to keep the company afloat during a recession. Asking people to take a pay cut may be necessary. Also help them understand how their day-to-day actions can impact the company and keep it strong. Ask for more, not less, to get through tough times.
5. Share good news. Good news can be forgotten when bad news is the norm. Share the good things that are happening around the company. Share stories of people going the extra mile. Recognize the efforts of people who are trying incredibly hard.