Be visible and accessible. Use company-wide and individual meetings and e-mails to keep workers in the loop. Give frequent updates on the company's direction and goals and how well it's meeting them. Give staff the opportunity to ask questions and answer them truthfully, even if it's to tell them you don't know.
Reconsider rewards
If the company was forced to implement pay cuts or a wage freeze that you can't afford to reinstate, find other ways to compensate staff. Days off, flexible working hours and even product discounts are all low-cost ways to reward staff.
Develop creatively
Expose employees to senior leadership through mentoring programs. Consider job rotations to give employees experience in other areas. Allow high-potential workers to handle special projects or work on high-potential accounts.
Care for top performers
Identify your top performers - attractive targets to competitors. Let them know you value their dedication. Pre-empt competitive offers by providing them with valuable development opportunities worth more than money.
Offer engaging career path
A solid career path and challenging work are very important, especially for Gen X and Y workers. Help staff determine their future goals and provide action plans to help them reach those goals.
Provide meaningful work
Help employees understand how their jobs are meaningful by demonstrating how they fit into the overall success of the company. Identify a clear relationship between work and reward and give staff responsibility to control the work they do.
Attention to retention
What companies are willing to do to retain employees when the economy improves:
Increase investment in professional development: 54%
Promote top performers: 46%
Raise salaries: 42%
Reinstate or increase bonuses: 28%
Enhance benefits: 25%
SOURCE: STAFFING SERVICE ACCOUNTEMPS SURVEY OF 270 CANADIAN CHIEF FINANCIAL OFFICERS; MULTIPLE RESPONSES ALLOWED
