Inspiring Talent During Tough Economic Times

One day the pundits say the economy is getting better, the next day it’s getting worse. So whom do you believe? No one really knows. But for the employees who work at your Houston company, this constant uncertainty breeds fear. What’s worse is that if your firm has experienced layoffs in the recent past, then you are more likely to lose top performers in the near future.

Why is that?

Because when a company suffers layoffs, many times, top performers become demoralized and overworked – and eventually leave in search of greener pastures. Don’t let this happen!

So how can you retain and inspire your hard working team? Here are some steps to follow:

Be open.
When times get tough, people tend to draw their own conclusions if they don’t have any other information to go on. Even if you have some bad news to share, it’s better to be forthcoming than to withhold the information.

Involve employees in creating solutions.
It’s time to rally the troops and enlist them in developing solutions. Have a meeting about the biggest challenges your company faces over the next year and invite employees to develop some solutions.

Know that actions speak louder than words.
Your employees are going to begin to doubt your credibility if you keep telling them that things are looking up, but then operate as if the sky is falling.

Meet with employees one-on-one.
Review the current situation with each employee individually and lay out the challenges and opportunities you see for them ahead. Also be sure to clearly outline your expectations of them. If you see layoffs in the future, let your employees know specifically what they can do to help offset them.

Provide market pay.
While it may not seem like a good time to be handing out raises, you may run into big problems if you’re under-compensating your employees. Honestly evaluate your pay and benefits to make sure you’re offering a competitive package – particularly to your top performers.

Celebrate successes.
Make sure that you celebrate important milestones with your employees. Doing so will create an environment of positive reinforcement.

During times of crisis, true leaders emerge. It may seem easier to sit back and let events take their course. But, in the process, your team may fall apart. Now is the time to step up, inspire, and re-energize your team!

If you have any questions about managing employees during tough times, please contact Murray Resources. As a leading employment agency serving Houston, TX, Murray Resources can help you develop a retention plan for inspiring and retaining your top talent. Contact Murray Resources today to learn more.