Donít let your talent pool run dry during the recession

A study of almost 3,500 HR professionals across Europe[ii] has found that employers are failing to consider the long-term state of their workforce, when making redundancies during the recession. Lisa Wynn, director and executive coach at Corporate Potential is calling on employers to act now by managing their talent effectively to ensure that they donít lose them when the inevitable upturn arrives.

Employee engagement is at an all time low[iii], with many staff members simply sticking at their current jobs until the job market has recovered. ìIn short, there is a risk that talented staff may simply up and leave as soon as they feel the prospect of finding a new job has improved,î Wynn explains; ìEmployee engagement should be top of a HR directorís agenda in the current climate; with employees feeling disillusioned and unmotivated it is a prime time to give them the motivation they need to stay and in turn, work productively.î

During the recession organisations have been making many cut-backs in areas such as training and engagement programmes, with one in 10 planning to cut spend on employee engagement initiatives[iv] . Wynn believes that although times are tough organisations should continue investing in their talented staff; ìBy engaging staff who may currently feel unappreciated, an organisation can hold on to them and avoid the possible talent shortage. Non-financial rewards and open communication with staff can help to retain the precious talent which they already have.î

Wynn advises a number of ways that organisations can help motivate and be sure to retain talented employees:

Employee engagement does not need to cost the earth; non-financial rewards and staff satisfaction surveys can all help to motivate staff and generate some much needed feedback.

Communicate with your staff and openly discuss the issues which may be occurring in the organisation at the time. Employees will value straight talking and honest communication. Ask them what will help them to feel better supported rather than guess and make costly mistakes
A thank you costs nothing but can really help engage people. Your staff will feel appreciated and believe that they are individually contributing to the organisationís success and not just another number.

Organisations which have engaged and retained their talented staff will come out on top. Employees will remember how they have been treated through the tough times and feel dedicated and happy to stay with an organisation which has treated them well.