Recession or No, Invest In Your People

3 Aug

Very good article today at TheStar.com  about taking care of employees through the transition period to economic recovery. The article states:

And even though it could take up to two years for a real labour market revival, it would be a mistake for companies to assume they have the upper hand over their staff. In fact, businesses should be taking action now to ensure their best workers remain engaged, says Terry Power, president of staffing firm Randstad Canada.

“When you’re in a recession, the trend typically becomes one of `do more with less.’ And inevitably that means a little more stress on your people,” Power said.

“The people in those situations that tend to step up and do the most for you … are your best people. And often times, though, that gets kind of taken for granted.”

That means managers should not simply assume their star employees are coping well with weighty issues such as heavier workloads or the loss of colleagues through layoffs. Although many businesses are squeezing their staff through painful cost controls right now, good quality companies will also take the initiative to provide some sort of longer-term payoff – even if it is not a cash-based reward.

This is the time to invest in your people. I know the economy is a challenge for many businesses, but there are creative ways we can help our associates grow and know they are valued. The employers that engage their employees now will have a much better chance of coming out of this recession with those valued employee still on board instead of working for the competition.

One Response to “Recession or No, Invest In Your People”

Trackbacks/Pingbacks

  1. Engaging with, and Investing in, Your People « Total Rewards Blog - August 3, 2009

    […] Mark Hirschfeld cites an article that discusses the importance of “fostering a focused workforce,” both in today’s economic client as well as with an eye toward an eventual recovery. […]

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