A Bad Economy Does Not Mean Employees are Not Looking for New Opportunities

Over the past several weeks, we’ve been interviewed by several publications regarding the economic downturn we are currently facing—and the topic of hiring comes up quite frequently.

The difficult state of our economy has led many companies to re-evaluate systems, processes and expenditures to look for ways to save money, be more efficient and either become or remain profitability. One critical component companies must not overlook, or take for granted, is their staff.

The rise in unemployment often leads employers to become overly comfortable, believing their staff may be one of the most stable parts of their business. Caution—a down economy with increased unemployment rates does not mean your employees are not looking; in many cases, depending on how you handle the situation, it may mean just the opposite.

During challenging times, when business is not as prosperous as it was previously, most companies will look at where they are being frivolous, or explore areas where they could cut back or be more efficient. These actions may lead employees to believe that the company is in trouble, resulting in the belief that their job security may also be in trouble.

It is more important than ever to communicate to your staff that these actions do not mean the company is in trouble, but rather the company is being responsible. Explain to them how the company is doing, what steps you’ve taken in order to weather this challenging time, keep the company healthy and how your team will be affected in order to alleviate some of their concerns—or the urge to look for a new job they feel may be more secure.

Keeping your staff informed will not only put their minds at ease, but also gives them the confidence to communicate to outside parties that the organization is doing fine and will be successful throughout this time.

Don’t be afraid to ask your team for maturity, understanding and leadership during these times. Explain that many companies do well when things are easy, but it’s the great companies who do well when times are challenging. Convey to your staff that you believe they are the team that can get the company through these tough times. In addition, it is very important to acknowledge and show appreciation for their dedication to the company and their flexibility to do what is necessary—even if it means longer work hours and increased job duties.

If the well-being of your organization is not clear, people may make decisions on what they fear rather than what is the reality. You always need your people, but in a down economy, your people are more important than ever.