10. Recognise the value of your people

In times of crisis, regular and clear communication with your employees is key. Identify key talents and develop appropriate incentive programmes for them. Downturn periods are challenging for keeping employees motivated and keeping their productivity up. First of all, you need to identify key people that will be critical to your future success and ensure that you can retain them during the crisis period.

1. Do they know that they are important to you and what their role is?
2. Can you utilise their capabilities in a different way than in the past?
3. Do your performance and reward programmes support your current needs?
4. Do your employees understand the new measures?

While you may need to restrict your new hiring, don’t forget that right now it may be easier and cheaper to find qualified employees which will drive your future growth. Lay-offs and job elimination are two but not the sole options on how to deal with the effects of an economic downturn. Consider all the alternatives of employee relations as allowed by law. Also consider all the tax and legal implications of lowering your staffing levels.

How can we assist you?

We will help you identify key people, ensure appropriate communication and set up a good remuneration and performance management system. Law firm of Ambruz and Dark associated with PricewaterhouseCoopers can help you with your legal affairs related to employment.