8 Recognise the value of your people

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What is the issue?

It is not easy to motivate employees and maintain productivity levels during these economic conditions. A critical first step in the short term, before the economy has rallied, is to identify the talent that cannot be lost. Think about using your talent differently instead of adding to the headcount. Alternatively, offer your employees new challenges in a different part of the organisation. Most importantly, continue demonstrating that you value your employees, offer development opportunities and discuss their future with the organisation.

What do I need to be aware of?

A transparent performance management process tied to a remuneration policy is essential. This process should recognise and reward quality performance. The right incentives systems will take account of the economic situation, while motivating your key talent to commit to your business. Most of all, regular and open communication with your employees will reinforce their commitment to your business and increase your chances of retaining them now and when the upturn begins.

What questions should I be asking myself?

• How is the current economic environment affecting my people needs?
  
• How am I using my workforce differently to reflect my changing revenue streams?
  
• How am I motivating and rewarding my workforce?
  
• What reward strategies are my employees telling me they value?
  
• Do my high-fliers know how much I value them and why?
  
• How am I using performance ratings to recognise employees’ contributions?
  
• When did I last communicate with my employees?
  

How can PricewaterhouseCoopers help?

Drawing upon a network of expertise and the experience of our professionals in Human Resource Services we work together to offer multi-disciplinary solutions aimed at helping you reduce costs and gain employee engagement. Check the column on the right for details of who to contact and for further information.