Keeping Your Great Employees In A Bad Economy

French Garden at Duke Farms
photo credit: nosha

It can be quite difficult as a business owner to hold onto your employees in a tough economy when you no longer can provide the incentives, benefits and other bargaining chips that most employees now a days look for in their career. So how do you hold onto your great employees then? Marshall Goldsmith at Harvard Business Review recently posted a very interesting article on this very same topic.

Do the old time favorite of everyone, show some respect towards your great employees. It may not be a raise, but employees still enjoy a great deal of respect for their efforts on the job.

Provide Coaching: By working one-on-one with employees in a coaching relationship, leaders can discover and tap the talents of individuals and direct their development, as well as align their behaviors and skills, thus becoming active as agents of change, enhancing the success of the organization.

Always make sure to give your great employees feedback on their performance. Don’t just go along with the flow until one day you sit down for their yearly review and tell them they have been doing something slightly off for a year now, they wont like that. Employees want to know how they are doing on a regular basis so they will know their performance is good and they can change the things that are out of sync.

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