Strategies for retaining key resources in times of crisis

One of the most important steps you can take during a crisis, such as the one we've experienced with the pandemic and the stock market, is to retain key personnel within your company. This is especially important as the loss of such individuals can make it difficult to weather the crisis and then grow again after it has passed. So, how can you avoid losing these valuable resources?

Group communication

​One of the most important things we can do is ensure good communication. This can be done through group meetings where we inform about what is happening now, possible scenarios for the future, and the measures we are taking to prepare for the best scenario. It can also be useful to ask for help in taking the pulse of the market and collecting creative ideas for how to take advantage of the opportunities that arise in times of crisis.

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Individual communication

One effective strategy is to engage in open and honest communication with each employee. Share your plans for them, both short-term and long-term, and ask about their concerns and career aspirations. Be honest about what is possible to change or address in the current situation, and what is not.

You should also openly discuss the job market and encourage employees to come to you before they reach the point of considering other job opportunities. This gives you the opportunity to proactively offer your best deal, preventing the situation from escalating to the point where you have to compete against another employer. If an employee has already gone on interviews or received an offer from another company, you are at a disadvantage because they have already begun to envision what it would be like to work elsewhere.

Good and bad measures

In addition to communication and dialogue, it may also be wise to consider wage negotiations or other measures to retain key personnel. This can be a way to show that you value this resource and want them to be a part of your company in the future. Other options include employee health services, flexible work hours, or opportunities for professional development and career growth. It is important to consider what will be most motivating for each individual employee.

While some industries may offer stocks to employees, this may not be a good option in a crisis situation as it could signal that the stocks are worth less. Instead, you may want to consider other forms of compensation such as bonuses or additional vacation time.

Overall, it is important to keep lines of communication open, be honest with employees about your plans and their role in them, and consider various options for showing your appreciation and support for their contributions to the company.