Retaining Key People in Troubled Companies

In: Compensation and benefits review, Volume 34, Issue 1, p. 7-11

Abstract

High performance of dedicated workers is the key approach in accelerating recovery through a company's slowdown. Unfortunately, most companies are forgetting important lessons and practices that can help them stay afloat through tough economic times. It is essential to recognize key employees and their contributions to the company. This article outlines some strategies for companies to stay on course. First and foremost, companies should retain top talent in troubled times. The larger challenge is then helping businesses toward recovery. The way that companies respond to troubled times determines which of them will dominate the next economic cycle. Maintaining a high performance ethic may help companies stay out of trouble in the future.