There is lots of talk on Wall Street and elsewhere about the possibility of an impending recession. The key is not to panic but prepare:
- Focus on pulling people in instead of pushing them out. HR and other leaders should work to help employees stay motivated and engaged so they commit to helping the organization get through a recession.
- Protect your high-potential employees. Talent poaching is common during tough times, so identify your best employees and look for ways to keep them engaged and committed.
- Reinforce values and ethics. Fear, insecurity, and worries about firings or layoffs can lead people to hide mistakes or accidents, fudge results, and do other things to protect themselves. Discourage this behavior by reminding employees about what the company stands for and what is expected of them.
