A layoff is often a first response to declining sales. It's
also one of the hardest because it disappoints people who depended
on you and can demoralize those who remain. When you face layoffs
or rumors of layoffs, talk to people and reassure them. "You
need presence so that people have faith in you," says
Kinnear.
What shouldn't you say? "It's easy during a
recession to point your finger at others," Hoffman says.
"But strong leadership says all fingers point one way."
Accept all responsibility and distribute credit generously.
If you're aggressive, tough times can be the best for hiring
good people and developing current employees. "There are more
good resumes on the street right now than I've seen in at least
a decade," says Kinnear. Lok says his employees are less
demanding when it comes to perks and pay hikes, too. Gauger
believes now is a good time to spend money on training.
"People are not as likely to jump ship," he notes.
"You have an opportunity to build on a stronger level of
loyalty."
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 Online Exclusive |
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- The University of Michigan is holding
a seminar called "Leading In Difficult Times" that
addresses questions such as: How do you console your employees and
be more caring, while at the same time contemplating downsizing and
layoffs due to the economic slowdown? The three-day program costs
$600. Learn more at www.bus.umich.edu/execed or by calling
734-763-1000.
- The SBA has collected "14
Survival Tips For Managing During Economic Downturns" on its
Web site.
You'll find tips ranging from advice on gaining market share to
making best use of employees during a recession.
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