In cities around the globe, our firm has been hosting roundtables of executives from various industries. The goal is to share ‘people strategies’ that will help us all thrive in this economy. One vice president in Las Vegas asked, “What long-term affect will this economic downturn have on employees that we need to prepare for?”
Another executive in that roundtable offered a profound response that every company should hear. He said, “I’ve been in Vegas for five years, but I came from Michigan. This is my eighth economic downturn, and I’ll tell you what will happen. Employees have the memory of an elephant. If you treat them as though they should be grateful to have a job, as soon as the economy turns your best people will leave. They’ve seen how the company responds during tough times, and they know what to expect if times get tough again. If you continue to treat your employees well during tough times, they’ll stay with you and be extremely loyal. The way you treat your people makes all the difference between success and failure when the economy turns around.”
He later shared this analogy that reinforced appreciation’s importance during tough times. “When I think of appreciation during tough times, the analogy of the old farm family comes to mind. No matter how hard of a year it’s been, and even if the family only has bread and water, when spring comes around they scrimp and save and do whatever is necessary to buy the seed they need to get in the ground to have the chance of a crop in the fall.”
He explained that appreciation is a seed that’s worth sacrificing for, because planting carrot seeds during these tough times will ensure that the company and employees will make it through. He concluded, “Too many companies don’t have a ‘law of harvest’ mindset and are surprised when they find it difficult to retain or engage their employees.”
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