How to Retain Employees During a Downturn

Recognizing and capitalizing on these types of opportunities is what makes small business owners tick. A recent survey by Global Strategy Group for Intuit found that nine out of 10 small-business owners saw growth opportunities in the face of the looming recession. Furthermore, over 75% expect to see growth.

For some, their optimism is more than peering through rose-tinted glasses. If you're in the food service industry, for example, employment has increased by 288,000 jobs in the past 12 months, according to the U.S. Department of Labor.

Perk It Up

If you happen to be in a recession-proof market in which retention of top talent requires more than flexible hours, it's time to look at the work environment you provide. And just because your business is still able to weather the economic storm, it doesn't mean the job stability of your employees' spouses or other outside influences aren't making life a little tougher for your employees.

"Anything you can do to show your employees you're concerned, that you embrace their burden, their challenges, would certainly be positive," says Darrow. "If gas prices are a challenge, you can give them a gas card or let them work from home a couple days a week."

Darrow says employers need to take the entire work experience into consideration from the commute and parking to the lighting and office equipment to see what improvements can be made to improve the work experience and make it more enjoyable for their employees.

"I know a company that Wednesday of every week, they cater in lunch for everybody," says Darrow.

It's the little acts of appreciation that add up. Other ideas offered by Darrow include relaxing the dress code, letting employees bring in their dog or pet to the office, offering recreation items like ping pong tables or pool tables and adding complimentary items in the kitchen, like sodas or popcorn.

Being a small business owner means being flexible and innovative, especially when it comes to human resources.