Retain Employees Without Extra Costs

Don't be afraid to ask: Set up a meeting or take all your valued employees out for coffee and just ask what would make them happy in their jobs. During tough economic times, owners and managers are too afraid to ask or feel safe that staff won't leave because the job market is so bad.

But during the last economic downturn in 2001, "we saw that people become disengaged and are busy updating their resumes," warns Sharon Jordan-Evans, an executive coach and president of the Jordan Evans Group. "The minute the economic lights went on, people went wild. We found that 80% of people looked elsewhere."

"You can build employee loyalty if you have ongoing conversations about how they are doing and how you are doing," she adds. "People are willing to pull together if they feel loyalty for the boss and the work at hand." The answers may surprise you because more often than not, it's not about the money.

Listen with an open mind: When you're soliciting their opinions on what you could do to keep them happy in their jobs, be clear that they will not face any retaliation for being honest.

Be available: Have an open-door policy. Too often, a rigid hierarchy is in place. But if you let "employees have a feel for who you are, what you're accomplishing and that you are all in this together," you have a better chance of keeping them, says Dr. L. Todd Thomas, president and founder of IMPACT Consulting and Development. "The problem with the idea of 'people are our greatest assets' is that it can dehumanize 'people.' Make sure you and your leadership team take the time to know your employees -- their names, their interests and what excites them about their job."