Do Recession Planning for Your Employees

Today's Wall Street Journal reports that the United States has finally slid into recession:

"The U.S. has finally slid into recession, according to the majority of economists in the latest Wall Street Journal economic-forecasting survey, a view that was reinforced by new data showing a sharp drop in retail sales last month."

"The economists also expressed growing concerns that a 2008 recession could be worse than both the 2001 and 1990-91 downturns. They put the odds of a deeper downturn at an average 48%, up from 39% in the previous survey."

This data in combination with the loss of 63,000 jobs in February, signal tough times ahead for employers and employees. While it is difficult for an individual to make an immediate impact on the overall economy, you can do recession planning for your employees and your business. You'll want to cushion the impact of any recession to maintain high employee morale and productivity. When employees experience economic worry, even about issues such as housing outside of work, it is nearly impossible for them to leave their worries at home. They want to be able to trust their employer, so make sure not to injure their trust when times are tough.