Seven ways to make sure your workforce investment pays big dividends

It's no secret that the economy is barely limping along. And whether or not your company is feeling the pinch, the downturn is making you scrutinize your employees with a skeptical eye. Is Anthony really working or is he goofing off? Why does Stacey hole up in her office and never speak to anyone? And as for Edward, he seems even more hostile than usual these days. Yes, the flaws and foibles you were able to overlook in the past are starting to feel like serious liabilities—and with a host of hungry job seekers knocking on your door, you're starting to wonder if these less-than-perfect people are right for your company after all.

Don't get out the pink slips just yet, advises Morrie Shechtman, change management expert and author of the book Fifth Wave Leadership: The Internal Frontier. Just because the current state of the economy means that more people are looking for work doesn't mean that they are the right people for your company. Instead of viewing employees as expendable, Shechtman insists that you should focus on getting the best return possible on the workforce you already have.

"Employee retention is still a very big issue," says Shechtman. "It always will be, regardless of the state of the economy. After all, the key to long-term growth and productivity is a workforce that's familiar with your company and in sync with your business goals. Your workplace should excite and motivate your employees, so they'll want to stay around. And that means creating an environment that challenges people and helps them grow not just as employees, but as people."

This theme—fostering what Shechtman refers to as "self-information"—is thoroughly explored in Fifth Wave Leadership. It essentially means that your employees want their jobs to teach them about themselves, to provide valuable information that not only makes them more marketable in today's marketplace, but that also helps them become better spouses, better friends, better people.
So how do you foster a growth-oriented workplace, the kind that will survive and thrive even in a downturned economy? Shechtman offers the following insights and tips:

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