EVEN THOUGH there have been some glimmers of hope on the economic horizon, it’s obvious that businesses must manage their human and financial resources extra carefully while navigating the still choppy economic waters.

It is true that economic growth is predicted for 2010, yet people continue to worry and fear losing their jobs and that’s not surprising with unemployment rates now hovering around 10 percent. While unemployment is predicted to level off sometime in the first part of 2010, your employees are concerned and that can undermine productivity.

People first
So here’s my first tip for navigating in challenging times: keep your people busy and generate a sense of constructive urgency.  Get them working on something with achievable near-term goals.

If business is slow, consider bartering with other companies so your people can work on a project that benefits your barter partner and your company receives something valuable in return.

Another way to keep employees energized and improving their skill sets is through training and continued focus on research and development efforts. Shortsighted companies sometimes cut training or R&D budgets during slow periods, but that leaves them in a one-down competitive position as things improve.

Keeping employees pumped also involves recognizing their efforts and celebrating their big wins. But don’t stop there. Even small victories or milestones, such as employment anniversaries, should be acknowledged as you seek to keep morale high and people focused. Handwritten thank you notes (on actual paper!) sent to the employee’s home sends a much more powerful note than a casual e-mail at the office.  

As the leader, it’s your job to be positive and to focus on the future. While you can’t control what’s happening “out there,” you do have some power over what’s happening within your team and your organization.

Remember and communicate your long-term plan and keep your values alive. In other words, don’t just focus on the tactical or day-to-day details.

Of course, sometimes the situation within an organization is truly shaky and employees’ anxiety is based on reality. In those times, I believe it’s crucial for leaders to talk about what’s really happening and to ask employees to identify opportunities they might see in the current environment.

 You also should ask them for their ideas about how to manage for the future. If they have good ideas, execute them! If their ideas are not possible to tackle, let them know why that’s the case. But whatever you do, be sure to keep the lines of communication open.

Stress in the workplace also exists because of situations in your employees’ homes and personal lives. Enlist your most empathetic manager to be the “go to” person for employees who need a little extra support. And if you have an Employee Assistance Program, encourage employees to take advantage of the free counseling and other resources available.