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When business is down and there are significant reductions in force, it’s critical to keep morale high in order for those that are still employed to remain motivated. Money and position aren’t what keep employees motivated; it’s actually about the work itself. Often, the biggest mistake that firms make (particularly financial firms) is that they base their entire reward system on money. Organizations should refocus their efforts during a crisis and open up the lines of communication. It’s important that senior management prevents employees from finding out about layoffs and cutbacks through the media. Additionally, reassurance and increased innovative ideas can contribute to a raise in employee morale. Because layoffs leave employees feeling insecure, it’s important to assure employees that the company remains committed to them. This will likely encourage them to continue to commit to the company. It’s also worthwhile to increase flexibility and think outside the box; for example, consider strengthening team bonds by treating your team to dinner or happy hour after work. Also, keep in touch with those that leave and offer to help them find opportunities- this helps those in need, but also serves as a positive motivator for those that are still employed. At the same time, keep note of the vacant position as there may be opportunity for other employees within the company.