While many business owners are so focused they don't take much time to keep track of national or regional economic factors, guaranteed, they have certainly been sitting up and paying attention to what's happened over the past year. With Manitoba being an exporter of goods and the Canadian dollar at par, our manufacturers are struggling. The ongoing US sub-prime mortgage issue is impacting some of our industries and the recent jump in gas prices has many of us running for cover.
The reaction to gas prices has been quick and deadly for the larger automobile and airline companies. It didn't take them long to engage in the necessary belt tightening and cost cutting tactics.

So far, thousands of employees have been laid off. Hiring freezes are being implemented and budgets for new positions are being quietly dropped. Every business, no matter where they are located, is focusing on reducing operational expenses and trying to weather this newest survival challenge. Employees too, are hunkering down and working hard hoping that the layoff notice won't hit them.

A downturn in the economy is a good opportunity to engage in self assessment. Think about conducting an employee satisfaction survey, find out why employees like working for you. Use the positive traits in your marketing strategies, focus on attracting other like minded candidates to your organization. Use this time to repair any employee dissatisfiers, and especially work on maintaining employee security. Keep up open and honest communication and look at other opportunities such as cross training so that your employees are more flexible and can meet your needs going forward.

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