The way to retain talent is the same in times of recession and in times of economic growth. In both cases, you need to consider the appropriate way to compensate your talents and identify what motivates him/her.

The difference is the type of answers the organization is capable of providing during a recession, versus the options available in times of growth. The answer is not always financial compensation. Some employees prefer to enrich their professional skills, some set the next job as their goal, and others seek to participate in a professional conference.

During a recession, the solution for employee retention will revolve probably around professional development within the organization, mentoring by a senior company executive, exposure to cross-organizational projects, etc.

What is important is to create a personal dialogue with the employee and to understand his needs.