Are you laying off talent, trying to hire for specific positions or hoping to just hang on to your best people during all the uncertainty? Or are you doing all three at once?

We’ve been listening to HR leaders and managers all over the country talking about their workforce challenges. Here’s another one:

I can’t give them a raise, their bonuses or any perks for the foreseeable future. How can I hope to hang on to my top talent?

The same way you hang on in good times. (Remember, it’s not all about the money.) Have “stay interviews” with your talented people. Find out what matters most to them – is it a little more flexibility in work hours, a chance to learn something new this year, more customer interaction (or less?), the opportunity to participate on a task force that’s exploring a brand new product or service, or the chance to discuss and deal with these tough economic issues? Once you know what each one wants, team with him or her, get creative and find a way to make it happen.

Don’t stop asking because you’re afraid you can’t deliver. Your employees know you can’t hand them the moon when things are so tough. But they will notice that you care enough to ask what they want and need and they’ll appreciate your doing your best to deliver on their requests.

Dr. Beverly Kaye is a thought-leader and best-selling author in the area of employee engagement. Her company, Career Systems International, helps organizations worldwide maximize the strategic engagement, development and retention of key talent to increase profitability and deliver significant returns on investment.