As I’ve said before, money isn’t everything. Sure, we all want a pay raise. But we also want a life. Remember that while your best employees want to give their all to your company, they also want to retain some balance in their lives.

So help them. If you’ve never offered alternative work arrangements before, this is a good time to consider these options:

• Part time or work-sharing. This is particularly appealing to working parents who might prefer to “share” their job with someone else and have more time with the kids.
• Work at home.  If you don’t need people physically in the office to do their job, you might let them do some of their work from a home office.   In this age of email and instant messaging, you can communicate as easily as when they’re in the next cubby.
• Flexible hours. Work noon to 8pm? Thursday to Monday? Ten-hours four-days a week? You might be surprised at how delighted workers can be when given a chance to “own” their time.

Depending on your workplace, you might have some alternatives of your own that meet your needs better. Your employees will appreciate that you recognize them as human beings with a life of their own, and they’ll reward you with their loyalty and productivity.

In my last blog, I talked about acknowledging the hard times to your employees. Well, you need to acknowledge the same thing to yourself.

You need to get your own head around the uncertainty. “We don’t know how or when it’s going to end.” Give yourself permission for running a company in a time of transition.  It can help you stay in a good frame of mind for dealing with change.

Next up: keeping top talent in a downturn.

Don’t be surprised if morale is low among your employees, particularly if there have been some layoffs. Even those employees who kept their jobs may not have survived emotionally intact. And quite frankly, that affects their productivity.

You might start by simply acknowledging the difficulties your workers have faced. Let them know that the boss appreciates them “hanging in there” during uncertain times. And if the financial prospects are still ambiguous, acknowledge that, too.

You may have no money for bonuses or pay raises, but that’s not the only reason people work hard. Take time to recognize employees individually for their hard work, their accomplishments, their contributions to the company. Be specific in your praise and they’ll know you mean it. Psychological rewards are mighty.

Next up: managing your own uncertainty.

You, and only you, are responsible for your own career development.

First, a reminder from my last blog to make sure your skill set stays up with the times. Know what path you want your career to take and then prepare for it. Stay marketable.

Second, keep your résumé up-to-date.  In fact, you may want to scrap the old one and start from scratch. Don’t simply list your dates of employment and the responsibilities of your job. Create a compelling narrative that explains how you’ve helped your company advance, make money or gain market share.

Third, keep in touch. Your professional connections are your best bet if you find yourself out of work. So take some time now to cultivate a network.

Next up: some advice for employers.

First, stay flexible. Your employer might need you to expand your skill set or take on new projects. Be sure to express your willingness to go the extra mile – and then do it.

Second, remember managers are looking for good problem-solvers, people with lots of positive energy. If they’re forced to choose between high performing employees, they’re more likely to retain the one whose attitude is an asset in the workplace.

Third, keep learning! Acquire some new job skills, sign up for training, attend conferences and really pay attention to how you can expand the breadth of your contribution to your employer.

Next up: preparing for the worst.

She got a great job as regional vice president of a large insurance company. But she was taking on more responsibility with a more high-powered firm. She knew she wasn’t great at reading office politics. She also worried about communicating her capabilities in the right ways with the right people in the right tone.

So Rhonda decided to invest in herself, enlisting Konect Consulting to give herself the best possible chance of success.

I was able to help Rhonda pinpoint areas where she needed work – and work she did, learning to compensate for her blind spots. She chose to focus first on impression management, having seen that people tended to jump to conclusions about her. She made a conscious decision to pay special attention to her manner and behavior when interacting with subordinates in particular.

Rhonda also needed to learn how to manage a high maintenance boss who wanted managers to communicate quickly and succinctly, especially in meetings. We worked on her body language, so her posture would signal her active engagement.

By investing in herself, Rhonda learned to become an effective leader – so successful, in fact, that she was tapped for a promotion at her annual review.