Roberta Chinsky Matuson is a thought leader and an interna­tionally-recognized expert and speaker on leadership, talent acquisition, employee engage­ment and retention and creat­ing intergenerational harmony at work.. Please to subscribe to her insightful newsletter that featured this great article.

1. Availability of Talent – There is a great supply of talent available for the taking. This is the perfect time to trade “B players” for those “A players” that can help you navigate through this storm. If you wait until signs of a recovery are on the horizon, you might miss your chance.

2. Rebuilding Trust – Trust has taken a huge hit in this economy as employers have slashed their workforces. It will take years to rebuild trust and employee engagement. Start today, so that you can begin to establish a workplace based on respect and commit­ment to a shared vision. Fail to do this and people will flee your workplace at the first signs of a recovery.

3. People Remember – People still remember the customer service they received 10 years ago, especially if it was poor. In today’s economic climate, they are also sharing tales when they have had an exceptional customer service experience, most likely because it is a rare event. Which side of the coin do you want to be on? This is the time to invest in training and development, especially for those people who have direct contact with your customers. No ifs, ands or buts! You want your company to be remembered, but for the right reasons.

4. Ready-Aim-Go! – You know how long it takes to find quality people and to assimilate them into the organization. Now imag­ine how much longer it will take if you don’t have a plan ready to go when you get the green light to hire again. This is the perfect time to work on your workforce strategy. Specifically, creating your employment brand, improving your people processes, in­cluding performance management, and putting together an on­boarding program to reduce the amount of time it takes for new hires to become productive. And while you are at it, don’t forget to work on your leadership training program to ensure newly minted managers know exactly what they need to do to get the results that you expect.

5. Be bold – Make that acquisition. Bring in the outside help you need to ensure a smooth transition. When you look back 10 years from now, you’ll be glad you did.