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To say we are living in challenging times is a bit of an understatement. Times are more than challenging; they are downright difficult. Companies have had to make tough decisions to keep their businesses afloat. The majority of companies have had to lay off people or just plain let them go in order to maintain their ability to do business.

Some companies have done a great job with employee relations, and others have done a miserable job. It is the miserable ones I am thinking of as I put this together.

I speak at a lot of events to help unemployed people strategize on how to find their next job or career. I have been surprised by how these people have been let go. You have to know, if they are talking to me, they are definitely sharing their stories with other people. No one debates the fact that companies had to cut staff; the complaint always centers on how the downsizing or restructuring was carried out.

In small and mid-sized Iowa towns, I don’t think any company wants its reputation to be one of not caring about its people, especially in tough times. Every company says “our people make us what we are,” but it is when the rubber meets the road that employees see how much the company really cares.

During all of this, something was overlooked, and smart companies are now paying attention. There are people still working in their organizations who were present during the restructuring phase. They saw how their friends and co-workers were treated and are harboring a lot of resentment. At some point, that resentment will turn into a lack of productivity, and eventually they will look for another job.

Though numerous resumes are coming through our doors from those who have been laid off, there is no shortage of currently employed people sending out their resumes as well. It is a strong signal that companies really need to start focusing on retention efforts. They need to keep their employees engaged and productive.

The danger of ignoring what’s happening is that when the job market becomes fertile again, and it will, you could be facing a mass exodus of talent in a very short period of time. You need to identify the high performers and the high potentials. Once you have them identified, you need to figure out what their level of engagement is and what you can do to improve it. Doing this through company surveys is one of the best ways to get the answers.

Another part of the strategy should be to understand what turnover could look like in the next 12 months and the next 24 months. Such numbers and information not only help you gain an understanding of what it will take in your recruiting efforts to backfill positions; it will also help you to focus on your retention efforts. With the right strategy in place, you may be able to keep your company highly productive and avoid the tremendous cost that unchecked turnover brings.

Nick Reddin is a regional director for Manpower Inc. in Des Moines.