Hi there,
I feel in times of downturn in particular it is important to focus on the positive and what is going right. Measure always for success. This may seem difficult but because the atmosphere in which employees work has a huge impact on their performance, a prevailing aura of doom and gloom will do little to inspire and nurture talent.
If you feel the current climate is jarring the nurturing and growth of talent and that financial circumstances are playing a role in this, perhaps one can be creative with how talent is nurtured. It may not be financially viable to enhance skill sets through training, for example, but perhaps other strategies could be put in place e.g. mentoring, shadowing, skill swaps etc. Delegation and assigning new roles on a trial or permanent basis can also help to nurture and grow talent.
I'm a big believer in asking the employee. Find out what measures they would ideally like to have in place in order to nurture and grow talent. Then brainstorm with them methods of achieving this, given the downturn. Work on how you may be able to at least meet them halfway. Different methods will work with different employees. It's all about being creative.
Another idea may be to perhaps link up with other companies in a similar situation and find out what they do. Share ideas and information.
Hope these thoughts are of help.
Emer
Engaging Company
http://www.engagingcompany.com