Conduct a great employee interview that asks your best people why they stay, what would make them leave, and how you could better utilize their skills during these tough times. To protect yourself from any potential legal issues, go ahead and ask every employee the same questions, but focus on the answers from your top talent. They are the ones you must retain – average to below average talent is easy to replace, even in down economies.

2) Re-deploy your top talent into new growth businesses.

Great companies look to expand their reach during slow economies. Today is a great time to allow your best and brightest the freedom to create new revenue streams, new markets, even new subsidiaries. Remember, the quickest way to encourage top talent to leave is to stick them in a no growth, just-survive business unit.

3) Re-energize your top talent with cutting-edge incentives.

Think beyond stock options and 401K’s. Discuss expanding education opportunities, sabbaticals for community service (at 50% base pay for 1 year), extended working vacations (two months in the mountains), or sponsoring a church-based missions trip aboard.

Tap into the dreams and the desires of your best or risk losing them to your competition. Leverage every opportunity you have to create more “loyalty glue” between you and your great employees.