Managing Organizational Behavior 2nd Edition by Timothy Baldwin,Bill Bommer,Robert Rubin

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Motivating in an Economic Downturn
You are a successful manager in a leading commercial bank and are attending a meeting with the CEO of your firm. Early in the discussion, he says, "Nobody questions that employees will be happy and motivated in times of prosperity. Employees will freely give their all when they are well treated, appreciated, and compensated with full salaries and nice bonuses. The challenge for us is that we are now under extreme pressure to justify every cost. Although we are still profitable, salaries and bonuses are frozen and there is no way that we can continue to spend as much on our HR programs and benefits."
He then looks at you and asks directly, "So given that we hope to keep morale and motivation high, what do you recommend? Is there anything we can do to enhance motivation and engagement without spending the money we traditionally have?"