There are too many initiatives that you can consider , given the bandwidth you have!
Identify areas where in you would want to bring in a change. Start with Employees, and offer them a skill enhancement programs. This will help them get better jobs in case you have to retrench. Furthermore it will also gel the employees better as they will see an higher value in being with the firm
Offer transparent communication. During transitions, it's important to keep everyone aware of what is happening in the firm. If possible include the employees by seeking suggestions on how to increase revenue, manage the production better, identify newer markets, identify better vendors, streamlining the logistics and supply chain and so on.
Seek support from the management team at your firm in owning all these processes.
How far would you be able to consider any of these suggestions, kindly share. Looking forward to hear from you.
Employees have been loyal enough for 2 years and did not leave,but they also need salary and surety of employment.You cannot blame them for leaving after 2 years.The employee knows the ground position and it was incumbent on management to keep communication channels open during difficult times.
Probably your management was not pro active enough.now they can try and rectify the situation-comunicate openly and give factual position and efforts/strategies of management.
We are practising that in after every quarter we conduct plant level meeting and informed to all about current scenario and future action plan by top management only.
For skill enhancement, we have introduce job rotation but now it is also done with out put that everybody can work everywhere.
We practising world class manafucturing motto so necessary and enough action has been taken,
I believe the first 2-years was your transition period where everybody was in the same direction, learning to develop the skills and the spam of rationale mobility.
After that the next 3-years are the birth of intuitive philosophical acquired skill where the race of excellence generates. I also believe these past 3 years have had already attrition but the management haven't notice nor disregards and perhaps amicable since the recognition of superiority and value are esteemed.
I think the streamlining of organizational histogram was just overlook. Among the greatness of HR management tools, I still believe in the avenue of adverse behavioral concerned (Human Nature) and only single part of it's complexity of natural control must be leverage.