The most important thing an employer can do in this economic downtown/recession/potential depression is communicate with employees. It's one of the cornerstones of my trends for business leaders in 2009.
Because your employees have a vested (albeit self) interest in your success, they deserve to know what's happening and what you're doing about it.
In fact, one of the best things you can do is survey your employees and find out what they'd do to cut costs and improve performance in the short- and long-term.
Note - I said communicate 'with' employees, and not just 'to' employees.
This article in cnnmoney.com offers more advice.