How would you rally a wounded troop

If I were in charge of a team/company, how would I rally your troop in the wake of people leaving?

What do I need to do to contain the damage? Not only damage to the business but more importantly the damage to the team's morale.

How would I dispel the compounded negativity? How would I prevent other to follow suit?

I need to address the team with the following:

  1. Honestly admit that there is something wrong
  2. Quickly do a survey on what people are feeling, it has to be anonymous otherwise the quite ones won't speak up their mind
  3. Hold a meeting with the team to address the issues from the survey and work it out from there
  4. Ask what sort of environment or working condition that the team would be comfortable and happy with. If this is not aligned with business expectations, then something got to give, perhaps adjusting business expectations is less costly than employee leaving.

I need to retrospect what is it that my company can offer that other companies can't? And nowadays in the candidate tight market, attractive renumeration alone is not enough.

I also need to do research on who will poach the talents from my pool and what do they offer that I don't at the moment?

After the dust settled, I would need to inject some positivity, I probably suggest a team building activity, but not just a once off, it needs to be regular. At my old workplace, weekly soccer and daily coffee breaks helped people bound very well. I would have more non work related conversations more with the team, I need my team to be comfortable talking to me about their concerns. I need to be able to read the signs of someone looking to leave and do something about it and not to be caught off guard.

It's really tough, but this is dangerous situation, it needs to be managed not ignored. 

Just thinking out loud and shaping myself to simply not just only being able to identify problems but to provide solutions. Anyone can find problems, but not many want to find solutions.