Signs keep pointing to a global economic slowdown. But big companies are poised to do a better job of managing their talent during tough times than they were in recessions past.

The latest gloomy news came Friday from research group the Organization for Economic Co-operation and Development. The OECD said a measure of leading economic indicators suggests that a slowdown in economic activity lies ahead in the OECD area, which primarily consists of developed nations. China isn’t a member country, but the OECD said data points to a potential downturn there. Continued expansion is ahead in Brazil, India and Russia, the OECD said.

Those bright spots in the forecast aren’t the only good news, though. There’s evidence companies have grown smarter about handling their workforces amid shrinking sales. The mass layoffs of the ’80s and ’90s and of the dot-com bust may have saved money in the short run, but those sweeping cuts probably cost firms a good many excellent workers able to create value in the long term. And companies seem to get that. Recruiting and retaining the right talent has become a priority for executives. What’s more, there’s a growing sense that layoffs can backfire for individual firms and erode the quality and even the mental health of the American workforce.

Ideally, companies constantly are taking stock of their talent and offering volunteer separation packages to workers who don’t fit, says Wayne Cascio, a management professor at the University of Colorado who has studied corporate restructurings. Cascio expects to see some involuntary layoffs ahead, but he thinks companies will make more targeted job cuts based on employee assessments.

“They’re really going to do everything in their power to retain pivotal employees,” he says.

Software systems for employee performance management and succession planning should help. Large firms have been investing in these applications in recent years partly to identify and groom key employees in case of talent shortages. The same software tools should be able to help firms pick out the people to preserve amid any job cuts. For example, the products make it easy to compare employee performance and potential ratings. Decades ago, with annual reviews stored in file cabinets, such talent analysis was harder to do.

“Corporate America should have a lot more data than they had last time they did layoffs,” says Rick Fletcher, president of technology consulting firm HRchitect.

What do you think? Do you expect firms to take a wiser approach to the workforce should times get tougher? E-mail me at efrauenheim@workforce.com.