"While this environment has created a prime opportunity to acquire top talent and increase selective hiring, it is also a time for employers to prepare their workforces strategically for moving forward in a redefined, healthier economy," said Jesse Harriott, senior vice president and chief knowledge officer at Monster. "However, to do that, they need to better understand the mindset of their employees. As the economy rebounds, those workplaces that have not invested in their people could face a mass exodus of employees, potentially crippling the business."
Understanding Worker Attitudes
Employers surveyed understood that their workforce is likely to be stressed and suffering from poor morale due to the recession, but the data indicate an underestimation of its effect on the workforce.
- Fifty-seven percent of workers believe employers are exploiting the recession to drive longer hours and lower pay from their workforces.
- Fifty-eight percent believe employers are less concerned about employee retention, and 50 percent of workers are more concerned about top performers leaving than before the recession.
- Forty-three percent of workers believe employers are now less tolerant of dissent and challenges to authority.
- Only 26 percent excuse their employers for requiring layoffs and longer hours because they believe their employer’s hands were forced by the recession.
- Forty-eight percent of workers say their productivity has been affected by a fear of being laid-off.
"There has been some shoddy treatment of employees during recent tough economic times, including a lack of communication about layoffs and no regard to engagement of the survivors, so I do think there will be a backlash when the recovery takes hold," said Lisa Rowan, Program Director for HR, Learning and Talent Services at IDC. "If employers took this recession as an opportunity to simply cut costs without regard for talent strategy, they may see their best and brightest walk out at the first opportunity."
"There is no denying this environment has been tough for both employers and workers, but the resentment workers have built should be cause for concern for employers, particularly if they have had to impose longer hours, lower pay, decreased benefits or have become a less flexible workplace," said Harriott. "However, there are always opportunities for employers to understand and listen to the current attitudes of their workforce and make communication a priority. When the economy rebounds, it is the companies who have made the investment in their workforce, and maintained solid talent management practices, that will be poised to retain their top talent."
Strategies for Employers
It is clear that employers can, and should, use the current pre-economic recovery state to prepare their workforces strategically for moving forward in a redefined, healthier economy. Some areas employers can focus on to emerge from the recession resiliently include:
- Communication - Lack of communication creates anxiety that stymies productivity. By communicating honestly and consistently with your employees, you send the message that everyone is working together to solve problems.
- Employee Development - Continue to foster the growth and development of your employees. By making the investment to engage employees and develop their skills, you are improving the odds of retaining employees.
- Flexibility - Make it easy for people to have the time and space they need to make their lives work. This includes implementing measures such as flextime, telecommuting, job shares and small-necessity leave.
- Delegation - Push decision-making power down through the organization to the people who do the work. It not only empowers people, but demonstrates confidence and value.
Employers are becoming increasingly tasked with how to handle present workplace changes and managing employees in the short-term. However, the companies that invest in their people now will be a step ahead in retaining their top talent. More information about how to retain and engage your workforce can be found in the workforce management section of the Monster Resource Center.
The findings come from a survey conducted by Monster and HCI in May/June 2009 of over 700 companies and 5000 workers in the U.S.
