One work-related consequence of the global economic crisis is that employees are feeling more stretched.? With fewer resources and the same or more work, productivity gains are being made, but at what long-term cost' While expressions of displeasure may have temporarily given way to a general contentment with people who are happy to be working, I am not sure that this good will is sustainable and organizations that think it will be are missing a few key points.
'Fifty-five percent of workers plan to make a career change, seek out new employers or go back to school once the economic recovery is underway. In addition to competitive pay and benefits, showing a committed investment in the professional development of employees will play a key part in retaining critical talent. Nearly half of workers polled (49 percent) said that after the economy improves, the most effective way to keep them on board will be pay increases. In fact, 28 percent plan to ask for a raise. Employers seem amenable, with 40 percent stating that increasing pay will be their primary method for retaining top performers. Another 20 percent of employees said they hope for better benefits and perks once the economy turns around. The top perks workers expect are technology upgrades, followed by tuition reimbursement or subsidized training.
What Can Employers Do Now?
In my opinion, three things as it relates to people: Q x E x I =SVC, which means Quality x Execution x Impact = sustainable value creation.
1. Quality: Ask the right questions. Refine employee surveys to focus on changing expectations and post recovery measures of satisfaction. Update your people information.
2. Executable: Do what the organization has an appetite to execute vs. what the organization has the capacity to design. Rebuild trust by doing what you say!
3. Impact: Measure the impact, be flexible, adapt and re-measure. Real impact is the key!
- Tough decisions made in challenging times may have short-term benefits and if not properly implemented do long-term harm.
- With a renewed economic confidence, there is likely to be a renewed sense of employment mobility.
'Fifty-five percent of workers plan to make a career change, seek out new employers or go back to school once the economic recovery is underway. In addition to competitive pay and benefits, showing a committed investment in the professional development of employees will play a key part in retaining critical talent. Nearly half of workers polled (49 percent) said that after the economy improves, the most effective way to keep them on board will be pay increases. In fact, 28 percent plan to ask for a raise. Employers seem amenable, with 40 percent stating that increasing pay will be their primary method for retaining top performers. Another 20 percent of employees said they hope for better benefits and perks once the economy turns around. The top perks workers expect are technology upgrades, followed by tuition reimbursement or subsidized training.
What Can Employers Do Now?
In my opinion, three things as it relates to people: Q x E x I =SVC, which means Quality x Execution x Impact = sustainable value creation.
1. Quality: Ask the right questions. Refine employee surveys to focus on changing expectations and post recovery measures of satisfaction. Update your people information.
2. Executable: Do what the organization has an appetite to execute vs. what the organization has the capacity to design. Rebuild trust by doing what you say!
3. Impact: Measure the impact, be flexible, adapt and re-measure. Real impact is the key!
