Employers and Workers Have Different View of Recession

Employers and Workers Have Different View of Recession

Employers and Workers Have Different View of Recession >

Oct. 16, 2009 — Employers and workers are perceiving the impact of the recession much differently, which could lead to employers facing mass talent drains as the labor market begins to turn around, according to new research. >

Monster.com and the Human Capital Institute (HCI) found that employers are vastly overrating the morale of their employees as 84% indicated a belief that their workforce is content to simply to have a job while only 58% of workers feel that way. >

“Today’s employers feel that employees are loyal due to the economic times, but the reality is they are not,” said Katherine Jones, HCI Research Fellow. “Because of this, there is a strong likelihood that when the economy turns for the better, employers could find themselves with valued employees jumping ship. This places pressure on them to put retention measures in place now.” >

Jesse Harriott, senior vice president and chief knowledge officer at Monster, said, “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. 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.” >

Key findings: >

- 57% of workers believe employers are exploiting the recession to drive longer hours and lower pay from their workforces. <
- 58% believe employers are less concerned about employee retention, and 50% of workers are more concerned about top performers leaving than before the recession. <
- 43% of workers believe employers are now less tolerant of dissent and challenges to authority. Only 26% excuse their employers for requiring layoffs and longer hours because they believe their employer’s hands were forced by the recession. <
- 48% of workers say their productivity has been affected by a fear of being laid-off. >

“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,” Harriott said. “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.” >

About the SurveyThe findings come from a survey conducted by Monster and HCI in May/June 2009 of more than 700 companies and 5,000 workers in the United States. The three-part research series can be found at http://hiring.monster.com/hr/hr-best-practices/market-intelligence/featured.aspx. >
Contents © 2009 WorldatWork. No part of this article may be reproduced, excerpted or redistributed in any form without express written permission from WorldatWork. >

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http://dreamlearndobecome.blogspot.com This posting was made my Jim Jacobs, President & CEO of Jacobs Executive Advisors. Jim also serves as Leader of Jacobs Advisors' Insurance Practice.