The Great Recession From The Worker Perspective - The Workforce and the future of work, August 2009

Monster.Com Human Capital Institute

http://hiring.monster.com/hr/hr-best-practices/market-intelligence/featured/monster-recession-employer-perspective-2009.aspx

The Great Recession From The WorkerPerspective
The Workforce and the future of work
August 2009

Executive Summary
In May and June 2009, the Human Capital Institute and Monster Worldwide conducted extensive survey research intothe effects of the global “Great Recession” on the workforce. More than 700 companies and almost 5,000 Passive and Active Job Seekers participated.

Concurrently, the researchers undertook a thorough review of available research focused on this recession’s impact on the workforce. A number of business and thought leaders also expressed theiropinions during a series of one-on-one interviews.

When combined, these quantitative and qualitative findings reveal impressions of an American workforce beingreshaped by powerful economic forces not seen since the 1940s.

In “The Great Recession: The Workforce and the Future of Work, (employer perspective)” the first of a three-part seriesof reports, the researchers summarize the Great Recession’s current and future impact on the workforce from the employer point of view, including budgeting for talent acquisition and retention, utilizing contract talent, and investing in technology for human resources and talent management.

This second report builds on this comprehensive examination of the “Great Recession” and its effects, from the worker’s perspective. Specifically, it examines how workers’ beliefs and attitudes, as well as their career choices,are being influenced by large-scale unemployment and economic turmoil. In parts one and two, both employees and employers express valid concerns and observations, including:

>> Due to older workers delaying retirement, those entering today’s workforce will accept jobs for which they are overqualified, stay in entry-level positions longer and face slower career paths. Employees have loweredexpectations for rapid career advancement.

>> Young workers believe they will find themselves the stewards of their own form of retirement—a self-financed,long‑lasting, gradual process.

>>Workers of all ages and experience levels appear resentful or fearful of their employers, stressed, and less productive—and potentially distracted by active searches for other employment. They are less loyal, unhappy, and resentful about economic prospects.

>> Employers face heightened risk regarding top talent, and are more concerned about attrition of these employees than they were before the recession began.

>>Workers and employers agree that pay remains the dominant motivation for American employees, and this motivation isnot altered by the recession. Some younger workers appear drawn to opportunities for “service” for the greater good.

>> Young workers, especially those representing Generation Y, seem particularly cynical and mistrusting of “Corporate America.”

>> Many employees are working harder as a result of their belief that management has exploited the recession andbecome less tolerant of challenges to authority.

>> Employers have benefited from the swing of the labor market pendulum, many workers admit that they are “justhappy to have a job” in this recession.

Is there a light at the end of the tunnel? Many workers are using this downturn to learn new skills and prepare for career changes, or to develop their own self-employment or freelance opportunities. They have faith that technologyand small business entrepreneurs—not just government actions—will help the economy recover. And employers who can convincingly offer workers job security might be able to out-recruit and out-retain their competition later.
For employers, caution remains key, even as the economy improves. They must pay attention even to short-term shifts in workforce attitudes during this rough period, or face the possibility of a broad employee exodus when conditions stabilize.

Go to Monster.Com : http://hiring.monster.com/hr/hr-best-practices/market-intelligence/featured/monster-recession-employer-perspective-2009.aspx

Read Survey results: http://images.monster.com/a/i/intelligence/SharedFiles/TheGreatRecessionFromWorkerPerspective_2009.pdf

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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.