Economic improvement could mean employee exodus
As employers have been forced to make tough decisions during the economic downturn, such as layoffs, furlough days and salary reductions, employees may have felt lucky to still have their jobs. But as the economy starts to turn around, employees may feel disgruntled about the cuts that have been made and start looking for better opportunities with other employers. In a recent survey by CareerBuilder, nearly twenty percent of employees said they plan to leave their current employer in 2010 and another nine percent plan on leaving sometime in 2011. The largest group of dissatisfied employees attributed their unhappiness to their companys failure to give pay raises or bonuses.
How can you avoid the mass exodus? Start showing employees that theyre valuable to the company and seek opportunities to boost morale. When possible, restore benefits that have been reduced during the economic downturn. If youre not yet in a financial position to give pay raises or bonuses, try small recognitions like pizza lunches or five dollar coffee gift cards. Most importantly, communicate with employees. Thank individuals for a job well done. Share the companys business strategy and explain how they can contribute. Want to know more about identifying whether your employee retention strategies will be effective? Check out our on-demand webinar, Employee Retention.