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Why Companies May be in Trouble When Recession Ends

I know I have written about this before but until it starts to sink in, I will continue to write about it.  Leaders that do not believe they have an employee morale issue right now because there are no options available are taking an extremely short-sighted and downright dangerous approach to running their business. 

Yet another study confirms organizations are going to be in trouble with a mass exodus of employees once the economy turns around.  A study done by Hudson (a recruiting firm) has found employees are disgruntled with the additional workload they are being asked to take on.  They are doing it out of fear of losing their job right now.  As soon the economy turns around, there will be a mass exodus from those companies who are not treating their employees the right way. 

The article mentions three things to help with employee morale:

1.  Communication- Be as transparent as possible.  I think employees understand the tough decisions Senior Leaders are forced to make now.  What they want is to understand what is going on and why.

2.  Continue to develop employees.  I recognize budgets are tight but there are creative and inexpensive ways to develop employees, things like creating mentor relationships, on-line training tools, etc. are great ways to ensure the workforce remains sharp and ready to take advantage of the opportunities that become available as the economy turns around.

3.  As soon as possible, unfreeze wages and bonuses.  I have talked to many employees during this recession who accept the freezing of wages because they realize it was either freeze wages or be out of a job.  They will expect when the company turns around that wages will thaw and raises and bonuses will be instituted again. 

 

About the Author

Chris Woolard

Chris Woolard

Chris is responsible for the sale, design, implementation, account management, and consulting for his clients’ employee and customer assessment programs. He focuses on employee loyalty consulting and is considered Walker’s employee loyalty expert. He has worked with many companies on customer due diligence solutions.

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