Greetings,
As we near the end of 2009, many organizations look forward to seeing it in the rear view mirror. Most experts suggest that in 2010 the business climate will improve and certainly, that is encouraging news.
An improved economy means a lot of things, one of those being that businesses will soon be hiring and looking for good people. This is the good news. The bad news is highlighted in a recent Adecco study that polled employees regarding their plans after the economy improved. The results were alarming. More than 1 in 2 employees indicated that they intend on looking for a new job once the economy improves, and even more concerning is that 71% of all Gen Y employees will be exploring new opportunities. Basically these pending resignations represent a backlog of employees who feel stuck.
As business leaders, how do we handle this potential turnover Tsunami especially when the individuals that now remain with many businesses are the employees we can least afford to lose? Substantial wage increases and expansive benefits aren't really an option for many businesses that are still in recovery mode. The best answer for this challenging time is a common refrain: "Let people know how much you value their contributions!" In bad times (and good) if your team understands that their accomplishments are appreciated and their work is recognized, they'll be engaged in your business and thus less likely to be one of those people "looking for another opportunity."
The holiday season and start of a new year represent great opportunities to ensure that your people do feel recognized. Take the lead from many of our clients that leverage this time of year and the social gatherings that happen as an opportunity to acknowledge employees who have helped the business in the face of challenge. If you need ideas, let us know. We're happy to help.
Sincerely,
