Supporting the thesis our Chairman, Ken Lehman, laid out in his recent editorial on "sharing the pain," Susan Heathfield on About.com's HR site blogged this weekend about new research from Harris Interactive which finds that employers who act on their advantage in this recession and mistreat their employees could face a talent deficit when the economy picks up.
Here are some key findings Heathfield cites that support this conclusion:
- 54% of employed Americans say they're likely to seek new employment once the economy improves.
- This figure jumps to 71% among the younger, 18-29 set.
- Perhaps most telling, over half of the employees who are willing to accept a pay cut to keep their job would agree to a decrease in salary of 10% or more.
This last point speaks to the employee concessions our chairman addressed in his editorial I mentioned above that employers, especially small organizations, should consider as part of their strategies for improving employee retention.
The question small business owners and leaders should be asking themselves is, Is it better to see lower expenses now, or find ways to keep our people, whatever it takes, and save on recruiting and training costs later? Judging by our recent article on the results of a survey on how our small business honorees are weathering the downturn and a separate poll of our website visitors, the folks in our network have opted overwhelmingly to take an all-in approach with the hopes of keeping their knowledge base intact when conditions improve.
Have your people practices for a productive workplace changed in this recession to focus on retention at all costs?
Photo credit: Mother in Chief
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