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Sluggish Economy Doesn’t Mean You Can Take Employees for Granted
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Sluggish Economy Doesn’t Mean You Can Take Employees for Granted

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About one out of five workers plans to change jobs this year as job satisfaction is declining, according to a recent poll. But even in a lackluster economy, finding replacements for your most talented …

About one out of five workers plans to change jobs this year as job satisfaction is declining, according to a recent poll. But even in a lackluster economy, finding replacements for your most talented employees won't be easy, should any of them be lured away to greener pastures. Here are some insights on the current employment environment, and what you need to think about to stay on top.

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  • 1. Toll Free: 877.880.4477 Phone: 281.880.6525 www.hrp.net Sluggish Economy Doesn’t Mean You Can Take Employees for Granted
  • 2. A series of polls commissioned by CareerBuilder have found: www.hrp.net » • The percentage of employees satisfied with their jobs dropped seven points this year, to 53 percent, • Principal reasons for dissatisfaction and a desire to change jobs include salary (66 percent) and not feeling valued (65 percent), and • More than half of employers report they currently have job openings for which they cannot find qualified candidates. Addressing these challenges isn't easy in an environment of constrained resources. Nearly two-thirds of employers with 50 or fewer employees feel as though they are still in the midst of a recession. More than half of all employers polled are not expecting their company's revenue to go up in the first half of this year.
  • 3. "Free" Remedies for Dissatisfied Employees The good news is, you can do a lot to keep good, hard-to-replace employees on board that doesn't involve throwing money at the problem. As you will read below, salary ranks fourth on the list of "top reasons for staying on the job." The third one also involves dollars, but not necessarily more dollars. Here's the list, followed by the percentage of employee citing them as reasons for staying in their current position: www.hrp.net
  • 4. www.hrp.net 11 "I like the people I work with" (54 percent). Observation: Try to get an objective feeling for how congenial your workplace is. Don't overlook compatibility as a factor in hiring decisions -- other things being equal. 22 "I have a good work-life balance" (50 percent). Observation:Don't overlook the power of allowing some flexibility in work scheduling -- both hours and, when feasible, work location. 33 "I have good benefits" (49 percent). Observation: "Good benefits" isn't limited to the ones you pay for. Most employees also value the opportunity to purchase so-called "voluntary" benefits, such as disability income, accident income replacement and life insurance policies due to the convenience of payroll deduction, group underwriting and rates, and the vetting process you undertake before selecting voluntary benefit providers available to your staff.
  • 5. www.hrp.net 44 "I make a good salary" (43 percent). Observation: If your financial picture is such that you simply cannot afford to pay competitive salaries, do as much as you can in the intangible areas. Also, level with employees about the reason salary budgets aren't increasing as rapidly as both you and the employee would like. Position the issue as a matter of joint concern and, without inspiring false hopes, try to offer a general scenario in which your business will pick up (allowing for better raises), and the role employees can play in making that happen. That can transform the dynamic from "us versus them" to "we're all in the same boat." 55 "There is still a lot of uncertainty in the job market" (35 percent). Observation: Assuming your company is not going away any time soon and you aren't planning any layoffs, you can reinforce the message that you have a good track record of keeping employees on board in good times and bad.
  • 6. www.hrp.net 66 "I have a quick commute" (35 percent). Observation: Lucky employees! 77 "I have a good boss who watches out for me" (32 percent). Observation: You should always strive to have well-trained, compassionate, yet firm supervisors. Employees like having bosses they believe care about them, but don't respect pushover bosses. 88 "I feel valued and my accomplishments are recognized" (29 percent). Observation: As with #7 above, this is human resource management 101. Other surveys frequently show this as an even more highly ranked reason employees stick around.
  • 7. Top 10 Staffing Challenges www.hrp.net » Employers responding to a Harris poll conducted on behalf of CareerBuilder ranked their top staffing challenges as follows: 1. Retaining top talent (32 percent) 2. Lifting employee morale (31 percent) 3. Providing competitive compensation (27 percent) 4. Worker burnout (26 percent) 5. Maintaining productivity levels (25 percent) 6. Managing organizational changes (20 percent) 7. Employee engagement and Providing upward mobility (tied at 17 percent) 1. Providing enough training activities (15 percent) 2. Cutting down on cost-per-hire (12 percent) 3. Lack of succession planning and Limited recruitment budget (tied at 11 percent)
  • 8. Valuing "Mature" Workers A final notable statistic from another recent CareerBuilder survey: "Mature" (defined as 50+ years old) workers are becoming more highly valued, even as their salary expectations are dropping. www.hrp.net Experienced, older workers do have a lot to offer, of course -- including emotional maturity, as their euphemistic label suggests. That can be an important calming influence within your workforce. That is particularly true if it's dominated by high-energy, highly competitive and ego-driven employees who, despite other strengths, can wreak havoc with the quality of your work environment.
  • 9. www.hrp.net The CareerBuilder survey found 53 percent of employers plan to hire from the 50+ demographic this year, a step up from 48 percent last year. Two- thirds reported they would consider hiring a mature worker for a job they are over-qualified for. This represents a shift from the view that over-qualified workers will bail out at the first opportunity. This may be partly attributable to the fact that many older workers are not expecting salaries commensurate with their experience: More than one-third of employers reported receiving job applications from mature workers for entry-level positions. In some cases, that might merely reflect desperation on the part of those applicants. Yet in others, it might just be a case of people winding down their careers and seeking a less demanding job.
  • 10. 14550 Torrey Chase Blvd., Ste. 360 Houston, TX 77014 USA www.hrp.net E-mail : info@hrp.net Toll Free Phone Fax : : : 877.880.4477 281.880.6525 281.866.9426