The results from recession-survival surveys are in, and the bottom line is this: Cuts in benefits = cuts in morale, engagement and commitment.
I wish I had better news for you, pros, but there you have it. The “just lucky to have a job” feeling is wearing off, and you may not have much longer to get employees excited about working for you again before you lose them for good.
“The fallout from the actions employers have taken in response to the recession is now coming to light, and it is significant,” says Laura Sejen, global director of strategic rewards consulting at Watson Wyatt. “Having less engaged and committed workers is a major concern for employers. This could have a long-lasting and detrimental impact on productivity, quality and customer service, as well as an increase in the risk of companies losing their best employees.”
New WW and WorldatWork survey results show employee engagement levels have dropped 9% since last year, and close to 25% for top performers. Additionally, 36% of top performers say their employer’s situation has worsened in the past 12 months and the number who would recommend others take jobs at their company has declined by nearly 20%. Compared with last year, top-performing employees are 14% less likely to want to remain with their company versus take a job elsewhere.
The survey also found that top-performing employees are 29% less confident in management’s ability to grow the business. And 41% believe that pay and benefit changes made by their employer in the past year have had a negative effect on work quality and customer service.
“One of the many challenges employers will face as the economy recovers is how to re-engage employees, and especially top performers,” says Ryan Johnson, VP of research at WorldatWork. “Taking a total rewards approach and looking at all of the ways companies can motivate and retain — including compensation, benefits, work-life initiatives, and career development — is going to be essential."
Sound advice, that. I know it's been tough this year, but it hasn't been a picnic for employees either. And even though you feel like you're "doing what we need to do to keep going," don't be surprised if your employees do the same -- by going to work somewhere else. Just sayin.
