- Watson Wyatt and WorldatWork did a survey that Workforce Management quotes which says that cost cutting has damaged worker morale (duh!).
Yes, if you have been managing and awake at all during this Big, Bad Recession, you know that A) organizations have been slashing budgets and cutting costs in order to survive; and, B) that such large-scale cost cutting tends to have a highly negative impact on the most critical part of your organization—your workforce.
So, this new survey by Watson Wyatt and WorldatWork isn’t so much newsworthy or surprising as much as it as reconfirmation of what you already know and have probably experienced firsthand. Pay cuts, furloughs, layoffs, buyouts and other budget reductions might help organizations cope with the big economic downturn, but the flip-side to that is these very cuts are doing a number on the morale and engagement of the very employees you need to get beyond these bad times.According to the 2009/2010 U.S. Strategic Rewards Survey, “employee engagement levels for all workers at the companies surveyed have dropped 9 percent since last year and close to 25 percent for top performers. Additionally, 36 percent 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 percent. Compared with last year, top-performing employees are 26 percent less likely to be satisfied with advancement opportunities at their company. They are also 14 percent less likely to want to remain with their company versus take a job elsewhere.”
- One of the hardest hit sectors, the insurance industry, has job losses for a 10th consecutive month according to Insurance Headlines (H/T Wendy). The unemployment for that sector is now at 9.7% and getting close to the 10% expected number. Not surprising for the industry that contained groups such as AIG.
- Lastly, a British graduate scored a job by using a sandwich-board according to Yahoo! Finance (H/T Wendy). Job seekers are always told to think differently from others, and this man certainly did. So it's not surprise he got an offer...of some sort. This may not be the best way about getting every offer you desire, however. From the recruitment firm that decided to interview him:
"I liked the fact he had thought out of the box. I was impressed by that. I was even more impressed after the interview. He's very employable, so much so I offered him a job to work with me."
