Some may find it hard to believe, but in the Fall of 2010, The National Bureau of Economic Research stated that that the U.S. economic recession ended in June of 2009.
While this is good news, businesses are still finding it difficult and growth is still slow. But, it is an indication that the economy should be improving. And, once it does, businesses will be faced with another problem: employee departure.
In a down economy, employees tend to stay put, even if they’re dissatisfied with working conditions or the work place environment. This will not be the case when the market improves and jobs become readily available. Opportunities will open, unemployment will drop, and employees will bid ‘good bye’ to their employers for greener pastures.
According to a study from Walker Information, once the economy improves, close to 66% of workers might put on their walking boots and seek other employment.
With the possible mass employee exodus, employers need to set employee recognition strategies in place. Founder and president of Schaefer Recognition Group John Schaefer advises businesses that already have retention and incentive programs in place, to assess their effectiveness.
Now is the time for employers to take note of employee discontent and take steps to tweak or revise incentive programs to create a motivating and satisfying work place environment. This will go a long way in retaining employees.
