The latest unemployment news to get my attention: Not only is unemployment at historic highs, but also the percent of people who have been unemployed more than six months is 50% higher than at any time since the Great Depression. This will have long-term implications for unemployed Americans and the economy at large in terms of damage to psyches, checkbooks, and skills. At the thought of all this pain, my heart aches. I’m sure yours does too.
Some CEOs assume that, with all this bad news, people who are working feel lucky to have a job. So they’re focused on what they need to do to get through the recession: manage cash and cut expenses. Employees, as the biggest expense for many companies, are getting short shrift. Companies are lowballing job offers, cutting pay, denying bonuses, and generally putting a lower priority on their people.
The problem with ignoring your people is that your most important assets also are your most tenuous. And having a job does not equal job satisfaction. Over half of working adults say they are likely to look for a new job after the recession ends.
The numbers are staggering:
- 66% of American workers are currently dissatisfied with their compensation
- 76% are dissatisfied with future career growth opportunities at their company
- 48% are dissatisfied with the relationship they have with their boss
- 77% are dissatisfied with the strategy and vision of the company and its leadership
CEOs looking hopefully toward economic recovery may be shocked by an unprecedented exodus of talent when that time comes.
Better rev up your retention efforts now. And, start with your pivotal talent!
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* Hat tip to HR Chief Bill Budzinski for sending me the worker dissatisfaction data.
