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Blog: The Business of Management
 

November 25th, 2008

An Upbeat Note Despite the Downbeat Economy

Ever wonder just how resilient the American workforce really is? Well, here’s one indicator: Despite the terrible economy, battered stock market and seemingly never-ending wave of layoffs and buyouts, 85 percent of workers surveyed by recruitment consulting firm Talent Retriever believe that their chances of finding a new job in this economy are “above average” or “fair.”

While workers thinking that they have an average or above-average chance of finding a job may not sound like much, I was surprised at a finding that positive given the grim state of the news about the job market.

Just last week, I read a rather depressing story in The Wall Street Journal about a meeting of the newspaper’s CEO Council. “After the financial shocks of September and October,” the story said, “executives running businesses ranging from hair salons to giant utilities are hunkering down by trimming capital-spending budgets, delaying plant construction, laying off workers and skimping on pay raises.” It went on to say that almost 80 percent of the CEOs at the Journal meeting thought it would be at least two years before “the U.S. economy returns to a normal growth rate.”

Given that context, Talent Retriever survey findings were an incredibly positive—and rare—bit of encouraging news coming from the workforce.

“This level of worker confidence despite the economic downturn is a sign that employers should not become complacent when it comes to employee retention efforts; otherwise they may risk losing their best employees,” said Dave Barbato, president of Massachusetts-based Talent Retriever. “For employers looking for new talent, now may be one of the best times to step up recruitment activity.”

The study also had a couple of other interesting findings:

• 44 percent of workers surveyed said they were more likely to stay in a job in which they were dissatisfied;

• 57 percent said they would be more likely to take a new job if it meant greater job stability and;

• 43 percent said career advancement was most important when deciding whether to take a job under current economic conditions.

“Workers’ conflicting responses wavering between confidence and concerns about job prospects reveal opportunities for employers,” Barbato said. “Employers seeking workers need to demonstrate that they have the financial stability and management team to weather the economic storm. For staff retention, employers should consider creative ways of offering low-cost perks, incentives or even a modest holiday office party to show that you value your employees and that your firm is in a strong position for growth when the economy recovers.”

That’s good advice for all managers, no matter whether the economy is good, bad or indifferent. Showing workers that you value them always makes good sense, and that’s even more important when times are bad, as they are today.

But more to the point, this survey shows the great resilient quality of the American worker. No matter how bad things may seem today, our national character is based on the strong belief that they will be better tomorrow. That’s an upbeat note to keep in mind, because if you believe it long enough, it will—eventually—come true.


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Comments

I appreciate your article. I am a career coach in Southeastern Michigan, probably economically the hardest hit area measured by jobless rate, so I experience the angst among the unemployed on a daily basis. Each week, I talk on our local FOX affiliate about what a person can do to get good at getting back to work.

One of the hardest things for me to see while I’m in the midst of all the uncertainty is the sense of hope that your article eludes to. My mission is to instill some hope in people who have been looking for a job unsuccessfully; to let them know that they can take charge of their career and find a job. It might not be the ideal job they immediately find, but it will at the least be a job that will help fulfill their basic needs and at most be a job that will lead them to the ideal job.

So, I guess what I’m saying is that your article affirms that the postive message I am carrying is held by others.

Thanks!


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