1. Changing Hearts and (Anxious) Minds
During these days of economic anxiety, employees at insurance firm BlueCross BlueShield of Tennessee may be a bit calmer than the average American worker, thanks to a stress-reduction program launched four years ago.
2. Looking for the Exit on Wall Street
Stress levels have gone from bad to worse on Wall Street. And if firms don’t do something to address the situation, they risk losing their remaining talent, according to a study by the Hidden Brain Drain Task Force, a consortium of 39 companies focused on retaining and recruiting women and minorities.
3. Most Employers Exercising Caution on Slashing Jobs
Most Employers Exercising Caution on Slashing Jobs
Despite the faltering economy, employers appear to be trying to avoid resorting to knee-jerk layoffs, according to a recent survey conducted exclusively for Workforce Management by Equa¬Terra, a Houston-based global management consulting firm.
By Jessica Marquez Comments 0 | Recommend 0
espite the faltering economy, employers appear to be trying to avoid resorting
to knee-jerk layoffs, according to a recent survey conducted exclusively for Workforce
Management by EquaTerra, a Houston-based global management consulting firm.
The survey was conducted in the first two weeks of October
and is based on feedback from 300 HR executives at organizations with 1,000 or more
employees. The majority of the respondents represented companies with 3,000 or more
employees.
Eighty-six percent of HR executives surveyed say that their
organizations are being affected by the economic environment, but only 34 percent
say they are planning layoffs or have recently conducted layoffs. Meanwhile, 58
percent say they are curtailing hiring, while 44 percent say they are cutting back
on important HR activities because of the economy.
The survey’s results seem to indicate that most companies
are taking a cautious approach to the economic downturn, says Stan Lepeak, managing
director of research with EquaTerra.
"I think the fact that they are reducing hiring rather than
resorting to layoffs shows that there is still a question about how bad things are
going to get," Lepeak says. "They are putting more emphasis on cost avoidance than
cost reduction."
"The fact that they are reducing hiring rather than resorting to layoffs shows that there is still a question about how bad things are going to get."
—Stan Lepeak, managing director of research, EquaTerra
Companies may be putting off layoffs until they know what
their budgets are going to be for the next year, he says.
HR executives cited lower employee morale as a major effect
of the downturn. Twenty-six percent of respondents say they are dealing with serious
morale problems.
Morale issues came up often in the commentary section, Lepeak
says. For example, a number of respondents noted that they were concerned that productivity
was suffering because of employees’ fear about their retirement benefits and job
security.
"Workers know that employment stability is most at risk, and
it causes a lot of stress," one respondent wrote. "As a result, productivity is
adversely impacted."
Only 15 percent of respondents say their companies are cutting
employee benefits because of the economy, and just 4 percent say they are cutting
retiree benefits.
Twenty-three percent say the economic downturn is not having
a material impact on their organizations.
Workforce Management, November 17, 2008, p. 22
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Jessica Marquez is New York bureau chief for Workforce Management. E-mail editors@workforce.com to
comment. Next Article: 4. The Numbers Behind Workers’ Financial Fears
From unemployment to home foreclosures to declining wages, employees’ economic fears are well founded.
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espite the faltering economy, employers appear to be trying to avoid resorting
to knee-jerk layoffs, according to a recent survey conducted exclusively for Workforce
Management by EquaTerra, a Houston-based global management consulting firm.
