Many of my clients have asked me if post recession would be a good time to begin a corporate-wide employee recognition initiative. Anytime is a great time to let your employees know you value what they do, but really, more than ever, it is a great time to create a culture of recognition!
Towers Watson recently published the key findings from the 2010 Global Workforce Study “The New Employment Deal – How Far, How Fast and How Enduring?” The study covers more than 20,000 full-time employees of large and midsize organizations in 22 markets around the world*. This study has revealed some great insights which can be replicated throughout your organization using an integrated rewards and recognition program.
The data was collected via an online questionnaire between November 2009 and January 2010. It is a comprehensive analysis of the post-recession employee mindset stating the recession has accelerated the demise of the traditional employment contract or “deal,” between employees and employers. This study reveals a recession-weary workforce – one with lower expectations, increased anxiety, and new priorities.
Setting aside cultures, customs, regulations – many of the findings throughout the world are very much the same. The key findings across the global sample are:
- The desire for security and stability trumps everything else right now, in part because employees see security as a fast-disappearing part of the deal.
- Employees understand they are solely or chiefly responsible for ensuring their long-term financial and physical health and well-being as well as their career and performance — but have serious doubts about their ability to take on these roles.
- Mobility is at a decade-long low point — with significant numbers of employees sacrificing the prospect of career growth for a secure job right now.
Drawing from the data and key findings from the study, we see a new employment relationship emerging as called the “New Deal”:
- Fostering self-confidence within employees
- Creating a more personalized work experience for segments of the workforce – aligned with how people add value to the organization
- Strengthening agility and flexibility in the organization’s structure, processes, management style, and delivery of workplace programs
Think of this “New Deal” as the art of the possible. Employers need to adopt new and creative practices to balance effective cost and risk management with enhanced employee retention and engagement. This is all possible with a systematic recognition program! What a better way to provide feedback, accelerate change, increase engagement, and best of all, your employees will be happy and motivated!
What type of change has the recession brought your organization? Could you see the “New Deal” becoming a reality within your organization? I would love to hear your ideas!
*Australia, Belgium, Brazil, Canada, China, France, Germany, Hong Kong, India, Ireland, Italy, Japan, Korea, Malaysia, Mexico, Netherlands, Russia, Singapore, Spain, Switzerland, UK and US.
