The recession has had widespread and unprecedented impact on U.S. employers and their employees. While the worst might be over, companies need to be prepared for the effects to linger even after the economy recovers. The scope and number of actions employers have taken in response to the economic crisis have resulted in a drop in employee engagement (particularly among top-performing employees), and this could have a long-lasting and detrimental impact on productivity, quality and customer service.
But many companies have not considered the impact of their actions on their Employee Value Proposition (EVP) and consequently have created significant attrition risk among top-performing employees. As companies emerge from the recession, they need to ensure their EVP aligns with their new business environment. Reviewing and rebuilding their EVP will enable these employers to engage and retain the current workforce and to provide a compelling employment deal to critical-skill and top-performing employees.
Looking Toward Recovery: Realigning Rewards and Re-Engaging Employees