Not a day goes by that the media doesn't report some doomsday scenario about the economy. To survive the recession and avoid further disruptions, management keeps its sights honed in on the bottom line. But this laser-like focus might distract many organizations from seeing the other big shoe that's ready to drop as the economy rebounds.
Key findings in according to Adecco Group’s latest Workplace Insights Survey include:
Resignations- More than half (54%) of employed Americans report that they are likely to look for new jobs once the economy turns around. Be ready for a lot of suspiciously long lunch breaks, and the occasional dentist appointment that requires a suit and tie.
Goodbye, Generation Y: 71% of those between 18-29 are likely to look for new jobs once the upturn begins. These are the youngest employees who bring a lot of new ideas and skills to the table.
Pay cuts- More than half (55%) of employees who are willing to accept a pay cut to keep their job, will accept a 10% salary decrease or more. Before you get too excited about trimming salaries to cut costs, remember that a pay cut can harm an individual employee’s financial situation, thus hastening a job search.
Generation Y won’t budge: Only 9% (less than 1 in 10) of Generation Y is willing to accept a pay cut to keep their jobs compared to 1 in 5 workers from the other generations (Baby Boomers, Gen X, Silent)
Retirement plans: Almost half (44%) of employees over the age of 60 have been forced to delay their retirement plans
Pessimism persists: Despite weeks of good news from the markets, a full 40% of American workers believe we will still be in a recession for another full year, and potentially into the third quarter of 2011.