Recently, the media has been reporting on more upbeat economic news. The general feeling is that we are starting to see some improvement in the business environment.
What does the economy look like from your perspective? Are things improving, getting worse, or staying about the same? Take a minute and share your thoughts in our new poll below.
Many employees feel they are not getting enough recognition and their work environment is not providing career growth.
That’s what we found out in our new white paper From Engagement to Work Passion which takes a further look at the concept of employee passion. This is a continuation of our research which identified eight basic components that all employees need in order to feel valued, focused, and productive at work.
Overall Sample—Aggregate Results
(1,212 responses, six-point scale with 6 representing “present to the fullest extent”)
According to the data, Meaningful Work and Autonomy are most present in today’s work environments while Recognition and Career Growth are least present.
You can access the complete report at Blanchard Perspectives and White Papers
Some new research from Watson Wyatt, a global consulting firm which specializes in human capital and financial management offers some indications that a bottom to today’s turbulent work environment may be in sight. In a February 2009 report on the Effect of the Economic Crisis on HR Programs researchers at Wyatt report that the majority of the companies they surveyed have already put their most drastic cuts behind them, and are now looking to make smaller cost-cutting changes moving forward.
Key Findings
While most companies are now settling in to what many believe will be a long recession that will not bottom out until the end of 2009 or into 2010, the good news is that, according to this report, it looks like the majority of the layoffs, salary and hiring freezes, and resetting of merit increase budgets have already been announced.
Let’s keep our fingers crossed.
We just published the results of our annual corporate issues survey. This year’s survey shows that executives and company leaders are somewhat optimistic that the US economy will rebound in 2009. Following the 2008 slowdown that has crippled economies around the world, over 70% of those surveyed expected the economy to begin its recovery sometime this year. Only a quarter of the respondents thought the downturn would continue unabated into 2010.
The 2009 results represent feedback from more than 1,700 executives, line managers, and training and human resource leaders from a range of companies, industries, and countries. Since 2003, over 6,700 leaders have participated in this ongoing study. Here are some of the highlights from the press release:
“Participants in the most recent Blanchard survey were asked to describe their organization’s overall outlook in regards to the economy, training expenditures, expected cuts, and coping strategies. In addition, the survey touched on corporate issues relating to organizational, HR, and management challenges. Responses focused on the most important aspects of future corporate growth and employee development, as well as how employees are prepared to deal with these and other hurdles. Some of the survey’s top responses include:
Tactics for Coping in a Down Economy
- Invest in productivity and performance
- Cut travel costs
- Increase focus on branding and differentiation
2009 Top Organizational Challenges
- Economic challenges
- Competitive pressure
- Growth and expansion
2009 Top Management Challenges
- Managing change
- Creating an engaged workforce
- Reducing costs
Types of Training to be Offered in 2009
- Leadership skills
- Managerial/supervisory skills
- Customer service skills
With the expectation that the economy will begin to recover within the next year, survey respondents also predict that their corporations will not make drastic cuts to training budgets. Fewer than 1 in 5 state that their organization plans to spend significantly less money on training in 2009, as compared to 2008. This desire to maintain an adequate level of training points to the identification of corporate development as a way to ride out the storm of economic turmoil, while also refining and realigning each organization’s own learning infrastructure.
While recent news has highlighted the downsizing of well-known companies, the Blanchard survey results show signs that corporations are looking inward to survive current conditions instead of resorting to the old playbook of cuts, cuts, and more cuts. Companies seeking to decrease costs along all facets of the organizational structure are not, the survey suggests, primarily targeting personnel and marketing. Only 29% of respondents listed personnel layoffs and cuts as ways their companies plan to cope with the down economy, while marketing cuts came in at 14%. More than 60% plan to invest in productivity and performance-maximizing strategies, while another 46% plan to focus on their corporate branding and differentiation.”
You can view the entire Blanchard 2009 Corporate Issues Survey findings at:
http://www.kenblanchard.com/img/pub/Blanchard_2009_Corporate_Issues_Survey.pdf
