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The turbulent economy has
impacted hiring strategies within companies across the nation. Characteristics
of the current economic slump include the real estate downturn, higher
energy prices, the credit crunch and stock market woes. Each of these has a
unique effect on hiring and companies are reshaping programs in an effort
to find and retain valuable employees.
According to a survey by the Worldwide Employee Relocation
Council, the weak housing market was the top reason employees turned down
offers of transfer or relocation in 2007. As a result of the volatile real
estate climate, professionals are turning down offers of relocation because
they are not wiling to sell their reduced-value
homes at a loss. Some ways to entice employees to make a move despite the
sluggish housing market include offering increased relocation budgets or
offering monies to offset the difference between home value and selling
price. As always, this consideration is made based upon a candidate’s
uniqueness and perceived value.
Higher energy prices have increased commuting costs for
employees across the country. While many of those who commute into New York
City use mass transit, we will likely see fare increases. As your current
and prospective employees struggle with the increased costs of commuting,
some options include offering more generous commuting benefits, helping to
coordinate carpooling, offering rebates towards the purchase of hybrid
vehicles and telecommuting.
The credit crunch, inflation and stock market troubles are
causing additional financial woes for employees at all levels of the
enterprise. Household budgets are being squeezed, and many employees fear
their compensation may not keep pace with the rising costs of food and
energy. Some employees may even be contemplating pushing off retirement as
a means to ensure their financial well being. Companies are seeing
increased demand for financial and retirement planning assistance,
education and counseling.
Providing this assistance to employees during trying economic
times helps to ensure the stability of your workforce as the market
improves. By making an effort to let employees know you recognize their
hardships, you make them feel important and valued – a key aspect in
employee retention.
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by April Bernstein
Director of Administration
Legend Global Search
As employers struggle to reduce
turnover and increase productivity and job satisfaction, companies are
turning to flexible work arrangements to retain top talent.
Flexible work arrangements include flexibility in the
scheduling of work hours, in the amount of hours worked and in the place
that the work is performed. Some of the possible ways to implement this
include longer but fewer workdays, single positions split between multiple
employees and telecommuting.
While the first flexible work programs in the United States
were introduced by Hewlett Packard in 1973, U.S. employers have been
painfully slow in implementing such programs despite their noted
advantages. Some of the concerns among employers and managers regarding
flexible work arrangements include:
- its
impact on work quality and productivity
- office
coverage
- scheduling
meetings
Also, if programs are not properly standardized, it may create
a legal nightmare for HR. It is important to seek legal counsel when laying
the groundwork for a flexible work policy so that employers do not find
themselves defending against accusations of discrimination.
Employees have concerns about flexible work scheduling as
well. Many companies have informal or inconsistent flexible work programs,
which cause employees to be uncomfortable with the arrangement. Employees
may be hesitant to request or assume flexible work schedules because they
fear negative career consequences. According to a study by the
Families and Work Institute, 78% of employees surveyed worried that their
employer would perceive them as less committed to their job if they utilize
flexible work arrangements.
Flexible work arrangements are not just a concern among
employees and employers but have caught the eye of federal lawmakers. There
is current legislation that, if passed, would require employers to
establish formal procedures for discussing employees’ needs and how to
address them but would not require them to grant employees their requests.
Most experts believe that some type of family-time legislation will be
passed in the next 12 months.
To prepare for this in today’s market, employers should begin
by developing a pilot program that tests different types of formal flexible
work arrangements. If these trials prove successful, as research indicates
they will, adopting a formal program may add value for years to come.
As the imminent talent shortage continues to creep closer
(think aging Boomers), businesses must be creative to attract and retain
top talent. Providing programs such as flexible work arrangements will
allow you to remain competitive in the changing marketplace.
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Stuart Rosenthal
has been promoted to Vice President, Compliance.
Stuart joined Legend following a successful career in compliance
and has successfully leveraged his industry network identifying
A-level candidates for all levels of compliance positions.
Jon Winstone
has been promoted to Assistant Vice President, Compliance.
Jon has demonstrated an innate ability for making quality matches
and for partnering with clients in a way that makes it easy for the client
to do business with him and with Legend.
April Bernstein
has been promoted to Director of Administration. April is the glue
in the background that keeps the company humming. She is resourceful, good
natured always, and oh so capable.
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