Assessing the economy's impact on employees

Assessing the economy's impact on employees

A new study reveals that businesses could lose top talent if managers don't address employee concerns.
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Aug 28, 2012
By dvm360.com staff

A new study reveals that half of U.S. workers believe the economy has negatively impacted their career. According to the Randstad Engagement Index, forty-three percent of workers believe their careers have slowed down and it will be harder and will take more time to achieve career growth. Half of employees surveyed also believe the only way to help grow their careers is to switch jobs.

Despite the feeling among many employees that they’ve lost ground, the majority remain engaged at work and report mostly positive attitudes towards their current jobs and employers. Three quarters of respondents feel inspired to do their best, and 66 percent feel that their efforts are valued and recognized. Yet, the number of workers reporting plans of exploring other job options rose by six percent (51 percent in the second quarter of the year versus 45 percent in the first quarter).

“U.S. workers have been committed to their jobs during the last few years, but businesses will lose top talent now if they don't address employees' fears around stalled career growth due to the economy,” says Jim Link, managing director of human resources for Randstad U.S. “Employers need to examine career development options for their employees before workers begin exploring a career catch-up with a new company. At that point, it's often too late and employers lose solid performers because they weren't in-tune with their career needs and goals.”

So what can you do in your veterinary practice? Just over a third (36 percent) of employees indicate the most important activity for ongoing engagement is offering promotions or bonuses to high performing employees. Also topping the list of the most important engagement activities are: providing a comfortable and stimulating work environment (30 percent); encouraging employees to share their ideas and opinions (28 percent); and investing in employees’ careers through training, professional development or continuing education (28 percent)

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