Are You Prepared For the Economy’s Rebirth?
Posted on Apr 19, 2011 on Tips of the Month by
For the past few years, the failing economy has forced employers to make difficult business decisions aimed at cutting costs. Now employers find themselves behind on employee training, professional development, promotions and raises. In a down economy, it made sense to tell employees they would not be getting bonuses or raises. Employees had no choice but to accept this as there were few job opportunities available elsewhere.
However, as we see the economy slowly start to gain upward momentum, employers should be mindful of how they can keep competitive. If the job market starts to pick up in your industry, employees will suddenly have more options. If they see other companies giving raises, and not their own, they may be enticed to move elsewhere. You do not want to be the last employer in your area or industry to make improvements, or you may lose your best talent.
In the next few months, employers should assess how they can reestablish themselves as a good, preferred employer. This may include offering new training opportunities, increasing employee benefits, or giving spring bonuses or raises to deserving employees. Also, it makes sense to assess old policies that may not be practical for your workforce or are not creating a positive workplace atmosphere. A few small changes in your company can transform employee attitudes and make your company a choice employer.
Brody and Associates regularly provides counsel on civil rights issues and employment laws in general. If we can be of assistance in this area, please contact us at info@brodyandassociates.com or 203.965.0560.