Downturn Makes Employees More Loyal
Added 11th Mar 2010The survey, conducted between early October 2009 and the end of January 2010, finds that 36 percent say the economic downturn has made them more loyal, while 5 percent say it has made them less loyal, and 58 percent say it's made no difference.
Those workers who are more loyal to their employers attribute the shift to positive management, positive morale, and pay levels that have improved or remained steady. Those who are less loyal say it's due to falling pay, poor management, and low company morale.
The findings are part of the Kelly Global Workforce Index, which obtained the views of approximately 134,000 people, including more than 4,000 in India.
The impact of the economic slowdown on work attitudes has been greatest among Gen X (aged 30-47) and baby boomers (aged 48-65) where 39 percent of both generations say the downturn has made them more loyal, compared with 35 percent of Gen Y (aged 18-29).
Kamal Karanth, Managing Director - India for Kelly Services says, "Employers who have communicated openly with their staff about the difficult economic conditions and tried their best to look after staff, have been able to build strong levels of trust in their organizations. This heightened loyalty is likely to become a real advantage, with a more committed and focussed workforce, as the economy recovers."
Results of the survey in India reveal:
- 60 percent of respondents say they feel 'totally committed' to their current employer, ranging from 69 percent among Gen X, 67 percent for baby boomers and 57 percent for Gen Y.
- When asked to name the one thing that would make an employee more committed to their job, 52 percent cite 'more interesting or challenging work', followed by 'more meaningful responsibility' (21 percent).
- Company reputation is considered 'very important' in job selection and retention by 68 percent of baby boomers, 66 percent of Gen X and 62 percent of Gen Y.
- 60 percent of Gen Y are 'very confident' in their employers' ability to be good corporate citizens, higher than for both Gen X (57 percent) and baby boomers (49 percent).
The reputation of an organization is shown to be a key element in the way that employees and prospective employees weigh their career decisions. In assessing a firm's reputation, employees place most weight on the quality of its leadership, products and services, and employees. Least important are features such as global presence, financial performance and initiatives aimed at fostering corporate social responsibility.
"When we look at the things that motivate people in the workplace, it's clear that opportunities for personal growth and development are critical, as is the chance to perform stimulating and challenging work," notes Mr. Karanth. "Pay is certainly a motivator but it's not as big as some imagine, which means that employers have to examine a broader range of employee conditions and business features if they want to have the workforce performing at its best," he concludes.
