HR MAGAZINE – The credit crunch and economic downturn have taken a merciless toll on the U.S. workforce. The number of unemployed people has grown by 3.6 million during the last 14 months. Today, even financially healthy organizations are hunkering down.
Before reducing head count or making painful cuts to health and retirement benefits, some companies perform a kind of triage, freezing pay and hiring, paring down paid leave, and consolidating offices. Those are cost-cutting strategies, to be sure, but not the only options. And herein lie opportunities for human resource professionals to shine: Stave off lay-offs or major benefits cuts and you’ll prove––to top executives, managers and all employees––that you have business savvy and a heart, maintains Brenda McChriston, SPHR, of Spectrum HR Solutions, a Baltimore consultancy. [Read More]
HR MAGAZINE – U.S. employers are stepping up their communication to workers about their financial performance and solvency to help alleviate growing levels of stress and anxiety caused by the recession, according to new research.
More than three-quarters of employer respondents to a recent survey by Watson Wyatt said they have already or are planning to send out communication on the impact of the financial crisis. More than two-thirds (69 percent) of these employers cited easing employee anxiety as one of the top two goals of their crisis-related internal communication, while nearly one-third (32 percent) cited earning employees’ trust. [Read More]