Articles

Management Challenges in a Tough Economy

Monday, 21 June 2010 16:12

The results from the latest Hewitt Best employer study which involved 37,000 employees show a significant part of Australia’s working population believe their managers are letting them down.

Only 52% of employees agree their managers inspire them to achieve higher levels of performance, and only 64% believe their manager provides them with the support they need to succeed.

While, only 39 percent of 2,075 American workers polled feel the economic situation has caused them to appreciate their jobs more. That's a significant dip from the 55% of workers who felt that way a year ago.

When 1,400 chief financial officers were recently asked: "Which one of the following is the greatest lesson you have learned from the recession?" the top responses were:

· Focus more on maintaining employee morale - 27%

· Avoid multiple rounds of cost-cutting - 22%

· Retain enough staff to maintain productivity - 22% and

· Implement more detailed succession plans - 15%.

According to an ongoing survey of about 8,500 HR and business leaders throughout the world, only about three in ten respondents felt very or fairly optimistic about economic recovery for 2010. The respondents said in 2010 they would focus on:

· Creating an Engaged Workforce - 50%

· Performance Management - 48%

· Selecting/Retaining Key Talent - 45%

· Managing Change - 44% and

· Reducing Costs - 43%.

This all leads to the question of how do we as managers reward and recognise employees in this day and age. Engagement specialists RedBalloon have created a new reward and recognition pocket planner of 52 fun and innovative ways for managers to inspire their teams all year round.

The pocket planner contains one idea for every week of the year to keep recognition top of mind for busy managers constantly challenged by the task of motivating and inspiring employees. Ideas range from:

· ‘Slave for the day’ or ‘spoiling the spouse’,

· Buying a weekly travel pass or sending a chauffeur,

· Giving them a magazine subscription so each month they are reminded of their accomplishment, and

· ‘cool hunter’ encouraging team members to bring along cool ideas to weekly meetings that bring a return on investment to the company and reward ideas.

Some simple, but effective ways to inspire and motivate your team NOW.

Source: Human Resource Executive, June 2, 2010 and Management Today, July 2010

Last Updated ( Monday, 21 June 2010 16:18 )