Given the current state of the economy, giving your employees time off is probably the furthest thing from your mind. However, not giving enough attention to this subject could come back to bite you later . . . and it might do so sooner than you think!
The reason is simple. There's a good chance that the employees you currently have are anxious and apprehensive at the moment. With layoff figures and unemployment numbers in the headlines just about every week, it's only natural that they carry some trepidation with them to their job. The problem is that you need them at the top of their game in order to put their talent and skills to the best possible use.
This is why you should ensure that your employees take the time off they need, especially their vacation time.
If they're well rested and refreshed, then you'll reap the benefits upon their return:
· Company culture-A more relaxed atmosphere contributes to a better culture within the company. Employees, like everybody else, are intrinsically drawn to people and/or things that help them to reduce the stress in their lives. Your company could be one of those things.
· Productivity-Employees are more productive when they're rested and relaxed, not when they're frazzled and feel worn out.
· Loyalty-A relaxed atmosphere, a better company culture, more productivity . . . it all leads to more loyalty within the ranks.
· Retention-This is the ultimate payoff. One day, the economy is going to turn around and some employees might be tempted to sample what they believe might be greener pastures. However, they'll remember your investment in their peace of mind and resist temptation.
During tough economic times, improving morale is often difficult to accomplish. However, by focusing your efforts on helping your employees take the time off they need, you'll not only improve morale, you'll also improve productivity.
That's a combination that's tough to beat!
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ext to calls about layoffs we receive more inquiries about the H1N1 flu than anything else.
The 12 month Consumer Price Index (CPI) is running at minus 1.3 percent through September 2009. Much of that is related to the drop in fuel and food prices in 2009 compared to 2008. The CPI is quite often a key link in the determination of the inflation rate and salary/merit increase budgets for employers in the following year. Based on the CPI and the projected inflation rate of about two percent in 2010, Watson Wyatt (a major compensation consulting firm) projects merit increase budgets to run about 3 percent in 2010. On average, merit increase budgets will end up paying out at about two percent in 2009. (Merit budgets were originally planned at 3.5 percent for 2009.)