Write to Callum Borchers at ©2022 Dow Jones & Company, Inc. “If I’m working really hard, but I see that management doesn’t treat me any differently than they treat someone who is doing the bare minimum, that is very demotivating. “You’re showing your top performers the bottom of what you’ll tolerate,” saysĬo-founder of Humu, a company that helps businesses motivate their teams. On teams where there is little distinction between good and bad work, morale can erode over time. At a time when those who miss their numbers avoid harsh consequences, standouts may miss out on the usual incentives.
Wall Street banks that paid whopping bonuses after last year’s big gains in the stock market may not be able to offer such handsome payouts this year, with the Dow Jones Industrial Average down about 13% so far in 2022.Ī former banking vice president turned finance career coach, says a down year can stunt hard workers’ careers by reducing the number of available promotions. Several human-resources specialists told me that executives who post disappointing results may be in jeopardy because their failures are more costly.Ĭompanies’ willingness to put up with subpar employees could prompt good ones to look elsewhere if they don’t feel adequately rewarded. The stakes are higher for people in bigger roles. Friedrich says he hears from companies that are assigning menial tasks to so-so employees, instead of terminating them. If you’re not terribly important, then your performance (or underperformance) isn’t likely to hurt much, and the irony is you may be worth keeping around in some capacity. To figure out how bad you can afford to be at your own job, ask yourself this, saysĪssociate professor of strategy at Northwestern University: “How valuable is what you do for the company’s bottom line?” “Being laid off might have been the best thing that could have happened for my career,” he says. Presnall, 23 years old, says he’s lined up roughly a dozen job interviews and hopes to land a role that makes fuller use of his marketing degree. Within a couple of days, more than 200 recruiters had entered their details, many soliciting applications from ex-Carvana employees. Presnall created an online spreadsheet where laid-off former colleagues could post their contact information and recruiters could do the same. He soon regained his faith in the labor market, however. Says he was stunned to lose his job delivering cars for the company in Chattanooga, Tenn., after watching his office head count quadruple in two years. Which last week said it would downsize its staff by 12%, eliminating roughly 2,500 positions. Now, some companies that boomed during the recovery may have overshot their growth plans. The national unemployment rate touched 14.7% in April 2020, early in the pandemic, before falling to 3.6% last month.
IN TODAYS ECONOMY ITS ALMOST IMPOSSIBLE HOW TO
That can mean teaching workers how to do their current jobs better or moving them to different positions, in hopes that they’ll be decent at something else.īasically, managers are trying to become like Bill Belichick, the New England Patriots football coach who turned wide receiver Troy Brown into a solid defensive back, converted quarterback Julian Edelman into a prolific pass catcher and used linebacker Mike Vrabel to score touchdowns as a tight end in two Super Bowls. Onboarding a new worker cost thousands of dollars before the pandemic, according to SHRM, and has since become more onerous as many people report to offices part-time, if at all.Įmployers “are looking at how to uplift the skill and capability of the employees that are on their staff, and they’re making great efforts to do that,” Mr. “The companies I talk to are all worried about recruiting.”īusinesses in a wide range of sectors are committing to training, or retraining, the people they already have, addsĬhief human resources officer at the Society for Human Resource Management.
“I call it bird-in-the-hand management,” says UKG Vice President
IN TODAYS ECONOMY ITS ALMOST IMPOSSIBLE SOFTWARE
When the human-resources software company UKG recently surveyed about 2,000 managers, roughly two-thirds said they’d be willing to rehire middling former employees, and 16% said they’d take back anyone, regardless of skill.
What impact is the tight labor market having on your business?
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