This Week's Herman Trend Alert Women---Expanding their Sphere of Influence

The Herman Trend Alert November 19, 2008 Protecting Perks in a Downturn In spite of the drastic effects of the economy on the labor market with announced workforce reductions up 30 percent, a surprising majority of companies (66.7 percent) have chosen to preserve their employee perks. Ten percent of those employers said they had considered trimming perks, but decided to leave them at current levels. Despite their need to reduce their expenses, almost 55 percent still plan to distribute year-end bonus checks this year (2008). Only 20 percent of the companies surveyed said they had cut or eliminated perks to contain costs. At the same time, 35 percent reported they had to cut these extras to save jobs. These findings were part of a recent survey of employers, conducted by one of the leading global outplacement firms, Challenger, Gray & Christmas last month. According to the Challenger survey, 50 percent of companies reported having awarded year-end bonuses last year (2007). A mere 4 percent said they planned to decrease the levels of bonus checks, while 23 percent said bonuses will be approximately the same as 2007. One could also conclude from these data that a surprising 22 percent of employers actually plan to increase their bonuses. The destabilized economy has led to major reductions in force. According to Challenger's estimates, through September 2008, employers have announced plans to cut a total of over 750,000 jobs. Yet in spite of the softer economy, another survey conducted by a business research firm in Arlington, Virginia and ADP, the payroll provider, found that 34 percent of their respondents reported "recruitment and retention" as their top priority. Looking at the findings from both of these studies, we can infer that a large percentage of employers understand the value talented workers provide to the organization. They know that if they do not take care of their employees during this difficult time, when the economy improves, those employees might leave. Wise employers will hunker down and engage their associates to help them streamline processes, market smarter, and cut expenses. They will continue to resist reducing bonuses and perks, because they know the future dangers and choose to think long-term. © Copyright 1998- by The Herman Group, Inc. -- reproduction for publication is encouraged, with the following attribution: From "The Herman Trend Alert," by Roger Herman and Joyce Gioia, Strategic Business Futurists. (800) 227-3566 or http://www.hermangroup.com. The Herman Trend Alert is a trademark of The Herman Group, Inc." EMPLOYERS AND JOBSEEKERS: MARK YOUR CALENDARS Advertise at or attend VetJobs Virtual Career Fairs. VetJobs, the top veterans' job board, and PSI, the premier diversity job fair producer, are teaming up to launch these VeteransCONNECT events. Employer registration is now open with loading by February 15th. Candidate loading begins March 1st. Expect 25-30 employers and an attendee goal of 2,000 skilled jobseekers. Promoted extensively, early registration begins NOW. To register or request additional information, contact VetJobs at 877-838-5627 or email info@vetjobs.com; Employers: Mention the Herman Trend Alert to receive a Bonus. LOOKING FOR A UNIQUE VALENTINE’S GIFT? Give the gift of leadership advice in our weekly Lessons in Leadership to help your supervisors and managers remind your leaders about what’s really important The 52-week subscription is only $47, a bargain when you think about the savings to your organization in reduced turnover. Quantity discounts available by emailing Joyce at joyce@hermangroup.com. http://www.hermangroup.com/store/subscription_all.html#3 Order today! PREVENT EMPLOYEE TURNOVER IN 2012 Yes, you can prevent costly employee turnover, when you train your supervisors, managers, and executives. They will learn dozens of low and no-cost strategies and tactics that they can implement right away. We have an impressive track record and stand ready to help you. Call Carl at 336-210-3547 for a no-obligation conference call. Herman Trend Alerts are produced by the Herman Group, strategic business futurists, Certified Management Consultants, authors, and professional speakers. New subscribers are welcome. There is no charge for this public service. The Herman Trend Alert is received by over 30,000 subscribers in 78 countries, in addition to other websites and printed magazines. Do you enjoy receiving this weekly e-mail update? Contact us about our co-branded Trend Alert service. Click here to sign up for the Herman Trend Alert. Subscribe or Unsubscribe to weekly Herman Trend Alert View this week's Herman Trend Alert Archived Weekly Herman Trend Alerts

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