Survey: Despite Budget Cuts and Belt Tightening, Employees Remain Upbeat
75 percent trust their companies are making the right decisions to weather the storm
Troy, MI (April 22, 2009) –
The economy may be tanking but employees across the country seem to be taking it in stride, trusting that their employers are making decisions that may hurt a bit today, but will prove critical to future success. This according to a March 2009 online survey of 214 public and private company employees conducted by Zoomerang, on behalf of iDashboards, the leader in Business Intelligence (BI) dashboard software. You can view the comprehensive survey results in dashboard form here.
Companies eliminating bonus plans, reducing 401(k) contributions and freezing promotions is old news. Not surprisingly, almost everyone is feeling the impact of cost cutting. For example, a full 60 percent of respondents shared that they have experienced cuts, with layoffs being the number one cut at 54 percent, followed by travel restrictions at 38 percent and employee furloughs at 13 percent. Remarkably, 75 percent of the respondents felt the budget cuts were reasonable and would ensure the longevity of their companies.
Why all the goodwill?
Despite the numerous cuts in benefits, the survey shows that employers have yet to largely slash compensation.
A total of 80 percent of the respondents (172 people) noted that their salary has either remained the same or increased. A startling 12 percent (26 people) reported their salaries have increased since the economic decline and 68 percent (146 people) state their compensation remains unchanged.
Of those lucky 26 workers receiving a pay hike, 54 percent saw an uptick of less than 5 percent, while 31 percent reported increases in the 5-10 percent range.
“Our survey shows that a corporation’s greatest assets, its people, are proving to be extremely resilient in these tough economic times,” said Shadan Malik, president and CEO, iDashboards. “Now is the time to reward employees, perhaps with non-monetary perks, like tools and technologies to make their jobs easier and let them know that their efforts are making a difference.”
All for one and one for all
According to the survey results, the upbeat and positive attitude should last for the foreseeable future as long as employers continue with the openness, transparency and daily communications of where the company stands in the market and how individuals can contribute. Obviously, employees want more visibility into their organizations. For most corporations, sharing this data can be as easy as adding people to a weekly report or providing access to a visual asset tool.
Further evidence that employees are invested in their current careers is that 74 percent of the respondents confirmed they would not seek another job over the next 12 months. Employees understand that to remain viable in the current market, they must be prepared to take on additional responsibilities and be open to new processes that closely track and monitor their performance.
“It’s unfortunate that the pervasive negative economic storylines consistently fail to address the positives – the significant number of employees who remain loyal to their organizations and committed to helping their companies ‘weather the storm,'” continued Malik.
More good news for employers is that boosting morale and motivating employees is getting easier. Respondents noted that “consistent feedback” and “positive reinforcement,” as well as “non-monetary rewards” such as “dress down days,” “vacation time” and “contests” are the best ways for corporations to show their appreciation.
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About iDashboards
Through its award-winning engineering and patented software, iDashboards helps companies leverage information assets through visually rich, real-time and personalized business intelligence dashboards to analyze, track, and drill down through a wealth of information. iDashboards’ global customer base consists of organizations ranging from large, fortune 500 companies to small and medium-sized businesses, all of which are making quicker, well-informed business decisions with the help of iDashboards. The company is privately held and headquartered in Troy, Michigan. To find out more about iDashboards’ solutions, please call (248) 952-0840 or visit www.idashboards.com.
Press Contacts:
Lauren Grassetti
LEWIS PR
617.226.8840
idashboards@lewispr.com
Source: iDashboards