Despite a record-setting stock market and stronger job growth, most
Americans don't think the economy has improved in the past year,
according to a
recent survey released by Rutgers University researchers. In fact, a
significant number of Americans continue to struggle to break-even from
the Great Recession, which according to the experts, ended in 2012.
The Rutgers survey reveals a stressed-out work force that is
likely to spend money only cautiously, keeping a lid on economic growth.
What do you think: Has the economy improved this year?
The
Rutgers report is titled "Unhappy, Worried and Pessimistic: Americans in
the Aftermath of the Great Recession." Among the findings:
• Two-thirds of Americans think the economy is the same or worse than it was
a year ago, and 73% don't expect it to improve in the next year.
• 33% think changes in their standard of living caused by the housing
bubble's collapse and the recession that followed will be permanent.
• 78% has little or no confidence that the federal government can help.
• Only one in seven believe the average American is happy at work.
Consider the negative responses to this key question:
How do you describe Americans at work?
Happy: 14%
Well Paid: 18%
Lazy: 23%
Productive: 43%
Highly Stressed: 68%
Not secure in their jobs: 70%
Source:
John J. Heldrich Center for Workforce Development at Rutgers University
Is
there a solution to improving workers' attitude?
Yes,
of course. In fact, it's so simple, it's embarrassing that our elected
officials and corporate leaders haven't implemented it. But, that's what
happens when greed and selfish interests dominate one's agenda.
Over
the past seven years, I've seen a noticeable decrease in the amount of
training managers receive on "relationship building." It seems the
emphasis on executive training is almost exclusively on productivity,
cost reductions, and revenue generation. These are important areas, no
doubt. But, my question is this: At what expense? I'm referring to
pushing the envelope to the point where your employees become
disenfranchised, demotivated and disengaged. Management can only ask so
much before the workforce starts asking for something in return -- like
their fair share.
So,
here are three steps to get America moving in the right direction and
improving the attitudes and productivity of your employees, your
greatest asset:
First, companies need to genuinely engage their employees in the process of
work. Employees want to do a good job and be rewarded -- both
financially and emotionally, for a job well done. So, management needs
to institute an Employee Engagement initiative similar to those used at
Genentech, Google, Edward Jones, Navy Federal Credit Union and Wegmans
Food Markets. These companies treat their employees with respect and
encourage them to offer ideas to improve every aspect of the business.
It's not rocket science, but it does take a management style that
focuses as much on people as it does on profits.
Secondly,
employees need to have life balance. I never liked the term "work-life
balance" because work is part of life. In fact, it's a major part of
life. But, there's more to life than just your job. Every manager or CEO
I've ever talked to on this topic, agrees that Life Balance is
important for the health and growth of their organization. A tired,
burned-out, over-stressed employee is of little value to your
organization. Take better care of your people because they are your
company's greatest asset.
Finally,
it's time for companies to review their compensation plans and increase
salaries and wages in line with what your employees should be
earning for their work. Management has both a moral obligation and a
common sense responsibility to do so. Let me make the case.
If
you are one of the companies that employs minimum wage earners, I would
strongly encourage you to provide an immediate wage increase to $10.50
per
hour for those 24% of Americans who rely solely on minimum wage jobs for
their income.
Now, before you breathe a deep sigh and start moaning, let me ask you a simple question: Could you live on the current federal minimum wage of $7.25 an hour, or $15,080 annually?
I doubt it! So, how do you expect your minimum wage employees who earn
between $7.25 - $8.50 (or $15,080 - $17,680 annually) to make ends
meet? The fact is they can't. So, what's the option. They get a second
job. Is that the kind of person you want showing up to make your
hamburgers or widgets? I don't think so.
I
can tell you from 25 years of experience working with companies to
build dynamic teams and high energy workplaces that when an employee is
working two jobs, you do not get the best effort from that individual.
What you get is someone who is tired, over-stressed and just showing-up
for the paycheck. The moral of the story is simple. You get what you pay
for. If you expect more from your people, give them more.
If America is the land of opportunity, let starting giving people an opportunity.
And, by the way, at $10.50 per hour, your minimum wage employees are
earning a whopping $21,840. Frankly, that's still chicken feed! Why not
do the right thing and be the leader you want everyone to think you
are. Stop spouting that tired, outdated, anti-employee chamber of
commerce rhetoric about how a minimum wage increase will hurt your
profits and raise your costs. Are you that inept as a CEO or manager
that you can't figure out how to pay your people what they're worth? If
so, you should relinquish your position to someone who has imagination,
drive and a heart. Start treating your people like you want them to
treat your customers! It's pretty simple.
I
like to remind executives and managers of my favorite expression:
"Facts are friendly. They're sometimes harsh, but always fair." So,
here are the facts. If you want to stimulate your company's sales and
profit, start by doing the right thing and put a few more dollars in the
pockets of those American workers who buy your goods and services. I
can assure you the American pie is big enough to feed everyone. If you
doubt that, you shouldn't be in business.
