Economic volatility is taking its toll on many organizations. Recent Watson Wyatt research shows that 39 percent of a sample of U.S. companies have already undertaken some employee layoffs; an additional 23 percent expect to do so during the next 12 months. Twenty-three percent have undergone an organizationwide restructuring, and another 14 percent foresee the need for future downsizing and layoffs. While perhaps necessary from a business perspective, cutting the workforce reduces the total value of a firm’s human capital.
Successfully navigating this period requires engaging — or re-engaging — your employees. Engaged employees are highly committed to the company and understand how they can make a positive contribution. They tend to be more productive, less likely to leave the organization and more resilient in the face of major organizational change.
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