2010...It is not only a new year, but a new decade. With hopes of economic recovery on the horizon, many companies are looking at 2010 as an opportunity to start fresh, especially after the roller coaster ride created by the poor economy over the last few years.
As this time of year rolls around, many employees begin to wonder about their annual review and if their past year’s performance will be enough to earn them a decent pay raise. However, this year seems a bit different.
Many companies were unable to reach their corporate goals and maybe even lost revenues over the last year, which means that compensation increases may not be as likely as the past. Many businesses were forced to make layoffs in 2009 and are now doing what they can just to ensure job stability for the employees that are still on board.
As an employee, it is important to try to understand the tough decisions that your management team faced over the last year. It also goes without saying to be thankful that you are still employed at a time when the national unemployment is over 10 percent.
To help ease the burden, some companies are making an effort to demonstrate their dedication and faith in their employees in the New Year. There are many different ways this is being done, such as openly communicating confidential company information to instill trust, investing in employees despite the tough year or having the management team forgo salary increases to ensure their staff is taken care of instead.
I was browsing the news yesterday and came across an interestng article about the CEO of Continental Airlines, Jeff Smisek, who has vowed not to accept his annual salary or bonus until the company is profitable for one full year. In his announcement, CEO Jeff Smisek says,
“I am willing to make this commitment because I have faith in you, and because the tone for any business is set at the top. I am not asking you or anyone else to reduce their pay. What I am asking is that you join me in making Continental profitable again.”
Needless to say, his actions are sending a powerful message to not only his employees, but other businesses who are striving to succeed in the New Year. I found it inspiring to see a company leader take such a strong stance in motivating his employees to take the business to the next level in 2010 (his salary depends on it!).
Reading this article helped me to reflect on the actions that my own employer, Beyond.com, has taken to motivate and inspire our team in the New Year and made me realize how fortunate I am to be in the HR industry which is all about people. It also made me wonder…
What is your company doing to instill hope for 2010?
