Take yourself back to mid 2008 for just a moment. The great recession was in full bloom. Friends and relatives were losing their jobs. Hours were being cut back. Company 401K match contributions were being canceled. Insurance co-payments were being raised. Pensions were being eliminated. Employees were putting up with it all because they had to.
Fast forward to time now. While unemployment remains around 10%, companies have started to hire. Consumers have started to buy. Industrial orders have increased. The word “career” has crept back into our vocabulary. My college nephew even got a summer internship.
Why did companies and management do all those things over the past few years? Because they could! Employees did not have a choice. The power in this relationship is about to shift and employees are going to remember those decisions. While the definition of compensation may have changed, the way teammates were treated during hard times will not be forgotten. It’s payback time. Those unilateral decisions over the last two years are going to be paid back over the next ten years through attrition as teammates get options again.
Did you and your company play the game for the long term or take advantage of the temporary shift in power over?