| Companies Force Workers to Take Unpaid Vacation
Here's the vacation no one wants, courtesy of the recession: Forced time off without pay. Financially struggling universities, factories and even hospitals are requiring employees to take unpaid "furloughs"-- temporary layoffs that amount to one-time pay cuts for workers and a cost savings for employers. This year, the number of temporarily laid off workers hit a 17-year high. Of 10.3 million unemployed workers in November, roughly 12 percent were unemployed because of temporary layoffs, according to data from the Bureau of Labor Statistics. The last time this many workers fell into the category was February 1991, when 1.4 million workers were unemployed because of temporary layoffs.
Alvarion to Layoff 11% in Attempt to Maintain 2009 Growth
Alvarion Ltd. has announced that it will implement proactive cost reduction initiatives aimed at lowering the company’s breakeven point to help preserve profitability in the slowing global economy, while also maintaining its capability to continue growing if business conditions support growth. As part of this series of initiatives, the company planned to reduce its global workforce in December by approximately 11%, from a base of about 1000 employees. In addition, Alvarion is implementing company-wide measures including management salary reductions.
More Energy Companies are Tying Executive Pay to Performance
According to a new survey by BDO Seidman, LLP, an accounting and consulting organization, 49 percent of chief financial officers (CFOs) at U.S. oil and gas exploration and production companies say their companies’ executive compensation programs are now more closely tied to performance than they were before new proxy disclosure rules became effective, and 44% say they employ greater discipline in setting executive compensation opportunities since the rules were published. While there is increased pressure for transparency on executive pay, a majority of CFOs responding to the survey (68%) do not expect to receive a “say on pay” proposal from shareholders of their companies in the next year.
Nevertheless, shareholders will have a microscope on executive pay in 2009, and companies that have not developed and communicated transparent programs that link compensation to performance will be feeling increased pressure to implement best practices. In regard to 2009 compensation opportunities, BDO expects many energy companies to rein in pay for employees at all levels next year. Economic conditions are driving companies to re-evaluate their 2009 budgets regularly.”
The survey also asked CFOs about their views on the U.S. Securities & Exchange Commission’s (SEC’s) proposed changes to modernize oil and gas reserve reporting requirements, and found that although 58 percent said the proposed rules will provide investors with better information, approximately 54 percent believe the time required to comply with those proposed rules will be substantial or even unreasonable.
Other major findings from the BDO Seidman Natural Resources 2009 Outlook Survey include:
- IFRS Adoption: Still Distant for Most Companies. Only 13 percent of respondents expect to be early adopters of International Financial Reporting Standards (IFRS). A little more than one-third (35%) think that oil and gas companies reporting financial results using IFRS have a competitive advantage over U.S. companies filing under Generally Accepted Accounting Principles.
- FAS 141R Implementation will be Moderately to Highly Difficult. Energy companies must implement Financial Accounting Standard No. 141R for any acquisitions effective as of December 15, 2008. A majority (57%) of respondents believe implementation will be moderately to highly difficult.
- Small Ceiling on Employee Pay Increases. Nearly half of energy CFO respondents (46%) are budgeting salary increases of less than three percent for employees in 2009. A little over one-quarter (26%) are planning increases of three to four percent, and 17 percent are planning increases of four to five percent. Few (11%) are planning increases of five percent or more.
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Formal Job Interview Attire Preferred by One-Third of CIOs Surveyed
IT professionals often dress casually on the job, but those looking for work may want to step up their style, a new survey suggests. More than one in three (35 percent) chief information officers (CIOs) polled said a business suit is the most appropriate interview attire. Another 26 percent cited khakis and a collared shirt as proper apparel, followed by tailored separates, with 24 percent of the response. The survey was developed by Robert Half Technology, a provider of information technology professionals on a project and full-time basis.
CIOs were asked, “What is the most appropriate interview attire for someone interviewing for an IT job with your company?” Their responses:
- Formal business suit: 35%
- Khakis and a collared shirt: 26%
- Tailored separates (e.g., skirt and blouse, jacket and dress pants): 24%
- Jeans and a polo shirt: 9%
Robert Half Technology offers tips for selecting proper interview attire:
- Choose something comfortable. You want to look as relaxed as possible, so avoid uncomfortable clothing. If you buy something new, wear it a few times before your meeting to make sure it fits well and you feel confident in it.
- Pay attention to details. Don’t overlook the less visible -- but no less important -- aspects of your appearance, like your shoes, socks and accessories. Make sure your outfit is free of wrinkles and stains, your hair and nails are well-groomed, and your shoes are polished.
- Don’t overdo it. Ultimately, you want your experience and skills to be the focus of the interview -- not your outfit. Avoid any distracting clothing, big jewelry, or excessive perfume, cologne or makeup. Also, remember to turn off any electronic “accessories,” such as a cell phone or BlackBerry, before the meeting.
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Staff Stress Levels on the Increase
UK workers are suffering from more stress and worries compared to this time last year, according to new research. A study of 2,000 employees by training provider LearnHR found that 49% said they were feeling more anxious than last year, largely down to the impact the financial crisis has had on the economy.
More than a third (38%) felt insecure in their jobs, and a fifth (20%) were expecting to be off sick at some point in 2009 due to stress-related illness.
Some 29% of respondents admitted to having already seen their levels of productivity and efficiency drop.
LearnHR encouraged employers to invest time, resources and training in their HR teams and line managers to ensure they dealt with stress at an early stage.
Other survey findings included:
- 36% of UK workers are worried about paying their mortgage or rent.
- Nearly half (49%) of all workers questioned don’t feel they have a good work-life balance.
- Workers in the West Midlands (57%) and London (52%) are experiencing the highest stress levels of the past 12 months.
- Staff in Yorkshire and Humberside feel most secure in their jobs (50%), whereas workers in the West Midlands (43%) and London (40%) feel the least secure.
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One Day, an HR Exec Will be a Company's CEO
To find out what human resources will look like a decade from now, Workforce Management conducted a survey among distinguished HR executives and thought leaders where they had been asked to make their best predictions in this regard.
The forecasts envision a quite different workplace and HR profession from those of today. According to the panelists, the labor market will look more like eBay than Monster or Yahoo HotJobs. In 2018, work will consist of transient teams made up of internal and external workers; Millennials will redefine jobs, doing work at home and taking home to work; HR officials will assume many more seats on corporate boards, and leaders increasingly will be held accountable for their talent management decisions.
Some of the key forecasts include:
- There will be an increased focus on infrastructures -- such as social networks and wikis -- to support building strong relationships and collaboration. The structure of work will become more adaptive, more informal and less focused on formal structure and static design solutions.
- An expanded use of virtual teams of employees who communicate extensively through videoconferencing, e-mail and text messaging is expected to take place.
- Companies will require balancing the need for a unified global culture with local strategic and cultural differences and making core global values locally relevant and easily understandable for all employees.
- The corporate social responsibility movement will grow stronger. Societies throughout the world will focus on work as a more important crucible for social progress and values.
- *The memory of today's financial crisis will leave a legacy of greater scrutiny and regulation of issues such as fairness, pay differentials and ethics, particularly in traditional Western economies.
- Decisions about hiring and training will be tied more carefully to the bottom line. Recruitment and development will increasingly be seen as part of an integrated workforce-supply optimization process. Both will become virtual, global and just-in-time, but they will also be transformed through an increasing emphasis on optimization, differentiation and return on investment.
- HR executives will face tough scrutiny of the way they recruit, manage and retain people. The strategic role of decisions about talent and how it is organized will increasingly be recognized as pivotal to sustainable strategic success. Leaders will be held accountable for the quality of those decisions.
- Continued labor shortages, particularly in leadership positions along with the need for constant learning and updating of skills will be the most important workforce management issue in the next 10 years.
- Companies will need to offer tailored benefits to meet diverse needs and attract talent and the benefits world of the future will be customized and creative, with offerings that could include elder care, pet care, and concierge services, etc.
- A decision science for talent markets will advance significantly by 2018 and will increasingly be seen as equally important for business leadership as finance, marketing and supply chain.
- Panelists generally gave good odds that an HR executive will advance to become CEO of a Fortune 100 firm by 2018. With many HR people moving to operations or from operations and having strong business acumen, this is likely to happen more often.
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