Article published in ERE Journal of Corporate Recruiting Leadership
If more companies had the answer to the question, “Why would someone want to work for us?” chances are we wouldn’t have the increasingly high levels of disengagement we do now amongst employees in companies around the world. The past few years have witnessed one of the most severe periods in economic history following the meltdown of the global financial system, which had its roots in the subprime mortgage market and took hold when Lehman Brothers filed for Chapter 11 bankruptcy protection in September 2008.
The effect of the global financial crisis resulted in record rates of unemployment in many countries following years of growth, and some of the lowest unemployment rates for over 30-40 years. The recruitment drives which accelerated during the years of economic prosperity came to a screaming halt. Now, in 2010,many countries, such as Germany, China, and the U.S., are starting to show positive signs of economic recovery, albeit at varying degrees. There is also still some concern over the recovery of the European economy. The legacy from the financial crisis has resulted in employees having to sacrifice a number of employment benefits they took for granted prior to the financial crisis, such as bonuses, company cars, and investments in their training and development.
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