Once the economy began to come back, those same managers began to hire, restore employees' pay and return to their practice of dishing out bonuses. Speaking of which, check out the dollar amounts on these checks that were cut by the deep-pocketed Oprah Winfrey and handed out to each and every employee of Oprah magazine upon the occasion of the mag's 10th anniversary. Oprah also gave each employee an iPad.
It's pretty safe to say that Oprah has some very happy summer campers in its ranks today, and its morale increased at least 40-fold overnight. Which reminds of the old saying in banking, If you want to know how happy your employees are, follow the money.
During the credit crisis and financial recession, managers across the globe were confronted with the question of how to cut costs. Most ended up slashing headcount, cutting pay, freezing raises and doing away with bonuses. As a result, employee morale hit all-time lows. Those who didn't get sacked were afraid their necks would be next, and those whose pay was cut were happy to have jobs but not too pleased to be logging the same or longer hours for similar rewards.