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Out-of-Work Executives Expect Lengthy Job Searches in Today's Economy ST. LOUIS (PRNewswire), March 15, 2009 - Today's economy presents job seekers with unrivaled challenges, uncertainty and the expectation of prolonged periods of unemployment, according Executive Quiz results released today by The Korn/Ferry Institute. Most of the respondents to Korn/Ferry's latest study have never experienced a lengthy job search, but expectations are changing. In fact, the vast majority of executives predict it will take job seekers more than four months to find a new career opportunity in today's turbulent market. Fewer than a third (29 percent) of survey respondents had ever required more than three months to find a new career opportunity in the past. However, the tough economic realities and significant job losses have altered expectations moving forward. Eighty-three percent of respondents predict that today's out-of-work executives will be hunting for more than four months for their next opportunity. And 43 percent believe the process will take seven months or longer. Responses from nearly 1,000 unemployed executives indicate that many are just beginning their job search. Twenty-eight percent have been unemployed less than a month, and 36 percent have been unemployed less than three months. Just 18 percent indicate they have been searching for career opportunities for seven months or longer. "In the executive ranks, lengthy job searches are not confined to poor economies. It takes time to find the right cultural and functional fit for each position and each candidate," said Cheryl Buxton, global managing director of client services for Korn/Ferry. "We counsel both our clients and candidates to be patient in the search process, and the current economic environment only reinforces that need." One common alternative to jumping back into the labor force is pursuing educational goals. Forty-three percent of unemployed executives say they have either considered or are already going back to school to "wait out" the downturn. Most jobless executives looking at educational opportunities are considering MBAs (23 percent) or other advanced degrees (16 percent). When executives were asked what they miss most about working, compensation not withstanding, the overwhelming majority (74 percent) missed intellectual challenges in the workplace. Other answers included colleagues (21 percent), travel (four percent) and perks such as an expense account, company car, lunches or tickets (one percent). While most executives (55 percent) spend the majority of their time between jobs searching for new opportunities, 23 percent focus their time on professional development. Other executives opt to spend their time off more leisurely with friends and family (12 percent), vacationing/hobbies (seven percent) or just relaxing (three percent). Take the 10-Question Economic Sensitivity Survey to Find Out How Your Staff Is Holding Up During This Economy ST. LOUIS (PRNewswire), March 15, 2009 - Employee engagement is more than a 21st century buzzword. Studies indicate that highly engaged employees outperform their disengaged counterparts by as much as 20--28 percentage points. During tough economic times, this significant upside to the bottom line can often foreshadow a company's very survival, according to Greg Harris, president, Quantum Workplace, a market research company that surveys employee engagement, loyalty and retention. Employee engagement is measured by the ability and willingness of individuals to exert effort for the benefit of the company, their tendency to speak highly of the organization and their intent to stay. "When employees witness corporate downsizing and start to fear for their own jobs they often lose their motivation, which in turn affects their job performance, thereby causing them to become less productive and less of an asset to the company," adds Mr. Harris. To check the pulse of your employee engagement, employers may want to ask staff to take this brief Economic Sensitivity Survey, developed by Quantum Workplace: Management is providing good leadership and guidance during difficult economic conditions. My job is mentally stimulating. I understand how my work contributes to the company's performance. Continued Next Column    Advertisements There are future opportunities for growth at my company. My company affords me the opportunity to develop my skills. I receive recognition and reward for my contributions. There is open and honest communication between employees and managers. I see professional growth and career development opportunities for myself in this organization. I know how I fit into the organization's future plans. Considering the value I bring to the organization, I feel I am paid fairly. "During tough economic times, managers are doing more with less. So you've got to understand each employee individually. If you've just lost a couple of people from a work team due to layoffs, you might have to reposition people a bit. It's very difficult to do that unless you're in tune with what the strengths are of the people on your team. "Now, more than ever, employers should be helping employees know how they're part of the future of the company. You need to quell any negative or fatalistic attitudes that might be present and educate the staff that this isn't something that's going to last forever, and that we need to be prepared for better times once the economy turns around," emphasizes Mr. Harris. Focusing on employee engagement at a time when companies are experiencing mass layoffs should be a key business objective. The best companies are those that are focusing on maintaining a motivated core workforce that is prepared to tackle the challenges of today while planning for the post-recession recovery. 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