You don’t have to get laid off to feel the pain of this recession. Raises, bonuses and other incentive programs have been slashed since the downturn began, and employees saddled with additional workloads for less pay are becoming increasingly dissatisfied with their current position.

Forty percent of employees at organizations affected by layoffs say productivity has been negatively impacted, according to a recent survey by the Workforce Institute at Kronos. Of those 40%, two-thirds of them say that morale is suffering and that employees are less motivated than before.

Now that the pace of layoffs is slowing, and the smoke is starting to clear, smart companies are taking stock and realizing that morale can affect the bottom line.

Not all employers understand this basic fact, but worker morale is a crucial part of running a solid business. An organization may have a hard time hanging on to employees in the long term and have trouble attracting new talent if its reputation as a good place to work is soured. The company may also not be prepared to meet increased demand when the economy picks up again.

Unfortunately, this brutal recession may have caused a permanent shift in the way companies treat their employees - it not only destroyed the markets, but killed any humanity in countless companies.