Employees predicted to jump with economic recovery
Who doesn't want an economic recovery - soon? It may be accompanied by an unexpected surprise - the potential loss of your best employees when things turn around.
A recent survey of employees conducted by Deloitte Consulting LLP presented very sobering results. When asked if they would stay in their current job when the recession ends, here is what employees said:
- only about 37% of Gen Xers plan to stay
- 44% of Gen Yers plan to stay
- 50% of Baby Boomers plan to stay
- 52% of senior citizen workers plan to stay
Understandably your focus is likely on more immediate business concerns but leaders who do so while neglecting retention may be in for a shock when the employment market opens up. How would you manage a mass exodus of your talent pool just as you are growing and expanding?
Where to start? Identify your high performers - the ones who could cripple your business with their departure. Plan to meet with them - talk with them - ensure you know what is important to them. Act on what you learn - it's often non-compensation issues that help employees feel they are a valued member of your team.
This initiative could turn out to be the best investment of your time. If you get dragged into a high turn over situation, it can drain your operation with the time and expense to recruit, lost productivity and institutional knowledge walking out the door. Based on the data, it seems like an invest -your-time-now or scramble-later decision.
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