How wedded are you to the idea, “My employees have a job. That’s recognition enough for their work.”
If that’s your attitude, get ready to start recruiting to replace your top talent (and good luck trying to retain competitive advantage without them). TLNT reported on a recent Jobvite survey:
“Two-thirds of currently employed Americans, roughly 77.5 million people, are either actively seeking a job or open to taking a new opportunity. An additional 33 million American adults – unemployed job hunters or soon-to-be college graduates – are also looking for work, for a total of 110.5 million job seekers looking to make a move overall.”
That’s not much better than the results reported by Right Management in a December 2009 survey:
• 60% - Yes, I intend to leave
• 21% - Maybe, so I’m networking
• 6% - Not likely, but I’ve updated my resume
• 13% - No, I intend to stay
Workplace trust is in its death throes. Employee loyalty seems to have become a quaint 20th century emotion. What does all this mean to you?
Which employees do you think are the most likely to stay? I guarantee it’s not those with the most options – your top performers. Look at it another way. The majority of your employees are distracted by thoughts, plans and actions to leave. (When do you think they’re interviewing? On the weekend?)
Think about the impact of that. It’s not just the POTENTIAL loss of those employees someday, it’s also their attitude on the job right now.
Are you ready to rethink your stance on “a job is recognition enough?” Or are you one of those 77.5 million who will leave as soon as you get a chance? Why? What could your company have done differently to keep you on board, productive, happy and engaged?
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At December 20, 2010 2:17 PM, Unknown said...
Not to mention, how many of those employees that leave have positive comments about you? How is your brand image being affected by your turnover? Are they taking customers with them to their new employment? If you aren't fulfilling your employees, chances are there are holes in your customer service, too.
At December 20, 2010 2:20 PM, Derek Irvine said...
Precisely, Chris. It all starts with the employees -- and so should our engagement efforts. Employees first. If they feel well cared for/about, then they will do the same for the customers (internal and external).
At December 20, 2010 9:26 PM, Jim Haynes said...
I am not surprised by the article at all, even at my current firm (which I won't mention by name) they relocated us, cut our staff (but yet are now looking to rehire), cut our salaries by 10% and not looking to give any bonuses this year but yet they wonder why about 40% of the staff moved on this year and yet still more people are looking to move. But I guess when some of the management has been there 12 to 18 years, they will continue to pick up the slack because they are probably way too comfortable where they are right now. However it is unfortunate and very frustrating because you have the very bright people who are leaving, the ones who are paying for their own CFA certifications or MBA programs and you simply get no sort of support from the company.
At December 21, 2010 8:17 AM, Derek Irvine said...
Jim, thanks for sharing your story. You've perfectly illustrated my point. I hope your leadership team will see the light and begin to restore what has been taken away, not least of which should be trust and a sense of care and concern for the employees.
Best of luck to you.