WorldatWork
Trust and Ethics in the Workplace Battered by the Recession; Talent Management, Retention Strategies Key to Limiting Voluntary Turnover
July 27, 2010 — 34% of employed Americans plan to look for a new job when the economy gets better and, within that group, 48% cite loss of trust in their employer and 46% say lack of transparent communication from company leadership are the primary reasons for pursuing new employment at the end of the recession, according to Deloitte's fourth annual "Ethics & Workplace Survey."
Additionally, 65% of Fortune 1000 executives who are concerned employees will be job hunting in the coming months believe trust will be a factor in a potential increase in voluntary turnover.
"Business leaders must be mindful of the importance of both talent management and retention strategies, as well as the bottom line impact," said Sharon Allen, Deloitte LLP chairwoman. "By focusing on these two areas executives may be able to reduce attrition. It could also allow them to mitigate the expenses associated with the hiring and on-boarding process and ensure that tacit knowledge remains within their organizations. Establishing and reinforcing a values-based culture can ultimately help to cultivate employee trust."
While the survey found 59% of employees feel more is being demanded of them because of today's business climate, 72% say their employers continue to support their work-life needs and 77% of executives say they remain supportive of employee personal needs outside of work. 60% of employees suggest that technology plays an important role in helping them meet their professional and personal demands, which is enabling them to trust their employers more.
The study was conducted via telephone interviews within the United States by Harris Interactive on behalf of Deloitte between April 8, 2010 and April 12, 2010 to 754 full- or part-time employed U.S. adults ages 18 and older.
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http://dreamlearndobecome.blogspot.com This posting was made my Jim Jacobs, President & CEO of Jacobs Executive Advisors. Jim also serves as Leader of Jacobs Advisors' Insurance Practice.
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