Two Out of Three Employees at Large Companies Looking for the Exit Sign

Two Out of Three Employees at Large Companies Looking for the Exit Sign

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Two Out of Three Employees at Large Companies Looking for the Exit Sign


May 3, 2011 — A stronger economy may actually be fueling a growing concern among employers about retaining top talent, according to results of a Deloitte study. With the economy improving, nearly two out of three (65%) employees surveyed are actively testing the job market, according to "Talent Edge 2020: Building the Recovery Together — What Talent Expect and How Leaders Are Responding."


Despite the sobering news, dissatisfied employees are transparent about their leading turnover drivers, providing executives and talent managers with a clear picture of the most effective employee retention strategies. When asked to list their top three retention incentives, 53% of respondents ranked promotion/job advancement first, followed by increased compensation at 39%, and additional bonuses or other financial incentives at 34%. Boosting employee support/recognition from their managers — a nonfinancial incentive — also was ranked as an effective retention tactic by a strong 30% of surveyed employees.


"We're living in a world where each generation in the workforce has vastly different goals, expectations and desires," said Jeff Schwartz, principal, Deloitte Consulting LLP and U.S. talent services leader. "As employees eye the exit signs following a hard hitting recession, employers need to tailor and target their talent strategies to satisfy each employee group from Baby Boomers to Millennials."


Other key findings:

• Among all workforce generations surveyed, Baby Boomers expressed the strongest discontent with their employers and the greatest frustration that their loyalty and hard work has been neither recognized nor rewarded.
  
• Almost one-third (32%) of Baby Boomers surveyed say a lack of trust in leadership is a top turnover trigger — the highest ranking by any workforce generation.
  
• Generation X employees are the group most likely to be looking at exit strategies from their current jobs. Citing lack of career progress as a top exit trigger (65%), only 28% of Gen X employees surveyed expect to stay with their current employers — a clear signal to employers to expect a significant exodus by employees viewed future leaders.
  
• Millennials exhibit a sharply different view of a strong corporate culture as compared to other generations. By more than a two-to-one ratio (32% to 13%), Millennials regard their employers' commitment to "corporate responsibility/volunteerism" to be very important, as compared to Baby Boomers. Millennials are also nearly three times more likely to say a "fun work environment" is important compared to Baby Boomers (55% to 19%).
  
• Employees who plan to stay with their current employers (35%) say their companies have strong talent programs, characterized by clear career paths, leadership development initiatives, trust and confidence in corporate leadership, superior programs to retain top talent, and effective communication.

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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.