Your Best Employees May Want Out
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As the Recovery Strengthens, Your Best Employees May Want Out
As the recession wanes and economic recovery appears on the horizon, C-level executives concentrate on strategies that will take advantage of better market conditions. While personnel issues are a component of coming strategies, key priorities are typically on attracting new talent and, possibly, “reverse” downsizing.
Employee (Dis)satisfaction Levels and Job Plans
Most employers and management pay little attention about their current employees moving to other opportunities after a period that included layoffs and downsizing. A common belief is that employees fortunate to keep their jobs during a deep recession are grateful and pleased they kept their employment.
However, this attitude disregards the historically proven rule that lesser candidates are always available in good and bad economies, but the top talent is more elusive to both find and, then, attract because they are good. Statistics regarding employee satisfaction and future plans might be troubling to senior management.
Well respected international firm, Deliotte Consulting, recently collaborated with the Harris Interactive Poll organization to survey current employees to take a pulse of the mood of staff. At first glance, the results are surprising. However, upon reflection, this data makes sense. Some of the key results:
- 34 percent of employed people plan to look for new jobs in the immediate future.
- 48 percent of employees surveyed stated a loss of trust in their employer.
- 46 percent cite a lack of meaningful communication from management as their primary reason for losing trust and becoming job hunters.
- 59 percent believe the recession caused their employers to demand more work from their remaining staff, whether or not layoffs or downsizing occurred.
- 65 percent of senior executives at Fortune 1000 companies are very concerned about their top employees beginning a job search and realize that loss of trust is a key factor.
This situation could pose serious problems for many organizations, particularly those that believe that their decision to retain their top core staff members was sufficient to foster employee loyalty. It appears that the opposite has occurred.
How to Attract Talent and Keep Your Top Performers
We all tend to laugh at the superstar professional athletes in free agency, who tend to state that, “It’s not about the money.” However, for most people in less exciting careers, the money is appreciated, but not the primary source of job satisfaction.
C-level executives should understand at least two realities. First, many employees, particularly your top performers, have been through difficult times during the recession. Unless senior management has maintained consistent communication of their appreciation of their staff’s hard work and results during the down economy, top performers will be less than satisfied.
Second, the result of a perceived lack of communication or support is distrust. C-level executives should ask themselves a simple question. “If I didn’t trust my superiors or Board of Directors, would I seek other professional opportunities?” In many cases, the answer would be, “Yes.” Therefore, is it difficult to understand why your top performers might fill the same emotions?
Two key suggestions are strongly recommended.
- Important components of a recovery strategic plan should include talent management issues. Your top performers, regardless of their “management trust level,” are always in demand by your competition. Whether key performers initiate a job search or a competitor makes first contact, senior management should either be proactive or have a meaningful response. The cost of turnover, whether addressing the loss of a top performer or a mediocre employee, is always high.
- Establish (or reinforce) a value-based corporate culture to enhance or recover employee trust. This suggestion paraphrases the thoughts of Sharon Allen, Chairperson of the Board of Deliotte. While compensation levels remain important components of job satisfaction, the value of employee contributions and senior management support is even more important.
Should senior management successfully communicate and establish these criteria, they can attract the new talent they’ll need to take advantage of the coming recovery. More importantly, they may be able to rebuild the lost trust and displeasure felt by some top performers already on staff.
Good work-life balance remains high on employees’ wish lists. While most (72 percent) employees feel their employers continue to support this desire, the trust (or loss thereof) factor remains a key motivator. Senior management should attempt to “take the temperature” of their top performers and respond accordingly to re-energize and reinforce their best employees’ value. Show your appreciation for their recession winning efforts and share your plans for the company’s future, with your top performers re-enforcing them as key contributors.