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Tuesday, September 29, 2009

Where Did Everybody Go?

In a recent survey, 54% of employed Canadians (of all ages) admitted they are at least somewhat likely to look for a new job once the economy turns around; and of the respondents under thirty, over 70% suggested they may take a walk as soon as the opportunity arises.

Given the events of the past year or so, these findings should come as no big surprise to anyone. Current economic conditions have certainly changed the way employers view and manage their workforce; and this in turn has changed the way employees view their employers.

According to the latest IPSOS Reid Workplace Loyalty Study, a full 36% of the employees in companies that have cut programs and reduced their workforce feel considerably less loyal to their employer; notwithstanding the fact they themselves were spared; and apparently this loss of loyalty is as common among executives and managers as among regular workers.

Unrealistic sales targets, lack of recognition, poor communications, autocratic management, toxic work environments, poor job security, limited development opportunities are among the major reasons cited as per why so many are unhappy to the point of wanting to leave.

Conventional wisdom tells us the best and brightest will be the first to go... followed closely by their customers.

Ironic how less than two years back, most employers were concerned over the demographics and worrying how they would hold their own in the inevitable war for resources. While this economic meltdown may have put those concerns on the back burner for a while, the demographics have changed little. Now companies are just that much closer to having to go to war… and a significantly larger number of their home troops are looking to change sides when they do.

Who knows when the economy will pick up, but it doesn’t take a crystal ball to predict that when it does, employers that haven’t take proactive steps to win back the love are going to have some serious staffing and retention challenges!


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5 comments:

  1. Jim. I could not agree more. At my firm we took the view that we were at our best in the market with our clients in a downturn, and would emerge stronger in the upswing as a result. So we have broadly maintained staffing levels and have just recruited 1,000 graduates, as we have done every year. That takes some bold commitment and a longer term vision. And the support of partners putting capital where there mouth is! Jon

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  2. Good Blog Jim. The follow up might be 'Where Did the Leadership Go?', with a picture of a CEO skillfully parachuting out of his executive tower with a bag of gold in his hand, while his employees fall headfirst, without parachutes, all around him. Tied to this, I laughed at a recent interview Larry King had with Ralph Nader. Nader is promoting his new book, in which he recommends that it is now up to the billionaires in the US to bail out the economy. Many of them are now Grandparents, who in the face of imminent death and sneering/resentful Grandchildren (why kids born with a silver spoon in their mouth are sneering and resentful to Gramps is beyond me, but apparently they have a great social consciousness), are reflecting more seriously on their legacy. What to do with their ill gotten gain? How to gain the respect of their Grandchildren? Nader suggests the obvious - donate a good chunk away to worthy causes ... and be quick about it.

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  3. I guess that a key question for organisations to ask themselves right now is "how do I keep the employees I want to keep so that I don’t lose them when the economy does pick up?" - and, apologies for stating the obvious, but the strategies for retention have to be implemented already, quickly, now, before the economy picks up.

    I wonder whether the basic mixture of individual recognition and appreciation, maybe some more money or other perks (free days off etc.) still work. To take this off at a tangent, I believe that the recent economic events have actually given people food for thought. It came as a shock and has of course affected a lot of people. Are we now going through a re-evaluation process and do we now want different things for ourselves and from the companies we work for?

    I think so.

    Employers and managers had better get their acts together and come up with some new strategies. Maybe listening to what people want?...

    Thanks
    Justin

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  4. Great news for us recruiters though. Thanks for posting.

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  5. Great blog! I'm thinking of making a change myself. Unless I can find something with a company like Jon's, maybe I'll join Emma on the recruitment side. Sounds to me like that could very well be the next major growth industry.

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