Prepare Now to Keep Employees from Leaving as Economy Improves
Fifty-five percent of current employees plan to find a new position at a new company as the economy improves. This includes 25% of your top performers (however you measure thatdistinction in your organization), and 75% of the youngest generation in your organization – most of whom have never experienced a recession before.
These statistics are in direct response the ongoing drop in morale that most companies have experienced with their workforce in light of the ongoing recession, during which 90% of organizations have reportedly made cutbacks or layoffs or both, coupled with a hiring or salary freeze, no or diminished year end bonuses, and a general expectation that everyone in the organization will continue to do more with less – and to do it faster.
Making matters worse, the intangible, interpersonal factors such as poor management (reportedby 58% of employees), low morale of other employees (52%), poor communication (41%) , and decreased training and development (29%) have compounded the situation to make a difficult time worse for most employees today.
The time to worry about your people leaving is before they start walking out your door. At that point, it is too late to do anything about the situation and, more times than not, the employee will have already made up his or her mind to leave so that your efforts to dissuade them will have far less impact.
Instead, now is the time to show your employees you care about them and their future with your organization. Listen to their concerns, communicate the organization’s plans, and generally try to thank and encourage them in sincere ways that show you have their best interests at heart.