A mass exodus of employees is expected in early 2010 as 95 per cent of employees report that they are looking for work.
According to a survey released today by Chandler McLeod Group (CMG), almost all employees are keeping their eye out for work because an underlying lack of trust towards employers has developed throughout the global financial crisis.
The survey of more than 930 candidates revealed that 95 per cent are looking for work, of which 73 per cent are actively looking and 22 per cent are passive or open to offers.
“The fact that 72 per cent of candidates are looking for work outside their current (or most recent) industry and 62 per cent are looking for work outside their current specialty will come as a shock to many employers and reflects, in part, the level of disengagement experienced by many employees,” said David Reynolds, executive general manager consulting for CMG.
Reynolds counsels employers to be prepared for looming exodus by talking openly with their workforce and identifying what drives them on an individual basis, what tools they need to be productive and what career development and reward systems will work best for them post-GFC.
Top reasons given by candidates for seeking new jobs were limited career opportunities (41 per cent), feeling undervalued (24 per cent) and losing faith in the current organisation (18 per cent).
CMG has identified critical steps companies need to address to re-engage employees and minimise staff turnover in early 2010:
• Communicate where the company has been, where it is going and how employees fit within this plan
• Assess the skills needed to grow your workforce now and beyond recovery
• Identify what sills you have in your workforce and where the talent gaps are and what talent you will need to attract – talent skills mapping is critical at this time
• Identify at-risk roles and employees that may be considering leaving
• Develop talent attraction strategy, including revisiting the organisation’s culture to ensure it aligns not only with the revised business strategy but also the type of talent you are retaining and attracting
• Learn what motivates your employees and what their future goals are
• Reconfirm career development and employee engagement strategies
• It is easier to retain than recruit – identify and develop key talent and future leaders internally
• Revisit and articulate the EVP in line with the changing values and needs of the employee and the company
• Revisit and update succession planning strategies
• Be open and transparent about staffing needs and career development capabilities