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60% of your employees want to change career in 2010!

Research by the Hay Group, published earlier this month, has shown that almost 60% of all employees in Western Europe are going to try to find a new job. Now that the economic climate is recovering, more than half of your people are going to try to change career. Of course, not all of them will do it in the end. Moreover, some of them won’t succeed. But the fact that labor market is moving again, has been confirmed by the quarterly figures of the large recruitment and selection agencies. After – in some cases - eight consecutive quarters of regression, almost all large agencies have, for the first time again, recorded a ten percent growth or more during the past few weeks.

The costs for regretted losses can vary considerably. Research has shown that these costs amount to somewhere between € 50.000,- and € 500.000,-. Consequently, there is a direct economic reason to hold on to your employees. If they feel more appreciated, your staff turnover will be reduced by more than 50%, for instance. Furthermore, their performances will be improved by more than 50%. Both have a direct impact on the bottom-line and continuity of your organization.

The next few years, the ageing will start to have a real impact on organizations. In Belgium for instance, more than half of the people are older than 40 in the meantime, which is a trend break. Until now, we have in fact been working in a large labor market, in which the supply exceeds the demand. Due to the crisis, many employees have been waiting the past two years, but the war for talent will burst out again in the following years. Do you remember the job interviews performed by IT companies in car showrooms, after which the candidates could immediately choose a lease car? In the next few years, we will see this scenario again, but in an intensified way. In a knowledge economy like the one of the Benelux, only companies and organizations able to hold on to their best employees, will be successful.

The main reasons why people get frustrated in their current job, are the following:
  1. bureaucracy;
  2. bad (ICT) systems;
  3. conflict of interests;
  4. their direct supervisor.
People often work for a particular organization because of its image. Unfortunately, they often leave it because of their supervisor. But be careful: an important part of your managers and specialists is already looking for change as soon as the first opportunities show up. In general, your best employees are the first to leave. The time has come for the direction to consider keeping its employees as a top priority. In our column of April 9th 2010 “Hold on to your best employees”, we discussed more in detail how to keep your people within your organization.

Paul

By Paul Donkers

"my purpose is to help improve strategy execution, to create high performing teams and coach for effective business leaders"

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