Are you facing turnover at your company? Probably not yet … but likely in the future. According to the most recent Human Resource Executive® employees are more willing to “stick around…” at least for now.
“STICKING AROUND: In a new survey of 533 employed Americans, 53 percent say they would prefer to stay with their current company, even if they were offered a good job at another organization.”
Source: GfK Custom Research North America, New York.
Interesting. Is it because unemployment is high and the economy is slow? That would make sense. But what will happen down the road when there are plenty of opportunities in the marketplace again?
Frankly, I’m concerned about that day when the market begins to rapidly turn. Many fear it will trigger a mass exodus. According to Forbes,* when unemployment drops, turnover usually starts to rise. The problem is it’s the “A” players who leave. They have more options. So who do we end up with? The “C” players that don’t really contribute much or give our organizations a competitive edge. It’ll be very challenging to win in the game of business when the intellectual capital has gone to the competitor down the street.
So, the time to prepare for tomorrow is TODAY! There’s a saying that employees will treat you in the good times the way you treated them in the bad times. What does that mean for employers? We should start investing in our people NOW – preparing them with skills they (and we) will need for the future. In fact, proactive companies will use this time to:
– develop the skills of their current workers
– invest in their professional and personal development
– use effective delegation and empowerment tools to build the bench
It reminds me of something someone once asked, “Well, what if I train my people and they leave?” A better question might be, “What if you don’t train them, and they stay?” Clearly, investing in skills training is proactive and positive. No one wants the “A” players walking out the door when the economy turns around. So, take the time today to prepare for tomorrow!
Let me leave you with one of my favorite quotes:
“Fortunes are NOT made in the boom times….That is merely the collection period. Fortunes are made in depressions or lean times … when the wise man overhauls his mind, his methods, his resources, and gets in training for the race to come.” ~ George Wood Bacon