A recent study by Adecco found some troubling times might be ahead for companies when the economy turns around. I know that sounds counterintuitive that companies might struggle when the economy turns around. Companies may struggle with a serious talent drain with employees jumping ship as soon as the economy turns around and opportunities become available. Here are a few of the key findings from the study:
- The majority of respondents indicated they are at least somewhat likely to look for a job when the economy turns around.
- The Generation Y group was even more likely at 71% indicating they are going to look for a job when the economy turns around.
This is a message I have been trying to hammer home that companies must take care of their employees now, even with high unemployment rates and the (inaccurate) perception that employees do not have opportunities available. By taking care of their employees now, I believe they will be less likely to leave when the economy turns around. I recognize the need to be cost conscious during this time but you cannot focus so much on the bottom line that you neglect the employees.
I do see a small bit of silver lining. 44% of those 60 and over are planning to delay retirement. For years, we have been hearing about the talent gap that will occur when the baby boomers leave the workforce. From the looks of things, this may be delayed for a while until baby boomers can replenish their retirement funds.