Economic turbulence has created the talent paradox - 15/11/2012DOWNLOAD |
80% will stay with current employer in the next year, according to latest Deloitte Talent 2020 report
Yet employers still face challenges filling technical and skilled positions
Though high unemployment persists and the global economic recovery remains halting and uneven, the ‘resume tsunami’ appears to have been reduced to a ’resume riptide’. According to the new global talent survey conducted by Deloitte and Forbes Insights in the Americas, Asia Pacific, and Europe, the Middle East, and Africa across a range of major industries, Talent 2020: Surveying the talent paradox from the employee perspective, four out of five (80%) employees surveyed report that they plan to stay with their organisations over the next year - a significant 45-point swing from 2011, when nearly two in three employees surveyed (65%) were planning on leaving their organisations.
However, according to the survey, in the last 12 months 46% of surveyed employees have moved to new jobs (9%), received a promotion (22%), or changed roles (15%) with their current employers—all factors that might make them less inclined to move during the next 12 months. Yet nearly one-third (31%) of surveyed employees report they are not satisfied with their jobs.
Deloitte first uncovered this modern contradiction from the employer side in the January 2012 issue of Deloitte Review with ‘The talent paradox: Critical skills, recession, and the illusion of plenitude.’ In this latest Talent 2020 report, Deloitte turns its focus to the employee perspective on the talent paradox.
As more employees appear to be sitting tight in their current positions, companies may be tempted to neglect their talent and retention strategies out of a false sense of security that their employees are here to stay. However, the report warns that companies’ most critical employees are also those with the most opportunities for movement.
"These days, retaining top talent is essential for any organisation. Although this is often easier said than done, there are 3 key priority actions that organisations can focus on to improve their retention rate: engaging key employees in meaningful work; investing in their development and ensuring there is a trustworthy leadership in place" to said Gilbert Renel, Partner at Deloitte, in charge of the Human Capital Advisory Services Department.
Based on the survey results and Deloitte’s analysis of the talent market, Deloitte identified three emerging trends:
- Engage employees with meaningful work or watch them walk out the door. Employees value meaningful work over other retention initiatives. A majority (42%) of respondents who are seeking new employment believe their job does not make good use of their skills and abilities.
- Focus on turnover ‘red zones’. Employee segments at high risk of departure, or ‘turnover red zones’, either have less than two years on the job or are Millennial employees (those aged 31 and younger).
- When it comes to retention, leadership matters. More than six in 10 employees (62%) who plan to stay with their current employers report high levels of trust in corporate leadership.
This edition of the Talent 2020 report reveals significant shifts in the talent market over the past year, particularly when it comes to turnover intentions. In order to help corporate leaders retain top talent, Deloitte recommends increasing a company’s focus on utilising and developing employee skills, emphasizing and rewarding authentic leadership, and fostering an environment with effective, transparent communication.
About the survey
Talent 2020: Surveying the talent paradox from the employee perspective is the fourth in a series of talent reports available on the Deloitte Luxembourg website: http://www.deloitte.com/lu/survey/talent2020
Talent 2020 is a follow up to the Managing talent in a turbulent economy longitudinal talent survey series. This survey was conducted in collaboration with Forbes Insights to explore the changing priorities and needs of employees at global and large national companies. This report features results from a survey that polled 560 employees of large businesses in the Americas, Asia Pacific, and Europe, the Middle East, and Africa across a range of major industries.
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Press release: Economic turbulence has created the talent paradox
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