Managing Talent in a Turbulent Economy: Keeping Your Team Intact
A Special Report on Talent Retention
Deloitte’s “Managing Talent in a Turbulent Economy: Keeping your team intact for the recovery” report confirms the possibility of a “resume tsunami” as the economy begins to show signs of recovery. This Special Report on Talent Retention—part of an ongoing longitudinal survey by Deloitte—compares the results of an August 2009 survey of employees at large enterprises worldwide with a May 2009 survey of international corporate leaders.
This Special Report reveals a number of critical differences between what employees reported they want and what surveyed executives think their employees want. These disparities display a “tale of two mindsets” between employee desires and employer priorities. In order to prepare for the recovery, many companies will need to assess the turnover intentions of their key employees and revise the retention tactics they employ to keep top talent on the job.
Corporate leaders looking to head off a potential “resume tsunami” have a number of tools at their disposal, not all of which are financial. Executives and talent managers must honestly answer a number of important questions: Can strong leadership be used more effectively as a retention tool? Can improved communication over necessary cost-cutting measures alleviate anxiety and reduce turnover intentions? Can career advancement paths be cleared to keep top talent satisfied? Are managers giving employees the support and recognition necessary to keep them committed to their current jobs?
Read the Special Report on Talent Retention to learn more about ways effective companies can manage the “tale of two mindsets” by first understanding what their employees really want and then realigning their retention strategies, tactics and priorities to match those goals. We believe those that succeed will be better positioned to retain their high performing and high potential employees and be able to hit the ground running as the economy recovers.
This Special Report is part of Deloitte’s year-long longitudinal study of talent trends and retention strategies. The fourth edition of Deloitte’s longitudinal survey will be published in November 2009. Deloitte also plans to publish a fifth edition in January 2010 in order to complete a year-long study designed to track talent trends and attitudes through the depth of the recession and into the first hints of economic recovery.
As used in this document, “Deloitte” means Deloitte Consulting LLP, a subsidiary of Deloitte LLP. Please see www.deloitte.com/us/about for a detailed description of the legal structure of Deloitte LLP and its subsidiaries.