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With a sluggish economy and high unemployment rates, it might be easy for managers to assume that their workers will remain in their current jobs.
However, research shows that such thinking is dangerous. According to a study by Deloitte released last July, the majority of employees remain at the same job during economic downturns. There is also a correlation between voluntary turnover (quitting) and unemployment and between voluntary turnover and consumer confidence, suggesting that employees will begin to leave their organizations once the economy recovers.
In addition, an organization’s top performers, future leaders and critical work force segments increase operational performance, drive value creation and can succeed anywhere. During an economic recovery, companies are likely to lose these employees since they have the most options, the research showed.
So what can employers do to retain top employees when the market picks up again?