Reading with interest that a recent survey from Adecco Group North America indicated 54% of employees plan to look for a new job when the economy turns around. This data point along with the realization that dissatisfaction is even higher among the Gen Y crowd (71% of 18-29 yr. olds plan to make a move when the economy turns) was offered in the eloquent Running of the Bulls American Style post on the Fast Company blog. A startling consideration and clearly the kind of stuff that keeps business leaders up at night. With talent perceived to be in plentiful supply its evident that many companies have struggled to navigate the delicate balancing act between maintaining employee engagement and managing reductions, cost containment and a host of other short term stop gaps deemed necessary for business to survive the current economic climate. And it would be appear to be heavy on the mind in the C suite.
The recent PwC CEO Survey indicated that ‘access to and retention of key talent’ is the #1 source of competitive advantage for sustaining long term growth. And while many organizations remain in survival mode, its becoming increasingly clear that talent (or rather getting and keeping the right talent) is the mission critical, long term strategic business imperative. This presents a unique challenge/opportunity for today’s HR organization but it would appear the business case for strategic planning, focus, development and eventually investment specific to talent management initiatives is clear and supported top down.
Recent global research from Employer Brand International found that only 16% of companies surveyed had a clearly defined Employer Brand Strategy. It seems like the right time for companies to begin considering how a clearly defined value proposition, communication strategy and manager/leader competency impact the work experience and corporate culture.
Employee engagement is a leading indicator of financial performance and smart companies are investing now, so they don’t pay later. People first, Profits follow.
Ryan Estis is a Keynote Speaker & Management Consultant blogging about business performance.