According to a worldwide survey of senior managers, years of staff cutbacks have undermined trust in the workplace.
The Economist Intelligence Unit’s new report, titled “Companies at the Crossroads,” recommends that to restore that trust, companies must put their employees first – or risk experiencing deep talent erosion and sustained underperformance as the global economy recovers.
Here are some key statistics from the December 2009 report:
- 29% of business executives surveyed said employee engagement is low – and that they expect to lose key people as talent demand grows.
- 41% of respondents cite a shortage of talent in their organization.
- 44% of executives surveyed said they find it increasingly difficult to recruit talented employees.
- 50% of respondents plan to ramp up recruitment in 2010, with only 18% freezing headcounts.
The survey found that while executives understand the need to focus on their talent, but greater action is needed to develop sound talent management strategies for the future. Low trust among mid-level employees, coupled with low graduate recruitment and an ongoing demand for senior executive talent, is creating a “perfect storm” for businesses: the most talented employees may be headed out the door, with fresh talent not yet recruited.
What can you do?
Bottom line, these trends can have a serious impact on your business as the economy recovers. A.R. Mazzotta Employment Specialists is prepared to help. We proactively recruit to ensure you always have immediate access to the skilled, talented and reliable individuals you need – especially when that talent becomes hard to find. Visit our website to find out what we can do for you.