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Economic Recovery Leads to Hemorrhage of Best Talent?

WEST PALM BEACH, Fla. - Could an economic recovery mean a mass exodus of your credit union's top performers? If recent general national surveys are any indication- the answer may be yes. For example, an Accenture survey finds that 48% of respondents "are currently looking for another job or plan...

By Staff Writer | Updated on September 30, 2003

WEST PALM BEACH, Fla. – Could an economic recovery mean a mass exodus of your credit union’s top performers? If recent general national surveys are any indication- the answer may be yes. For example, an Accenture survey finds that 48% of respondents “are currently looking for another job or plan to do so when the economy recovers.” In a Society for Human Resources Management study some 83% surveyed said it’s “extremely likely or somewhat likely that they would actively seek new employment once the job market and economy improved.” Of concern is that those looking to switch are some of the organizations’ highest achievers. Some of the top reasons cited for going job hunting include better compensation and benefits (53%), dissatisfaction with potential career development (35%), and readiness for a new experience (32%). Some warning signs that may help employers identify those with one foot already out-the-door include absenteeism, tardiness, and “a marked increase in personal phone conversations,” especially among employees who were once “loyal, dependable” types. To stem the turnover tide, human resource departments are urged to step up their retention programs and performance management efforts.

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