Turnover's "Perfect
Storm"
The U.S. economy is slowly
recovering and job creation, while not spectacular, is on the rise.
In 2004, 2.23 million jobs were created, the best since 1999. Employees,
having worked harder for lower pay raises for the last 4-5 years, are
looking forward to a time when the pendulum of demand for their services
swings back in their favor. According to the 2004 U.S. Job Recovery
and Retention Survey released by the Society for Human Resource Management
and CareerJournal.com, 38% percent of the human resource professionals
surveyed said they have noticed an increase in turnover since the beginning
of 2004. 86% of executives report that turnover has increased in the
last year.
But that’s just a small part of the problem for employers.
In 2010 approximately 4 million Baby Boomers will retire. They will
be replaced in the workforce by a cohort of GenYers numbering only
2.3 million. This demographic phenomenon will repeat for 18 consecutive
years until 2027. This labor shortage is the reason why noted management
guru Peter Drucker says that demographics, not productivity nor IT
nor knowledge management, will be Corporate America’s greatest
challenge of the next 20 years.
Said another way, the coming combination of an improving economy
and a drastic labor shortage will make the hiring and retention
environment of the late '90s look like the good old days. More than
ever before, companies are going to need to retain their people.
The competition for good workers of all kinds will be the fiercest
the U.S. has ever seen.
TamingTurnover has the science you need
to understand what’s
happening “under the hood” of your employees and to teach
your front line managers to do something about it now. The problem
is not just the cost of hiring and training replacements. What’s
more devastating is the impact of unwanted turnover on customer relations
and your firm’s competitiveness. Every good employee who leaves
you for the competition hurts you twice. You don’t have to
accept unwanted turnover. Together we can do something about it.
The Science of Getting & Keeping the Right People.™
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