Retail spending in 2011 is up this holiday season and Americans are feeling more confident in the economy. Which is good news except that as the economy improves, Americans will feel more secure and willing to take a risk by diving back into the job search market voluntarily. Companies should have been planning for this eventuality but many of which has not. Harris Interactive and Cornerstone OnDemand just released a study finding that more than 21 million Americans will change jobs in the next 12 months costing employers a total of more than $2 Trillion. That, my friends is a lot of zeros.
The survey also includes a telling infographic which is included below. But before, you scroll down to the infographic, here are some more findings from the survey that may just have senior leaders and front line manager squirming a bit in their seats:
But employers take note: the cause of this exodus – and the solution – may be rooted in the employee performance management process, including the annual performance review ritual that many organizations are going through at this very moment. Cornerstone’s survey reveals that half (50 percent) of employed U.S. adults who have experienced their employer’s review process feel more valued by the company when they receive a performance review that is focused on helping them succeed in their role. However, when describing their job within the past six months:
- Only 37 percent said they’ve been given useful feedback from their manager/employer;
- Only 34 percent indicated that they’ve received training and development to help them better perform their job;
- Only 32 percent said that their performance goals are aligned with their company’s business objectives; and
- Only 20 percent have established career goals with their manager/employer.
For job seekers, this data means that qualified candidates (maybe like you) will be in high demand and companies should also be anticipating bringing on top talent in the coming 2012 months. The market will be very fluid and competitive as job seekers with less than impressive qualifications will keep recruiters and hiring managers on their toes sorting through piles of applications looking for the right person for their job.
Readers, I urge you to sit down with your managers and organizational leaders today and share with them this survey data and begin to discuss a plan for re-recruiting and engaging your current workforce before it’s too late. Walk into your boss’s office and hand them a printed copy of this infographic and corresponding blog; Do it! Skills and qualified workers are still in demand even with an 8.6% unemployment rate.
Thumbnail Photo Credit Shoestring Mag.
Article by Jessica Miller-Merrell
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