As Recovery Takes Hold Companies Look to Retain Talent
April 20, 2010 – Only 39 percent of executives have a talent plan aimed at driving innovation, according to a new report released by Deloitte. Based on a full year of in-depth research, the study found that two out of three executives acknowledge that workforce planning is not being integrated at both the corporate and business unit levels. While the recession may have put retention planning on hold, 20 percent of executives surveyed acknowledge their companies have not updated their retention plans to take into account a changing economy. Sixty-five percent of executives expressed concern about losing high potential employees and critical talent to competitors in the year following the recession. Nearly half (46 percent) of those surveyed recall that voluntary turnover increased following the 2001-2002 recession. Nevertheless, only 35 percent have an updated retention plan in place to keep hold of talent as the recovery strengthens. Among employees surveyed, 30 percent are actively working the job market and 49 percent are at least considering leaving their current jobs. Only 37 percent of Generation X and 44 percent of Generation Y employees surveyed plan to remain with their current employers. Since January 2009, Deloitte has been conducting a survey to gauge how senior executives and talent managers are positioning their workforces, both in deep recession and emerging recovery. The report collected over 1,600 survey responses from top executives and talent managers and more than 350 employees, representing a cross-section of industries and the world's major economic regions.