Thirty-four percent of employed Americans plan to look for a new job when the economy gets better, according to a new survey by Deloitte.
Within this group of respondents, 48 percent cite loss of trust in their employer and 46 percent say lack of transparent communication from their companys leadership are the primary reasons for pursuing new employment at the end of the recession. Additionally, a large majority (65 percent) of Fortune 1000 executives who are concerned employees will be job hunting in the coming months believe trust will be a factor in a potential increase in voluntary turnover.
With lack of trust and transparency factoring into the employment decision of roughly half of the respondents who plan to job hunt in the coming months, business leaders must be mindful of the importance of both on talent management and retention strategies, as well as the bottom line impact, said Deloite LLP chair Sharon Allen in a statement. By focusing on these two areas executives may be able to reduce attrition. It could also allow them to mitigate the expenses associated with the hiring and on-boarding process and ensure that tacit knowledge remains within their organizations. Establishing and reinforcing a values-based culture can ultimately help to cultivate employee trust.
While the survey found 59 percent of employees feel more is being demanded of them because of todays business climate, 72 percent say their employers continue to support their work-life needs and 77 percent of executives say they remain supportive of employee personal needs outside of work. Sixty percent of employees suggest that technology plays an important role in helping them meet their professional and personal demands, which is enabling them to trust their employers more.
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