Failure to Manage and Retain Key Employees Negatively Affecting Corporations' Bottom Line
The Corporate Executive Board announced research that indicates companies' failure to manage and retain top talent is negatively affecting their balance sheets. In fact, 25 percent of top employees plan to change jobs in the next 12 months alone. For organizations that haven't yet faced the intense time and financial pressure associated with retaining top talent, the cost of high-potential departures may be shocking. For each high-potential employee that departs, an employer will lose as much as 3.5x that employee's total annual compensation. Organizations that think they are immune may also be surprised to learn that more than half of employers surveyed acknowledged that their own organizations are ineffective at managing and retaining top talent.
Across geography, industry and economic cycle, high-potential employees can have a substantial impact on business results. However, 64 percent of high-potential employees say they are unhappy with their development activities. What's more, fewer than one-in-three organizations reported significant returns from investments made in their top employees.
IT Worker Confidence Index Rises Sharply; Workers Reveal Broad-Based Confidence
The Technisource IT Employee Confidence Index rose 7.6 points to 58.2 in the fourth quarter of 2010, according to a recent survey commissioned by Technisource, the technology services division of SFN Group, Inc. The survey shows a significant increase in overall IT worker confidence in regards to both their personal employment situation and the larger-scale economic outlook. Key results from the report:
Thirty-seven percent of IT workers believe the economy is getting stronger, compared to 20 percent in the third quarter of 2010.
Nearly half (49 percent)of IT workers are confident in their ability to find a new job, up six percentage points from the previous quarter.
More than three-fourths (78 percent ) of IT workers believe it is not likely they will lose their jobs, up 13 percentage points from the third quarter of 2010.
In the fourth quarter of 2010, fewer IT workers indicated that they are likely to make a job transition. Specifically, 32 percent of workers indicated the likelihood of looking for a new job versus the 38 percent who expressed this belief in the previous quarter.
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