The Inside Job

Should Employers Prepare For Mass Exodus?

By Liz Wolgemuth

Posted: June 18, 2009

It's kind of a Yogi Berra thing to say: "Everyone's going to lose their employees when the recession's over." But the results of a survey released today show the majority of working Americans are planning to launch a job hunt when the economy turns around.

According to Adecco's latest workplace survey, 54 percent are getting ready to start looking elsewhere. No surprise really that the itch to move on is highest among the youngest workers. Adecco reports 71 percent of 18-to-29 year olds plan to look for a new job in the recovery.

There are likely a couple of things at work here. American workers have displayed a growing proclivity for job-hopping in recent decades, and the recession has forced most to take a break from their otherwise unending search for new/better/different work. Job-hopping is greatest among younger workers, whose career plans have been rather upended by the economic downturn, and will likely jump at opportunities in the recovery with a vengeance. 

Also, many American companies have done themselves no small amount of harm (in talent retention) during the downturn. The recovery may be hardest for employers that clipped wages, slashed payrolls, snipped benefits--and neglected to preserve a healthy workplace morale.

to Will Take Abuse for Food...

thank you for your inspiring comments. I have been job hunting since October 2008. I have a folder with email printouts approximately 2 inches thick, of places that I have applied to work. It is so discouraging. Have been on a tight budget since last year. In Jan.2009 my husband was laid off, but he got fortunate and found a job in April. This is harder to go through than when I went through cancer, believe it or not. That part I am still trying to understand. but your comment shows you can endure. and if you can endure, maybe I can endure. and that is all it takes to have some hope. You have survived, and endured. and along the way taught others not to give up, even if you didn't realize you were teaching us that. thanks again for your remarks.

Lou Ann of NC @ Jun 23, 2009 16:32:29 PM

yes to exodus

Exodus of a company's best talent is inevitable, esp. in finance. Because some finance companies have their hands tied on giving out bonuses to the real entrepreneurs or rain makers of their firms, anybody with common sense should expect the best talents to start looking for jobs elsewhere.

ChowJOBS of NY @ Jun 22, 2009 23:58:25 PM

To P.G. of CA

Per your question below, here's what I'm talking about.

Because some CEOs can get tens to hundreds of millions in bonus (on their stock options) by raising the stock price of their firms for a few quarters, they outsource (often overseas) everything possible to bump up the short term quarter-to-guarter earnings. If the CEO was taxed at 70% on incomes over say $10 million, he would have less incentive to do that.

Over-incentivizing executives to cut jobs (to save cost) means, sure enough, you pay somebody jillions to cut jobs---and then you let him keep it with low tax.

Muser of NM @ Jun 20, 2009 15:57:47 PM

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The Inside Job

The Inside Job

You're taking a break from your job-hunting and job-hopping ways and have decided to stay put in your current position. Liz Wolgemuth’s careers blog will show you how to make the very best of your job, each day.

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