What is in this article?:
Last year Deloitte Consulting LLP introduced the concept of a talent paradox to describe the simultaneous high level of unemployment and difficulty corporations were having finding key talent. We suggested that recession is not a retention strategy -- even at the highest unemployment levels, scarce talent was eying the door. Now, despite a still relatively high level of unemployment (8.3%) in the U.S., we're seeing that pent-up desire to leave -- articulated in Deloitte's Talent Edge 2020 employee survey report in April 2011 -- manifesting.
According to the U.S. Bureau of Labor Statistics, more than two million employees quit their jobs in August 2011 -- the highest level since November 2008. The latest data shows more than 1.95 million employees quit their jobs in November 2011, which was more than in any month in 2009 or 2010. As the economy improves, we expect employees with critical skills will begin to leave their employers in larger numbers based on historical turnover rates following recessions.
Clearly, the ability to effectively navigate the increasingly multi-dimensional talent paradox requires a retention strategy. So where should business and finance leaders focus their retention efforts in 2012? Further, is retention the key or do we need to move our thinking beyond how to "hold on" to employees, talented workers and leaders, and focus on how to attract scarce skilled workers and create environments where people are attracted to join, stay and grow? As explored with my colleagues Robin Erickson and Josh Ensell, the following three imperatives emerge.
