Home Business'Cos may face mass talent exodus as economy recovers'
The old problem of talent exodus may come to haunt companies once again when the economy recovers, if they do not take steps to attract top talent and retain employees now, a study says.
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According to a study by global online employment solution provider Monster.Com, a dramatic difference exists in perception of employers and workers about the impact of current downturn and "may potentially lead to employers facing mass talent drains as the labour market begins to turn."
The research report prepared in association with US think- tank Human Capital Institute (HCI) found employers are vastly overrating the morale of their employees with 84 per cent of surveyed indicating a belief that their workforce was content with simply having a job.
In contrast, only 58 per cent of workers feel in the same way as their employers, the report stated.
"While this environment has created a prime opportunity to acquire top talent and increase selective hiring, it is also a time for employers to prepare their workforces strategically for moving forward in a redefined, healthier economy," Monster.Com Senior Vice-President and Chief Knowledge Officer Jesse Harriott said.
"However, to do that, they need to better understand the mindset of their employees. As the economy rebounds, those workplaces that have not invested in their people could face a mass exodus of employees, potentially crippling the business," Harriott added.