Recent studies have shown that – at any given time – about six in 10 workers are either considering leaving their jobs or are actively looking for a new job. The reasons for this problem are numerous, but much of the blame can be traced back to economic woes that have forced organizations to restructure by slashing jobs. Diminished job security, coupled with more workers being willing to begin a new job search at a moment's notice, has led some to question the shifting dynamic of worker loyalty to organizations.
"Employee loyalty has changed. A tumultuous economy sends many into unexpected layoffs, and employees watch this happen to themselves, their co-workers or their connections at other companies," Dan Finnigan writes for Ere.net. "The life-time employer with the gold-watch job anniversary doesn't exist anymore. A growing majority of the workforce embraces the new dynamic of regularly changing jobs."
A MetLife study from last year, cited by USA Today, seems to reinforce this notion, as employee stress has risen since the economic downturn. Companies are relying on workers to fill roles of those who have been laid off and many of them are not able to receive raises despite the increased workload. This dynamic has also produced a disconnect between employees and employers, as the latter group believes that worker loyalty has remained unchanged.
Companies understand the devastating effects turnover can have on success, both in terms of the costs of replacing departed employees and the loss of human capital that can cause organizational instability.Whether businesses are conducting a CEO search or a global executive search for other top C-level talent, they need to be prepared to constantly be on the lookout for new job candidates who are likely to be long-term employees who can be built around.