RETENTION TALENT MANAGEMENT
Middle East - Companies that planned to use their pre-recession talent strategies to manage talent during the recovering economy will see higher attrition rates if they do not adjust their programmes accordingly.
Deloitte's latest report, "Has the great recession changed the talent game?" surveyed more than 350 executives and 65% are concerned about losing high potentials and critical talent to competitors following the recession. However, only 35% have updated their retention strategy to hold onto talent as the economy recovers. Two out of three executives polled also said workforce planning wasn't integrated at both the corporate and business unit levels with only 39% having a plan aimed at driving innovation among talent.
Rana Ghandour Salhab, talent partner at Deloitte in the Middle East, said, "Relying on old methods to address entirely new talent challenges may prove detrimental in today's global economy that is desperate for innovation, refreshed leadership programmes, and new demographic and skill gap challenges."
This is reflected in the survey where 76% of employees polled said they intend to leave their current jobs because they felt lower morale at their companies. Among these respondents, 36% ranked lack of job security as a top factor, followed by lack of career progress and pay increments. Only 37% of Generation X and 44% of Generation Y employees planned to stay with their current employers.
Around three of five employees also cited a lack of communication from their management during the recession. But only 35% of executives polled felt it was necessary to increase the frequency of employee communication. However, companies that have strong leadership in place are experiencing higher morale with 59% reporting an increase in morale compared to 21% of their competitors.
Ghassan Turqieh, Human Capital consulting partner at Deloitte in the Middle East, added that the employer's market during the recession is gradually turning back into a disadvantage. "The additional challenge for companies having many expatriates is that the eventual recovery in their home countries might push them to go back home".
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