People and the Economy - What Deloitte has to say

Some very interesting debates from Deloitte.

Companies are expecting a surge in their voluntary turnover rates as the economy recovers. This would add to the already huge number of those who were left jobless when the recession started. The issue is not of HR Departments being piled up with Resumes, but the fact that a lot many of their own turnover would occur with Key Talent in Leadership positions.

This slow down has also shown prospective employees as to which employer is stable and which is not.

The manner in which companies handled the slowdown(especially on Lay Offs and Compensation) would also have an effect on their turnover rates. Companies which laid off indiscriminately would see loyalties shift to more reasonable (and stable) competitors.

• Deloitte on Resume Tsunami

"Once the recovery begins to take hold, business executives and talent leaders can expect a 'resume tsunami' as voluntary turnover rises with leaders and workers with critical skills seeking new opportunities. The depth and quality of retention planning today will likely separate the talent winners from the talent losers tomorrow."

• Deloitte on Managing Talent in a Turbulent Economy

"The Worst May Be Behind Us: For the first time in this longitudinal study, the number of surveyed executives who said the worst is yet to come declined - and significantly, from 32 percent in March to 18 percent in May. At the same time, the group who believes the worst is behind us doubled to 16 percent from 8 percent in March and 6 percent in January."

• Deloitte on Are People Our Real Assets?

CEOs often say that “people are their company’s most important asset,” and that it is the strength of their workforce that will carry the company through tough times. On the other hand, executives are taught that “cash is king” — especially in a business downturn. So what should business leaders do in the face of the current economic crisis? Should they focus on maintaining cash or people? What should they make their top priority?

The recovery would see the return of an employee dominated economy - where Talented employees would call the shots!