Hay Group: Global Talent Exodus on the Horizon?

Global firms face a rising talent exodus as economic and labor market conditions improve, according to a new study from Hay Group. As growth builds and employment opportunities increase, worldwide employee turnover is set to accelerate in 2014, after broadly flat levels in recent years. The number of workers taking flight is expected to reach 161.7 million in 2014 ¬– a 12.9% increase compared to 2012. And this trend is set to continue. Average employee turnover rates over the next five years are predicted to rise from 20.6% to 23.4%, and the number of global departures in 2018 will stand at 192 million. Mark Royal, Senior Principal at Hay Group, says that to keep high value employees from leaving in search of more favorable work arrangements, firms must address engagement and enablement challenges. “With retention a growing concern for organizations – not just for key high performing employees, but also core employees – understanding the factors that drive commitment and loyalty is essential for managing increasing turnover risks in the months and years ahead,” he notes. “Now is the time for organizations to understand where they stand on and tackle these influences, to keep employees from taking flight.” Read more >