Not Hearing a Reason to Stay
Here's a staggering wakeup call from Deloitte LLP's most recent annual Ethics & Workplace Survey: a third of American workers are planning to look for new employers once the recession ends. Among those waiting to jump ship, 48 percent say it's because they've lost trust in their leaders.
Not surprisingly, the unforthcoming way management communicates is leading to employee wanderlust. Forty-six percent of those who say they're likely to leave when the economy improves list leadership's lack of transparent communication as a primary reason.
"Business leaders must be mindful of the significant impact that trust and transparency can have on talent retention and turnover," says Deloitte's board chair, Sharon Allen.
For their part, leaders seem to understand the correlation between open communication and trust. Ninety-two percent of executives included transparent communication among their stated top three tactics for earning employee trust. Apparently, employees aren't hearing the message.
In today's tumultuous economic conditions, leaders are being forced to make tough decisions that affect their employees. How well they communicate those decisions, and disclose the reasons behind them, will determine how loyal those workers remain.
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