More People Resigning
According to a Wall Street Journal jobs report, more people have resigned in recent months than were laid-off. The Journal reports this is a sign of growing confidence because if people quit, obviously they believe they can land another job.
In total 1.9 million people resigned, while 1.8 million were laid-off. Similar numbers were reported the month before, with the “quitters” beating out the “pink-slippers.”
Is it me, or does it seem strange to say that an economy is doing well, based on how many people quit? A follow-on stat I’d like to see is how many of the quitters resigned because they had a new job, which by the way, is the only time this Headhunter advises anyone to resign. After you quit your stock drops.
At any rate, if people are more confident then of course that’s great news for our economy. The consumer is 60-70% of our economy depending on whether or not you include my wife. Oops, I mean depending on which economist you read.
So, if indeed people are more confident that’s a good thing. But, it also means now is the time to tune into WHY people are leaving jobs and prevent turnover among your key executives and managers as the job market recovers.
Today I was re-reading The War for Talent, a Harvard Business School Press book based on the McKinsey & Company study that surveyed 13,000 executives at more than 120 companies. I came across this quote from Kevin Sharer CEO of Amgen the 180th largest company in the world. “I told my leaders that if they believed that people are the responsibility of HR, they’ve totally missed the point.”
Devote Yourself To Your Top Performers
If more people are resigning it’s time to identify the top 20-30% of your team and spend your time with them. I was at a management seminar and the speaker said, “When you have someone who is meeting or exceeding your expectations you are set, check the box and move on to the next person on your team.”
Wow, I think that shows just perfectly what’s wrong with management today. They spend 80% of their time with the bottom 20%. Coaching, counseling, documenting… Maybe the reason more people quit than were let go last month is because so many executives are afraid to fire someone, what a waste. Devote yourself to your top performers, spend less time with the low achievers and stop neglecting your best. One of the main reasons people leave is due to a lack of appreciation. Are you wasting time with your worst people or investing time in your best?
As I mentioned last issue, sooner or later every company on earth is going to start hiring at the same time! So, immediately identify your best and begin golden-handcuffing them now! Spend time with them. Plan their careers with them. Listen to them. Create a great relationship with them. Be a boss they admire. Recognize and reward them. Create wealth opportunities for them. Provide career advancing opportunities. Build their skills. Build trust and good relations. Work hard getting them promoted. Get your Sr. managers committed to you. Provide flexibility. Say to them today, “I appreciate you.”
Thinking of hiring? I’d appreciate hearing from you. Call me at 800-786-1099.
Joe Pelayo, C.P.C.
Joseph Michaels International
Global Recruiting Solutions
One of the top 75 Recruiters in the United States ~ Recruiter Life Magazine