21 Million Americans Will Change Jobs in 2012 Costing $2 Trillion
Jessica Miller-Merrell | Career, HR, Job Search, Work| By
Retail spending in 2011 is up this holiday season and Americans are feeling more confident in the economy. Which is good news except that as the economy improves, Americans will feel more secure and willing to take a risk by diving back into the job search market voluntarily. Companies should have been planning for this eventuality but many of which has not. Harris Interactive and Cornerstone OnDemand just released a study finding that more than 21 million Americans will change jobs in the next 12 months costing employers a total of more than $2 Trillion. That, my friends is a lot of zeros.
21M Americans Will Change Jobs in 2012 Costing $2 Trillion
The survey also includes a telling infographic which is included below. But before, you scroll down to the infographic, here are some more findings from the survey that may just have senior leaders and front line manager squirming a bit in their seats:
But employers take note: the cause of this exodus – and the solution – may be rooted in the employee performance management process, including the annual performance review ritual that many organizations are going through at this very moment. Cornerstone’s survey reveals that half (50 percent) of employed U.S. adults who have experienced their employer’s review process feel more valued by the company when they receive a performance review that is focused on helping them succeed in their role. However, when describing their job within the past six months:
- Only 37 percent said they’ve been given useful feedback from their manager/employer;
- Only 34 percent indicated that they’ve received training and development to help them better perform their job;
- Only 32 percent said that their performance goals are aligned with their company’s business objectives; and
- Only 20 percent have established career goals with their manager/employer.
For job seekers, this data means that qualified candidates (maybe like you) will be in high demand and companies should also be anticipating bringing on top talent in the coming 2012 months. The market will be very fluid and competitive as job seekers with less than impressive qualifications will keep recruiters and hiring managers on their toes sorting through piles of applications looking for the right person for their job.
Readers, I urge you to sit down with your managers and organizational leaders today and share with them this survey data and begin to discuss a plan for re-recruiting and engaging your current workforce before it’s too late. Walk into your boss’s office and hand them a printed copy of this infographic and corresponding blog; Do it! Skills and qualified workers are still in demand even with an 8.6% unemployment rate.
Really fascinating graphic. Where does the “cost per employee” metric comes from? Is it taxes? Training? Replacement cost?
Jessica Miller-Merrell says
Interesting, Megan. It’s not included in the study results either. I’m going to shoot cornerstone an email and see if they have some insights for you and me.
Thanks for the comment.
Michelle Haworth says
Good question. The cost per employee is a Deloitte figure from a 2009 report: “Managing Talent in a Turbulent Economy: Clearing the Hurdles to Recovery.” You can see a breakdown of how we calculated this and other figures based on the survey in the “Sources and Statistics” section at the end of the press release highlighting the results. Here’s the link. http://www.cornerstoneondemand.com/cornerstone-ondemand-research-suggests-21-million-americans-are-planning-change-jobs-2012
Thanks for the source. Really interesting how much that costs. I wouldn’t have thought it that high – learn something new everyday!
Why Americans are not going to stay with there current employers is because most of the jobs that the supposed economic turn around is hiring is low level service jobs—-retail for holiday seasons—-face it people our economy is become flat wages are being equalized across the globe—we keep rewarding ineffectual managers—-people who have been put in high level positions are placed there as a agenda–to stack the deck so to speak—a study was also done that 47% Americans read at an eighth grade level——so wake up the american dream is hoax———-all we have ever done is pillaged the earth for profit- if we truly cared about this planet——–we would have invested solar energy along time ago—-but no we just fill our selves of the hazardous lie of petroleum products—studies have shown increasing our risk of cancer—thus raising health care costs—-we are like cattle used and abused and discarded when we no longer have any utility———if you want to learn something——-watch the “””””Corporation””””Documentary—-easily digestible—and see what is really happening——-quantification of Human Life———-patenting the pieces -of genetic life———Go ahead read some superficial survey