2011's Number One Game - Musical Chairs
Forces are building rapidly that will result in this year being one of the biggest for employee turnover in decades. Historically, there is a significant and natural increase in employees leaving current employers as the economy gains momentum and more job opportunities open up. After years of job insecurity, reduced or no bonuses, salary freezes or cuts, benefit reductions, and budget squeezes, employees are once again in the driver's seat - and they are on the move.Itchy feet are natural during the course of a long career. People want to broaden their skills, take on bigger challenges, and be able to cultivate their professional networks. They crave an environment that will provide those opportunities. We are now on the upside of a V-shaped recovery for quantitative employment and, in addition to a significant increase in new jobs, we are seeing a tremendous increase in natural churn. This presents an enormous challenge for staffing in our quantitative specialty, as well as in all technically-based professions.What can quantitative managers and human resources people do to stem this flow? Some ideas:
- Money isn't everything - but let's face it, it's important, especially early in a career where personal demands of a new marriage, home purchase, and growing family push all the financial buttons. If you froze compensation during the recession, reverse or reinstate salary increases and bonuses and get things (at least) back to normal.
- Make your employees more marketable - counterintuitive, right? Quantitative professionals hunger for opportunities to use the best tools and to stay abreast of the latest research in their fields. It's essential to promote these opportunites continuously to your staff, or risk losing them to more attractive experiences.
- Feedback, especially constructive criticism, is welcomed. Yes, really. People always want to be recognized for what they are doing well, but they also want to know how they can be and do better. Quantitative managers can be wonderful bosses, but sometimes are not the best at delivering helpful criticism. Get over it - it's essential for growing and developing your staff.
Shifting economic tides require flexibility, vigilance, and the ability to look ahead. But you don't need a crystal ball to plan as the economy rights itself. All you really need is a little common sense. Attrition is a natural consequence of an upswing, but you won't lose all your best players as long as you consider what they need to stay happy, challenged, and motivated. Follow Burtch Works on Twitter or LinkedIn to get the best quantitative career news and blog updates delivered right to your news feed, and check out our YouTube channel for access to all our latest salary information and webinars!