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Unhappy Execs, Retention Issues Plague Organizations
The anticipated, and potentially huge, skilled-workforce shortage that may appear as baby boomers approach retirement age is a hot topic among senior management these days. A recent survey by ExecuNet reveals that many executives not in line for retiremen
The anticipated, and potentially huge, skilled-workforce shortage that may appear as baby boomers approach retirement age is a hot topic among senior management these days. A recent survey by ExecuNet reveals that many executives not in line for retirement, and in addition, are unhappy with their jobs and plan to explore new opportunities sooner than later.
The survey of 505 employed executives said that 61 percent of respondents were dissatisfied with their current job. Of those 61 percent, 77 percent plan to change jobs in the next six months. Their reasons for jumping ship include a lack of challenge and personal growth, limited advancement opportunities, poor company culture and having a boss that is not a good match.
Dave Opton, CEO and founder of ExecuNet said some of the workforce-related angst organizations are dealing with is part economics, part culture. Now that the economy has experienced an upswing, employees are looking around and basically not liking what they see. Conditions that came about as a result of a dodgy economy have left existing workers disgruntled. “In many cases when organizations are reduced, a lot of the work doesn’t go away, it just falls on the people who are left behind,” Opton said. “As a result of that, the stress that was there before increases markedly, and the kinds of things that people hope for on a personal level, such as personal growth and the challenge of responsibilities they thought were a part of the bargain, all of a sudden aren’t there anymore. Certainly when organizations are downsizing the opportunities for growth and advancement don’t come along as frequently either.”
Poor company culture also was a reason that executives plan to seek new opportunities. “That’s as issue that I think has been around for a long, long time and isn’t necessarily a function of the economy, but rather a function of people’s perceptions of a situation from the outside,” Opton said. “I think sometimes people get caught up in the euphoria of being recruited and they fail to stop and think, ‘Wait a minute. This if your life you’re messing around with.’ A little due diligence on your part is probably not a bad idea at all, but a lot of people fail to do that. They get to a job and realize that what they learned from the newspaper, annual reports and interview process is not in fact the feeling they have when they get there.”
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