Companies fear 'resume tsunami'

Companies around the world are beginning to focus on retention measures to contain voluntary turnover of employees, as they expect a “resume tsunami” to hit them when the recovery begins, a survey by global consultancy Deloitte says.

Companies around the world are beginning to focus on retention measures to contain voluntary turnover of employees, as they expect a “resume tsunami” to hit them when the recovery begins, a survey by global consultancy Deloitte says.

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According to the survey, after struggling with downsizing decisions amid the downturn, human resource executives globally have new concerns about building up of a resume tsunami, which may hit once the economy turns and employees begin to consider new opportunities.

“Once recovery begins to take hold, business executives and talent leaders can expect a ‘resume tsunami´ as voluntary turnover rises with leaders and workers with critical skills seeking new opportunities,” Deloitte LLP Consulting Principal (human capital) Jeff Schwartz said.

“The depth and quality of retention planning today will likely separate the talent winners from the talent losers tomorrow,” Schwartz added.

The survey says when the economy eventually recovers it would result in heightened competition among companies to keep and recruit critical talent.

The survey revealed that Asia-Pacific (APAC) region’s HR executives were already ahead, with 48 per cent of APAC talent leaders reporting their companies had a retention plan ready for the economic rebound.