I got a message from Linkedin last week that "250 of my contacts changed jobs within the last one year". That's a whopping 25% of my contacts.
I am well aware that the year of 2010 is definitely not representative. The two years preceding 2010 were literally wash-out years, especially for finance professional who form bulk of my contacts at Linkedin. Many people were waiting by the sidelines, patiently biding their times, and waiting for the tide to turn favourable.
Even if we take these factors into consideration and discount the above figure by say 30%, the attrition rate still is at around 18%, which is definitely not something which is normal. I don't need to explain here that "Attrition" is a very costly affair for the employers. With increasing employment choices for the people and the fight amongst the employers for the right talent, the problem is only getting worser for the employers.
Isn't it time to redesign our strategies towards talent management?
