Deloitte survey shows global bosses worried about losing top talent in recession

Four in 10 executives are trying to attract critical talent with ‘hard to find' skills while 28% say they will increase the recruitment of ‘experienced hires', according to the survey of 326 multinational executives by Deloitte.

Anne-Marie Malley, a partner in Deloitte's human capital consulting practice, said: "Senior executives of global companies have no illusions about the severity of the economic crisis and its implications. We are now witnessing a flight to quality.
 
"In a time of declining returns, business leaders will try to enhance and deepen the capabilities of the people within their organisations."

The report, Managing Talent in a Turbulent Economy, also finds that senior executives remain pessimistic about the economic crisis and prospects for the future, with 30% believing the recession will deepen and only 5% thinking that the worst is behind them. More than two-thirds believe the operating environment will remain tough.

Other findings:-
 
Top strategic issues for global companies
Cutting costs is now seen as a higher priority than acquiring customers. The highest strategic issues for companies are:

• Cutting and managing costs: 61%
• Acquiring/serving/retaining customers: 56%

Reducing the workforce
Pressure to cut costs will lead to a reduced workforce

• 42% made redundancies in the final quarter of 2008 and 38% expect to make additional redundancies in the first quarter of 2009
• 49% say reducing headcount will be a major priority for the next 12months
• 28% will increase the use of early retirement

Restructuring the workforce
New priorities mean reconfiguring and redeploying the workforce

• 52% say their company plans to restructure jobs to lower costs and increase efficiency
• 36% plan to increase the redeployment of workers to divisions and jobs in higher demand
• 29% will increase the redirection of outsourced work to in-house employees
• 25% will increase the use of flexible work schedules.

Morale
The downturn is taking its toll on employees, particularly in financial services

• 44% of business leaders cited a decline in employee morale, rising to 60% in financial services