Morning Coffee May 03 2011

Time to Quit Your Job?

By kyle stock

Finance firms glad to be done grappling with the recession may soon find themselves struggling with another demon: retention.

According to a new survey by Deloitte, 65% of workers are either looking for a new job or plan to do so in the next 12 months. That's up from 55% two years ago.

"The strategy of relying on the recession as a retention strategy, probably isn't going to hold any more," said Jeff Schwartz, a Deloitte principal who helped compile the report.

Women are more restless than men. Some 55% of female workers surveyed said they were "actively" looking for a new position, compared with 41% of men.

Female employees are particularly attractive to banks and brokerages looking to level gender ratios. Schwartz said there will be "a riptide" pulling select employees out of their current jobs with lucrative offers.

Finally, the Deloitte report suggests the balance of power has swung from employers to employees, thanks in part to social networking sites that let workers passively play the job market the way serial daters jockey a Match.com account.

In the coming months, savvy managers will be making sure to please superstars -- only some of whom will be their employees.



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List of the Day: Making Money Pay

Money doesn't always make people happy because they are often bad at spending it. A trio of researchers have laid out a plan to get the most emotional bang for your buck.

1: Buy experiences; not things.

2: Help others.

3: Save now; spend later (not vice-versa).

(Source: SmartMoney)

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