Britain’s largest companies face losing half their senior managers within the next two years, as economic stability returns, according to a new report.
The research, which examined the views of senior executives from the UK’s top 500 companies, revealed that nearly two-thirds of business leaders are unhappy in their current roles and that 43% are actively seeking new employment.
However, despite high levels of dissatisfaction, many managers are awaiting clearer signs of economic recovery before moving on. Almost a third (29%) of leaders plan to leave their jobs within the next year, rising to 54% within two years.
Sarah Hunter, account director at Berkshire Consultancy, who conducted the survey, said: “Leadership succession planning and development took a back seat during the recession, leaving many senior executives feeling unsupported and unsatisfied. Those companies that are already struggling, risk losing critical talent just when they need it the most.”
According to the study, half of business bosses admit they lack confidence in their organisation’s ability to hold on to the best leaders as the economic outlook improves. On average they predict losing almost two-fifths (38%) of top staff over the next two years.
On a broader economic level, experts say the UK economy could face a worrying drain on leadership talent as nearly three quarters (71%) of senior managers have considered a move overseas.
Director at Berkshire Consultancy, Joanna Knight said: “Remedial action is vital if UK businesses, and UK PLC as a whole, is to hold onto its top talent. It is time for firms to provide their management teams with the skills and challenges needed to secure their buy-in and enthusiasm for the future of their company.”
© Crimson Business Ltd. 2010